Action on A.P.Tourism Finance
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. A.P. Tourism Finance Limited, Hyderabad on May 15, 2006. The order was passed under Section 45-IA(6) of the RBI Act, 1934, and the release says the company had opted to exit from the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business.
On May 15, 2006, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. A.P. Tourism Finance Limited, Hyderabad for carrying on the business of a non-banking financial institution. The release states that the company had opted to exit from the NBFC business. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a severity-5 action because it removes the firm’s ability to operate as a registered non-banking financial company.
The company is no longer permitted to carry on non-banking financial institution business after the cancellation. This ends its ability to operate as a registered NBFC, affecting its customers and counterparties to the extent they relied on its NBFC activities.
Published as M/s. A.P.Tourism Finance Limited, Hyderabad
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