Case Brief
The Reserve Bank of India, on September 2, 2005, cancelled the certificate of registration of Mukat Finance Limited, whose registered office is in Mumbai, for carrying on the business of a non-banking financial institution. The release states that, following the cancellation, the company cannot transact non-banking financial business. RBI also prohibited the company from acceptance of deposits and from alienating its assets, citing Sections 45-IA(6), 45-MB(1) and 45-MB(2) of the RBI Act, 1934.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Mumbai, Maharashtra
- Order Date