Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Cheyyar Sri Vasavi Benefit Fund Limited, Chennai, on February 7, 2005, under Section 45IA of the RBI Act, 1934. As a result, the company cannot carry on the business of a non-banking financial institution. RBI also prohibited it from accepting deposits and from alienating its assets under Section 45MB, while clarifying that the company must still repay public deposits in line with the deposit contract, if any.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Chennai, Tamil Nadu
- Order Date