Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
2 Aug 2005
Case Brief
On July 25, 2005, the Reserve Bank of India cancelled the Certificate of Registration of Sri Ganesh Anand Leasing & Finance Limited, whose registered office was in Secunderabad. The action was taken under Section 45-IA of the RBI Act, 1934, in relation to the company’s business as a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration issued to Sri Ganesh Anand Leasing & Finance Limited, Secunderabad, for carrying on the business of a non-banking financial institution. The release states that the cancellation was made under powers conferred by Section 45-IA of the Reserve Bank of India Act, 1934, which governs registration and cancellation of NBFC registration certificates.
Operating Impact
Sri Ganesh Anand Leasing & Finance Limited is no longer authorised to carry on NBFC business. The cancellation is effective from July 25, 2005 and has immediate forward-looking impact on the company’s operations.
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