Action on Polar Investments
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 30 companies under Section 45-IA(6) of the RBI Act, 1934. The listed entities include firms such as Polar Investments Ltd., Prime Investrade Limited, and Commercial Leasing Corporation Pvt. Ltd. Following the cancellation, the companies are not permitted to transact the business of a Non-Banking Financial Institution as defined under the RBI Act.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration of 30 companies. The order states that 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 license cancellation, which is severity 5 regardless of the absence of a monetary penalty.
All 30 listed companies lose their NBFC registration and cannot carry on non-banking financial institution business. This prevents them from undertaking NBFC activities going forward, affecting their operations and any counterparties relying on those businesses.
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