Action on Popular Auto Spares
Case Brief
The Reserve Bank of India cancelled the certificate of registration of Popular Auto Spares Private Limited on February 22, 2007 under Section 45-IA(6) of the RBI Act, 1934. The release says the company, based in Kochi, Kerala, had opted to exit the business of a non-banking financial institution. As a result, the company cannot carry on NBFC business anymore.
On February 22, 2007, the Reserve Bank of India cancelled the certificate of registration granted to Popular Auto Spares Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit the business of a non-banking financial institution, so the company’s CoR was cancelled and it can no longer transact NBFC business.
Severity Assessment
Cancellation of an NBFC certificate of registration is a licence cancellation, which carries severity 5 regardless of the stated reason.
Popular Auto Spares Private Limited is no longer permitted to transact the business of a non-banking financial institution. This ends its regulated NBFC operations with immediate effect from the cancellation date.
Published as Popular Auto Spares Private Limited
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