Case Brief
On August 19, 2004, the Reserve Bank of India cancelled the Certificate of Registration of Dani Finlease Limited, Mumbai, for carrying on the business of a non-banking financial institution. As a result, the company cannot carry on NBFC business. RBI further prohibited it from accepting deposits and from alienating assets under Sections 45MB(1) and 45MB(2) of the RBI Act, 1934, while it remains obliged to repay public deposits according to the terms of the deposit contract.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Mumbai, Maharashtra
- Order Date