Action on Sri Ganesh Anand Leasing & Finance
Case Brief
On July 25, 2005, the Reserve Bank of India cancelled the Certificate of Registration of Sri Ganesh Anand Leasing & Finance Limited, whose registered office was in Secunderabad. The action was taken under Section 45-IA of the RBI Act, 1934, in relation to the company’s business as a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to Sri Ganesh Anand Leasing & Finance Limited, Secunderabad, for carrying on the business of a non-banking financial institution. The release states that the cancellation was made under powers conferred by Section 45-IA of the Reserve Bank of India Act, 1934, which governs registration and cancellation of NBFC registration certificates.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a full licence cancellation, which is severity 5.
Sri Ganesh Anand Leasing & Finance Limited is no longer authorised to carry on NBFC business. The cancellation is effective from July 25, 2005 and has immediate forward-looking impact on the company’s operations.
Published as Sri Ganesh Anand Leasing & Finance Limited
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