Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Padmavati Financial Services Ltd., whose registered office was at 28, Hastings Road, Allahabad. The action was taken under Section 45-IA(6) of the RBI Act, 1934, because the company had voluntarily exited the business of a non-banking financial institution. After cancellation, the company cannot transact the business of a non-banking financial institution.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Allahabad, Uttar Pradesh
- Order Date