Action on Esvee Investments
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. Esvee Investments Limited, whose registered office was in Hyderabad, on January 12, 2005. The cancellation was issued under Section 45IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. This removes the company’s authorization to operate as an NBFC.
The Reserve Bank of India cancelled the Certificate of Registration issued to M/s. Esvee Investments Limited, Hyderabad, on January 12, 2005. The cancellation was for carrying on the business of a non-banking financial institution, under powers conferred by Section 45IA of the Reserve Bank of India Act, 1934, which authorizes cancellation of the registration certificate of an NBFC.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a license cancellation, which carries severity 5.
M/s. Esvee Investments Limited can no longer carry on non-banking financial institution business under its RBI registration. Any ongoing NBFC activity must stop, and counterparties/customers relying on the company’s NBFC status are affected.
Published as M/s. Esvee Investments Limited
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