Action on Goodwill Housing and Investments
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Goodwill Housing and Investments Limited, Chennai, on 12 September 2008. The company had sought to exit the business of a non-banking financial institution, and RBI acted under Section 45-IA(6) of the RBI Act, 1934. As a result, the firm can no longer carry on NBFC business.
On September 12, 2008, RBI cancelled the Certificate of Registration granted to Goodwill Housing and Investments Limited 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 action is taken under Section 45-IA(6) of the RBI Act, 1934.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a complete licence cancellation, which is severity 5.
Goodwill Housing and Investments Limited can no longer transact business as a non-banking financial institution. The restriction affects the company directly and removes its ability to operate as an NBFC going forward.
Published as Goodwill Housing and Investments Limited
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