Action on Chandimandir Motor Finance
Case Brief
On October 7, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Chandimandir Motor Finance Private Limited, whose registered office is in Chandigarh. The cancellation was for carrying on the business of a non-banking financial institution, under Section 45-IA of the Reserve Bank of India Act, 1934.
The Reserve Bank of India cancelled the certificate of registration issued to Chandimandir Motor Finance Private Limited, Chandigarh, for carrying on the business of a non-banking financial institution. The release states that RBI is empowered under Section 45-IA of the Reserve Bank of India Act, 1934 to cancel the registration certificate of a non-banking financial company.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it terminates the entity’s ability to operate as an NBFC.
The company loses its registration to conduct non-banking financial institution business. It must cease NBFC operations, and counterparties should no longer treat it as an authorised registered NBFC.
Published as Chandimandir Motor Finance Private Limited
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