Action on Savandapoor Finance & Leasing
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Savandapoor Finance & Leasing Co. Ltd., whose registered office is at Gobichettipalayam, Tamilnadu, on November 2, 2005. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit from the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to Savandapoor Finance & Leasing Co. Ltd. under Section 45-IA(6) 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’s Certificate of Registration is a complete licence cancellation and is severity 5.
The company can no longer carry on NBFC business under the cancelled registration. This is a final regulatory action against the entity and ends its RBI registration for non-banking financial activities.
Published as Savandapoor Finance & Leasing Co. Ltd.
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