Case Brief
On June 25, 2004, the Reserve Bank of India cancelled the Certificate of Registration of Mangal Pradeep Financial & Investment (India) Ltd., Bhubaneswar, which had been issued for carrying on the business of a non-banking financial institution. The action was taken under Section 45IA of the RBI Act, 1934. The release also notes that the company remains obliged to repay public deposits in accordance with the terms and conditions of the deposit contract.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Bhubaneswar, Odisha
- Order Date