Case Brief
On August 18, 2004, the Reserve Bank of India cancelled the certificate of registration of Baba Farid Investment Limited, Kotkapura, under Section 45IA of the RBI Act, 1934. The release says the cancellation followed the company’s decision to exit the non-banking financial institution business. As a result, the company cannot transact NBFC business, but it remains responsible for repaying public deposits according to the terms and conditions of the deposit contracts.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Kotkapura, Punjab
- Order Date