Action on Unclassified entity
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of 31 companies under Section 45-IA(6) of the RBI Act, 1934. The release lists the affected entities and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution as defined in the RBI Act.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificates of Registration of 31 listed companies. The release states that, as such, the above companies shall not transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificates of Registration is a licence cancellation, which is a severity 5 action.
The 31 named companies are prohibited from carrying on NBFC business going forward. Customers and counterparties should no longer treat them as authorised non-banking financial institutions, and any future NBFC activity by these entities would be unauthorized.
Published as Evergreen Commercial Co. Ltd.
Published as Eita Builders & Services Private Limited (Presently known as Eita Finvest Private Limited)
Published as Amit Mercantile & Holdings Private Limited
Published as Olympic Commercial Enterprises Limited
Published as Payal Nivesh & Viniyog Private Ltd.
Published as Raghav Mercantiles Private Limited
Published as Amar Fauji Motor and General Finance Private Limited
Published as Anandeshwar Leasing & Finance Limited
Published as Echo Computers Private Limited
Published as Trans Asia Stock Services Private Limited
Published as Dhariwal Fuels Private Limited
Published as D.R. Dhingra Finance Limited
Published as J.R.B. Finsec Pvt. Ltd.
Published as Indus Valley Investment & Finance Private Limited
Published as Dharower Financial Services Limited
Published as D.S Capital and Finance Limited
Published as Meti Finance Private Ltd.
Published as U-Nik Tracom Private Limited
Published as H.B. Mercantile Private Ltd.
Published as Janki Trade & Finance Private Limited
Published as Subhraj Traders Private Limited
Published as Gokul Auto Credit Pvt. Ltd.
Published as Mahendra Instalments Supply Limited
Published as Sri Mahaveer Auto Finance (Madras) Limited
Published as Accord Commercial Private Limited
Published as Extreme Holdings Private Limited
Published as International Commenter Ltd.
Published as Jwalaji Marketing Private Limited
Published as Daffodil Investment and Trading Company Limited
Published as Juhie (India) Private Limited
Published as IRC Worldwide Couriers Limited