Action on Cyclo Investments
Case Brief
On August 30, 2011, RBI cancelled the Certificate of Registration No. 09.00053 granted to M/s. Cyclo Investments Private Limited under Section 45-IA(6) of the RBI Act, 1934. The registration had allowed the company to carry on the business of a non-banking financial institution. With the cancellation, the company is no longer permitted to transact that business.
The Reserve Bank of India cancelled Certificate of Registration No. 09.00053, granted on March 3, 1998, to M/s. Cyclo Investments Private Limited under Section 45-IA(6) of the RBI Act, 1934. The company had been registered to carry on the business of a non-banking financial institution; after cancellation, it cannot transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which is severity 5.
M/s. Cyclo Investments Private Limited must stop operating as a non-banking financial institution. Customers and counterparties cannot rely on it to conduct NBFC business after the cancellation takes effect.
Published as M/s. Cyclo Investments Private Limited
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