Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
11 Nov 2005
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Savandapoor Finance & Leasing Co. Ltd., whose registered office is at Gobichettipalayam, Tamilnadu, on November 2, 2005. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit from the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration issued to Savandapoor Finance & Leasing Co. Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was because the company had opted to exit from the business of a non-banking financial institution.
Operating Impact
The company can no longer carry on NBFC business under the cancelled registration. This is a final regulatory action against the entity and ends its RBI registration for non-banking financial activities.
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
- 2 Nov 2005
- Effective From
- 2 Nov 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC