Action on Unclassified entity
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 33 companies under Section 45-IA(6) of the RBI Act, 1934. The named companies are all NBFCs, and the order means they can no longer carry on the business of a non-banking financial institution under Section 45-I(a) of the Act.
The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificates of Registration of 33 companies. The release states that, as a result, these companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificate of Registration is a licence cancellation action, which is severity 5 regardless of the number of entities affected.
All 33 affected companies are prohibited from conducting NBFC business going forward. Customers and counterparties should treat them as no longer authorised to undertake non-banking financial institution activities.
Published as Ashit Leasing and Finance Company Private Limited
Published as Beckon Leasing and Finance Limited
Published as Chidanand Investment and Financial Consultancy Limited
Published as Essenar Investments Private Limited
Published as Ganpat Finvest Services Private Limited
Published as Hari-Leela Fiscal Private Limited
Published as Madhu Enterprises Limited
Published as Manan Financial Services Private Limited
Published as Mask Investments Limited
Published as Nir Finance Limited
Published as Precious Finance and Capital Ltd
Published as Pro-leasing and Finance Limited
Published as Shree Western Capital & Securities Private Limited
Published as Raj Rani Finstock Pvt Ltd
Published as Sarabhai Holdings Private Limited
Published as The Kamdhenu Finance Company Private Limited
Published as Ankur Finstock Private Limited
Published as Avani Lease Finance Limited
Published as Bipra Investments and Trusts Pvt Ltd
Published as Devkishan Investments Pvt Ltd
Published as Gandhidham Fincap Limited
Published as Gautam Infin Limited
Published as Khanjan Finance and Lease Pvt Ltd
Published as Madhumalti Capital Private Limited
Published as Maruti Silk Mills Private Limited
Published as New Royal Finstock Limited
Published as Omrim Securities Limited
Published as Prima Financial Services Limited
Published as Saraiya Finance and Trading Private Limited
Published as Todi Motor Finance Pvt. Ltd
Published as Roselabs Finance Limited
Published as Satupa Finance Private Limited
Published as M.G.S. Finvest Private Limited