Action on Growell Auto Leasing
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of M/s Growell Auto Leasing Private Limited and M/s Adirudh Capital and Investment Private Limited under Section 45-IA(6) of the RBI Act, 1934. With the cancellation, both companies can no longer transact the business of a Non-Banking Financial Institution under Section 45-I(a).
The Reserve Bank of India cancelled the Certificate of Registration of two NBFCs in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934: M/s Growell Auto Leasing Private Limited and M/s Adirudh Capital and Investment Private Limited (previously known as Desika Vinayagar Credit and Investment Private Limited). As a result, these companies are no longer permitted to carry on the business of a Non-Banking Financial Institution as defined under Section 45-I(a) of the RBI Act.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence revocation, which the rubric assigns severity 5.
Both entities must stop NBFC business activities immediately and cannot legally undertake non-banking financial institution operations after the cancellation date. The action affects the companies directly and removes their ability to accept or conduct NBFC business.
Published as M/s Adirudh Capital and Investment Private Limited (Previously known as Desika Vinayagar Credit and Investment Private Limited)
Published as M/s Growell Auto Leasing Private Limited
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