Action on Kirti International Finance
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Kirti International Finance Limited, Ahmedabad, on April 25, 2006. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business.
On April 25, 2006, RBI cancelled the Certificate of Registration granted to Kirti International Finance Limited, Ahmedabad, under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore RBI cancelled its registration certificate.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it terminates the company's ability to carry on the regulated NBFC business.
Kirti International Finance Limited is no longer permitted to conduct the business of a non-banking financial institution. The action affects the company alone and has the forward-looking consequence of ending its regulated NBFC operations.
Published as Kirti International Finance Limited
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