Action on Jagadhatri Properties & Investments
Case Brief
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration of 31 companies. The entities include multiple NBFCs based mainly in Kolkata, along with firms in Kanpur, Agra/Aligarh, and Muzaffarnagar. As a result, the listed companies are barred from transacting the business of a non-banking financial institution under Section 45-I(a) of the RBI Act.
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 31 companies. The release states that the listed 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 the Certificate of Registration is a licence cancellation, which carries severity 5 under the rubric.
The affected companies must stop carrying on NBFC business. Customers and counterparties should treat them as no longer authorised to operate as non-banking financial institutions; the restriction applies to all 31 listed entities effective from the cancellation dates stated against each company.
Published as Jagadhatri Properties & Investments Private Limited
Published as Simco Business Ltd.
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