Action on Vikramashila Finance and Leasing
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Vikramashila Finance and Leasing Limited, whose registered office is in Nizamabad, on August 11, 2005. The company was carrying on the business of a non-banking financial institution, and the cancellation was made under Section 45-IA of the Reserve Bank of India Act, 1934.
The Reserve Bank of India cancelled the certificate of registration issued to Vikramashila Finance and Leasing Limited under Section 45-IA of the RBI Act, 1934. The release states the company was registered to carry on the business of a non-banking financial institution, and RBI has the power to cancel such registration certificates for NBFCs.
Severity Assessment
Cancellation of an NBFC’s certificate of registration is a licence cancellation, which is severity 5.
The company can no longer operate as a registered non-banking financial company. Any NBFC-related business requiring a valid Certificate of Registration is affected immediately by the cancellation.
Published as Vikramashila Finance and Leasing Limited
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