Action on Bhoruka Financial Services
Case Brief
On February 13, 2007, the Reserve Bank of India cancelled the certificate of registration granted to Bhoruka Financial Services Limited, whose registered office was at White Field Road, Mahadevapura Post, Bangalore. 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 granted to Bhoruka Financial Services Limited 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 it can no longer carry on that business.
Severity Assessment
Cancellation of a certificate of registration is a licence cancellation, which carries severity 5.
Bhoruka Financial Services Limited can no longer transact the business of a non-banking financial institution. The restriction is final as a cancellation of registration, so the company must stop operating as an NBFC.
Published as Bhoruka Financial Services Limited
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