Action on Nandambakkam Finance Company
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Nandambakkam Finance Company Private Limited, Chennai, on July 25, 2005. The cancellation was issued under Section 45-IA of the RBI Act, 1934, and the release says the company had opted to exit the business of a non-banking financial institution.
On July 25, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Nandambakkam Finance Company Private Limited, Chennai, under Section 45-IA of the RBI Act, 1934. The release states that the cancellation was because the company had opted to exit from the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a severity-5 licensing action.
The company can no longer carry on non-banking financial institution business under the cancelled registration. This is a forward-looking cessation of its licensed NBFC activity from the effective cancellation date.
Published as Nandambakkam Finance Company Private Limited
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