Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Dhanaprayog Investments Company Limited (presently Westlife Development Limited) with effect from February 13, 2009. The company was registered to carry on the business of a non-banking financial institution, but it opted to exit that business. RBI exercised its powers under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, the company is not permitted to transact the business of a non-banking financial institution.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Mumbai, Maharashtra
- Order Date