Case Brief
The Reserve Bank of India cancelled the certificate of registration of CFL Capital Financial Services Ltd., Kolkata, on May 18, 2004 under Section 45IA of the RBI Act, 1934. Following the cancellation, the company cannot transact the business of a non-banking financial institution. RBI further prohibited the company from accepting deposits and from alienating its assets under Section 45MB. The company remains obligated to repay public deposits according to the terms of the deposit contracts.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Kolkata, West Bengal
- Order Date