Action on U.P. Motor and General Finance Company
Case Brief
On June 06, 2007, the Reserve Bank of India cancelled the Certificate of Registration of M/s. U.P. Motor and General Finance Company Private Limited, whose registered office is in Janak Puri, New Delhi. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. U.P. Motor and General Finance Company Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered to carry on the business of a non-banking financial institution, and after cancellation it cannot transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which is severity 5 under the rubric.
The company is barred from carrying on non-banking financial institution business going forward. This directly affects the entity and any customers or counterparties dealing with it in that capacity.
Published as M/s. U.P. Motor and General Finance Company Private Limited
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