Case Brief
The Reserve Bank of India issued prohibitory orders against M/s. Integrated Finance Company Limited, Chennai, under Section 45MB(1) and (2) of the RBI Act, 1934. The company was barred from accepting any deposits from any person, whether fresh deposits or renewals of existing deposits, until further orders. RBI further prohibited the company from selling, transferring, creating a charge or mortgage on, or otherwise dealing with, its properties and assets without prior written permission.
Action Snapshot
- Primary Impact
- Directive prohibition
- Entity Type
- NBFC
- Location
- Chennai, Tamil Nadu
- Order Date