Action on Metrochem Capital Trust
Case Brief
The Reserve Bank of India cancelled the certificate of registration of M/s Metrochem Capital Trust Limited, Ahmedabad, on November 27, 2004. The cancellation was made under Section 45-IA of the RBI Act, 1934. Following this action, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to M/s Metrochem Capital Trust Limited, Ahmedabad, on November 27, 2004. The action was taken under Section 45-IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company. As a result, the company is no longer permitted to carry on the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC certificate of registration is a licence cancellation, which is severity 5.
M/s Metrochem Capital Trust Limited must stop conducting non-banking financial institution activities. Customers and counterparties can no longer rely on it operating as an NBFC after the cancellation date.
Published as M/s Metrochem Capital Trust Limited
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