Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
20 Sept 2005
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to Minerva Holdings Limited, whose registered office was at A-34, Sector-14, Noida, District Gautam Buddh Nagar, Uttar Pradesh. The cancellation was issued on September 12, 2005 under Section 45-IA(6) of the RBI Act, 1934. Because the registration was cancelled, Minerva Holdings Limited is no longer permitted to transact the business of a non-banking financial institution.
Why RBI Acted
On September 12, 2005, the Reserve Bank of India cancelled the Certificate of Registration of Minerva Holdings Limited, which had its registered office in Noida, for carrying on the business of a non-banking financial institution. The release cites Section 45-IA(6) of the Reserve Bank of India Act, 1934 as the statutory basis for RBI's power to cancel the registration certificate of a non-banking financial company.
Operating Impact
Minerva Holdings Limited must stop all non-banking financial institution activity. The restriction directly affects the company and prevents it from transacting NBFC business going forward.
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
- 12 Sept 2005
- Effective From
- 12 Sept 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC