Maxvalue Credits and Investments Limited

Following a statutory inspection with reference to the company’s financial position as on March 31, 2021, RBI found the company had not complied with directions issued under the Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 read with the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016. The sustained charges included: failure to obtain prior written RBI permission for a shareholding change in excess of 26% of paid-up equity capital; redemption of subordinated debt without RBI consent; accessing public deposits in the form of subordinated debts / non-convertible debentures despite being a non-deposit taking NBFC; and failure to make certain disclosures in the Annual Financial Statements. RBI imposed the penalty under Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934.

The company must bear the monetary penalty and continue complying with RBI’s NBFC directions. The order does not itself suspend operations, but it signals supervisory non-compliance and leaves open the possibility of further RBI action for the same or related breaches. সংশை