Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
14 Jun 2010
Case Brief
On April 13, 2010, the Reserve Bank of India cancelled the Certificate of Registration of Unicorn Holdings Private Limited, whose registered office was in Bangalore, for carrying on the business of a non-banking financial institution. The release says the company had opted to exit from the business, and the cancellation was made under Section 45-IA(6) of the RBI Act, 1934. 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 Unicorn Holdings Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was because the company had opted to exit from the business of a non-banking financial institution.
Operating Impact
Unicorn Holdings Private Limited is no longer permitted to carry on non-banking financial institution საქმიანity after cancellation of its registration. The company must cease NBFC operations, and counterparties should not treat it as authorised to conduct NBFC business.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 13 Apr 2010
- Effective From
- 13 Apr 2010
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC