Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
2 Feb 2005
Case Brief
On January 27, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Steel City Holdings Limited, with registered office in Visakhapatnam, for carrying on the business of a non-banking financial institution. The action was taken under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration of Steel City Holdings Limited, Visakhapatnam, under Section 45IA of the RBI Act, 1934. The release states that the company was registered to carry on the business of a non-banking financial institution, and RBI exercised its power to cancel the registration certificate of the NBFC.
Operating Impact
Steel City Holdings Limited is no longer permitted to operate as a non-banking financial institution. The cancellation affects the company directly and removes its RBI registration required for NBFC საქმიანություն.
Regulatory Basis
- Section 45IA of the Reserve Bank of India Act, 1934
- Section 45IA
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 27 Jan 2005
- Effective From
- 27 Jan 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC