Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
22 Aug 2007
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to Tirupati Services Limited, whose registered office is in New Delhi, for carrying on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution any longer.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to Tirupati Services Limited for carrying on the business of a non-banking financial institution. The release cites Section 45-IA(6) of the Reserve Bank of India Act, 1934 as the statutory basis for cancelling the registration certificate of the non-banking financial company.
Operating Impact
Tirupati Services Limited is barred from continuing NBFC activities. Customers and counterparties should not treat it as authorised to conduct non-banking financial institution business after the cancellation takes effect; the company must stop such operations immediately.
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
- 3 Jul 2007
- Effective From
- 3 Jul 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC