Action on Rakuja Investments
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Rakuja Investments Private Limited on October 11, 2002. The cancellation was issued on October 7, 2010 under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is no longer permitted to carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted on October 11, 2002 to M/s. Rakuja Investments Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was for carrying on the business of a non-banking financial institution; it does not provide any additional factual allegation beyond the statutory basis for cancellation. Following the cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it revokes the NBFC's ability to operate.
M/s. Rakuja Investments Private Limited must stop transacting NBFC business. The cancellation prevents the company from continuing non-banking financial institution operations after the effective cancellation date.
Published as M/s. Rakuja Investments Private Limited
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