VGM Finance Private Limited (Presently known as M/s Sufalam Financial Services Private Limited)

The RBI, in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, cancelled the Certificate of Registration of four companies: M/s Vrundavan Securities Limited, M/s Durlav Finance Limited, VGM Finance Private Limited (presently known as M/s Sufalam Financial Services Private Limited), and M/s Dhananjay Finance Limited. The release states that these companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.

These companies must stop carrying on NBFC business. Customers and counterparties dealing with them as non-banking financial institutions are affected because the firms lose regulatory permission to operate in that capacity. The release gives the cancellation order dates for each company, but no separate compliance deadline.