Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
7 Jun 2010
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Mahamaya Investments Ltd., whose registered office was in Mumbai, under Section 45-IA(6) of the RBI Act, 1934. The company had been carrying on the business of a non-banking financial institution. Following the cancellation, it is no longer permitted to transact that business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to Mahamaya Investments Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states the company had been registered for carrying on the business of a non-banking financial institution; after cancellation, it cannot transact that business.
Operating Impact
Mahamaya Investments Ltd. must stop carrying on non-banking financial institution business. The cancellation removes its regulatory authorization to operate as an NBFC, affecting its ability to continue related activities.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 28 Apr 2010
- Effective From
- 28 Apr 2010
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC