Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
10 Aug 2005
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Mudavoor Financial Services Limited, which had its registered office in Muvattupuzha, Ernakulam District. The release says the company was carrying on the business of a non-banking financial institution and that RBI exercised its powers under Section 45-IA of the Reserve Bank of India Act, 1934 to cancel the registration certificate of the NBFC.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration issued to Mudavoor Financial Services Limited, whose registered office was at Muvattupuzha, Ernakulam District. The release states that the cancellation was for carrying on the business of a non-banking financial institution and cites Section 45-IA 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
Mudavoor Financial Services Limited can no longer carry on NBFC business under the cancelled registration certificate. The action directly affects the company and any customers or counterparties dealing with it as a non-banking financial institution.
Regulatory Basis
- Section 45-IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 25 Jul 2005
- Effective From
- 25 Jul 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC