Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
26 Apr 2010
Case Brief
The Reserve Bank of India cancelled the certificate of registration of Shogun Finlease Private Limited, which was registered to carry on the business of a non-banking financial institution. The action was taken on March 8, 2010 under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit the business. As a result, the company can no longer transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to Shogun Finlease Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore its CoR was cancelled.
Operating Impact
Shogun Finlease Private Limited is no longer permitted to conduct non-banking financial institution business. Any such operations must stop, and counterparties should not treat it as an active NBFC for new business after 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
- 8 Mar 2010
- Effective From
- 8 Mar 2010
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC