Case Brief
On May 10, 2005, the Reserve Bank of India cancelled the certificate of registration granted to Alpic Finance Limited, Mumbai, for carrying on the business of a non-banking financial institution. As a result, the company cannot conduct NBFC business anymore. RBI also prohibited the company from accepting deposits and from alienating its assets, citing its powers under Section 45IA and Section 45MB of the RBI Act, 1934.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Mumbai, Maharashtra
- Order Date