Case Brief
The Reserve Bank of India cancelled the certificate of registration of Sehajpal Finance & Investment Limited, whose registered office is at Nawanshar Doaba, Punjab, on September 7, 2004. The cancellation was made under Section 45IA of the RBI Act, 1934, and means the company can no longer carry on the business of a non-banking financial institution. RBI also prohibited the company from accepting deposits and from alienating its assets under Section 45MB. The company must, however, continue to repay public deposits in accordance with the terms of the deposit contract, if any.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Nawanshar, Punjab