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Sujala Commercial Ltd

NBFCKolkata, West Bengal

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

20 Feb 2018

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of six companies under Section 45-IA(6) of the RBI Act, 1934. The named entities are Sujala Commercial Ltd., Alchemist Capital Limited, Lyton Consultancy Pvt. Ltd., Goel Cottex Limited (presently M/s PLG Plast Ltd), J.J. Investment Counsel Private Ltd., and Kuldip Finance Limited. The release does not spell out the underlying factual violations; it states the legal consequence that these companies shall not transact the business of a Non-Banking Financial Institution as defined in the RBI Act.

Why RBI Acted

Licensing breach

The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of six companies. The release does not specify a misconduct narrative beyond the cancellation itself; the legal consequence stated is that these companies shall not transact the business of a Non-Banking Financial Institution as defined under Section 45-I(a) of the RBI Act, 1934.

Operating Impact

These six companies are barred from carrying on NBFC business going forward. Customers, borrowers, and counterparties should no longer treat them as authorised non-banking financial institutions after the cancellation dates stated in the release.

Regulatory Basis

  • Section 45-IA (6) of the Reserve Bank of India Act, 1934
  • clause (a) of Section 45-I of the RBI Act, 1934

Action Facts

Primary Impact
License cancellation
Order Date
19 Dec 2017
Effective From
19 Dec 2017
Entities Affected
6
Entity Role
Primary
Entity Type
NBFC

Related Entities

Entities similar to Sujala Commercial Ltd

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  1. Alchemist Capital Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  2. Goel Cottex Limited (Presently M/s PLG Plast Ltd)

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  3. J.J. Investment Counsel Private Ltd

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  4. Kuldip Finance Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  5. Lyton Consultancy Pvt. Ltd

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction