Action on Vir Finlease
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. Vir Finlease Limited, whose registered office is at Memnagar, Ahmedabad, under Section 45IA of the RBI Act, 1934. The firm had been carrying on the business of a non-banking financial institution. Following the cancellation, it cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Vir Finlease Limited, Ahmedabad, under Section 45IA of the RBI Act, 1934. The release states that the company was registered to carry on the business of a non-banking financial institution, and after cancellation it cannot transact that business.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a severity-5 licensing action because it prevents the entity from operating as an NBFC.
M/s. Vir Finlease Limited is barred from carrying on non-banking financial institution business after the cancellation. This directly affects the company’s ability to operate as an NBFC and any customers or counterparties relying on those services.
Published as M/s. Vir Finlease Limited
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