Action on Harvinder Motor Finance Private Limited
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 30 non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The order lists each company and its registered office, and it states that the companies shall not 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 RBI Act, 1934, RBI cancelled the Certificate of Registration of 30 listed companies. The release states that, as such, these 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 Certificate of Registration is a licence cancellation action, which carries severity 5 regardless of whether any monetary penalty is involved.
All 30 companies are barred from carrying on NBFC business going forward. Customers, counterparties, and other stakeholders should treat the entities as no longer authorised to operate as non-banking financial institutions from the stated cancellation dates.
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