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Parichiti Textiles Private Limited

NBFCKolkata, West Bengal

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

2 Aug 2019

Case Brief

RBI cancelled the Certificate of Registration of six companies under Section 45-IA(6) of the RBI Act, 1934: Stuti Tie-Up Private Limited, Jaroli Vincom Private Limited, Wondermax Vinimay Pvt. Ltd., Oswal Resources Private Limited, Spoxy Vincom Private Limited, and Parichiti Textiles Private Limited. The release states that, following cancellation, these companies shall not transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the RBI Act.

Why RBI Acted

Licensing breach

The Reserve Bank of India exercised its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934 to cancel the Certificate of Registration of six companies: Stuti Tie-Up Private Limited, Jaroli Vincom Private Limited, Wondermax Vinimay Pvt. Ltd., Oswal Resources Private Limited, Spoxy Vincom Private Limited, and Parichiti Textiles Private Limited. As a result, these entities shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.

Operating Impact

These six entities are prohibited from carrying on NBFC business going forward. Any lending or other activities that require NBFC registration must stop, and affected counterparties should treat the companies as no longer authorized NBFCs. The cancellation dates listed in the notice range from July 4, 2019 to July 19, 2019.

Regulatory Basis

  • Section 45-IA (6) of the Reserve Bank of India Act, 1934
  • Section 45-I of the RBI Act, 1934

Action Facts

Primary Impact
License cancellation
Effective From
4 Jul 2019
Entities Affected
6
Entity Role
Bulk Member
Entity Type
NBFC

Related Entities

Entities similar to Parichiti Textiles Private Limited

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  1. Jaroli Vincom Private Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  2. Oswal Resources Private Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  3. Spoxy Vincom Private Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  4. Stuti Tie-Up Private Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  5. Wondermax Vinimay Pvt. Ltd

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction