Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
16 Mar 2007
Case Brief
The Reserve Bank of India cancelled the certificate of registration of Popular Auto Spares Private Limited on February 22, 2007 under Section 45-IA(6) of the RBI Act, 1934. The release says the company, based in Kochi, Kerala, had opted to exit the business of a non-banking financial institution. As a result, the company cannot carry on NBFC business anymore.
Why RBI Acted
On February 22, 2007, the Reserve Bank of India cancelled the certificate of registration granted to Popular Auto Spares Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit the business of a non-banking financial institution, so the company’s CoR was cancelled and it can no longer transact NBFC business.
Operating Impact
Popular Auto Spares Private Limited is no longer permitted to transact the business of a non-banking financial institution. This ends its regulated NBFC operations with immediate effect from the cancellation date.
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
- 22 Feb 2007
- Effective From
- 22 Feb 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC