Action on Dheva Investments & Finance (India)
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Dheva Investments & Finance (India) Pvt. Limited, Chennai, on September 8, 2005. The cancellation was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the company is no longer permitted to carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Dheva Investments & Finance (India) Pvt. Limited under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states the company was registered to carry on the business of a non-banking financial institution, and that following cancellation it cannot transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a severe licensing action and is rated 5 under the rubric.
The company must stop transacting NBFC business. This removes its ability to operate as a non-banking financial institution going forward, affecting its business activities and counterparties dealing with it in that capacity.
Published as Dheva Investments & Finance (India) Pvt. Limited
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