Case Brief
On July 5, 2005, the Reserve Bank of India cancelled the certificate of registration of Pontiac Leasing Ltd., Kolkata, which had been granted for carrying on non-banking financial institution business. The order means the company cannot transact NBFC business anymore. RBI also prohibited it from accepting deposits and from alienating assets, while requiring it to continue repaying public deposits as per the deposit contract terms. The action was taken under Section 45-IA of the RBI Act, 1934, and the deposit/asset restrictions under Section 45-MB.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Kolkatta
- Order Date