Action on H. N. Finance
Case Brief
On April 20, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to H. N. Finance Limited, whose registered office was in Bareilly. The cancellation was made under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company.
The Reserve Bank of India cancelled the Certificate of Registration issued to H. N. Finance Limited under Section 45IA of the RBI Act, 1934. The order states that the company was registered to carry on the business of a non-banking financial institution, and RBI has power to cancel such registration certificates under that section.
Severity Assessment
Cancellation of a Certificate of Registration is a complete licensing action and falls under severity 5.
H. N. Finance Limited can no longer carry on the business of a non-banking financial institution unless it obtains fresh regulatory permission. The cancellation is immediately adverse to the company and removes its right to operate as an NBFC.
Published as H. N. Finance Limited
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