Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. Hindustan Finstock Ltd., whose registered office is in Ahmedabad, on December 2, 2004. The action was taken under Section 45IA of the RBI Act, 1934, and applies to the company’s authority to carry on the business of a non-banking financial institution. The release does not describe any specific misconduct or violation beyond the statutory basis for cancellation. RBI also notes that the company remains under an obligation to repay public deposits in accordance with the terms and conditions of the deposit contract.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Ahmedabad, Gujarat