Action on Parijat Shipping and Finale
Case Brief
RBI issued a cancellation order under Section 45-IA(6) of the RBI Act, 1934, cancelling the certificates of registration of nine companies. The affected entities are listed in the release and include firms based in Mumbai, Pune, Bidar/Udgir and Ahmedabad. As a result of the cancellation, these companies cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificates of registration granted to nine companies for carrying on the business of a non-banking financial institution, acting under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that following cancellation of the registration certificate, the companies cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of registration for NBFCs is a licence/CoR cancellation, which is severity 5 regardless of any monetary amount.
All nine listed companies lose their NBFC registration and must stop carrying on non-banking financial institution business. The restriction is immediate for the listed cancellation dates, and it affects the companies' ability to accept or conduct NBFC activities going forward.
Published as Parijat Shipping and Finale Limited
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Published as Ind Finance & Securities Trust Private Limited
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Published as Udgir's Dhanlaxmi Finance & Leasing Ltd.
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