Action on G.L. Finance
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 30 NBFCs under Section 45-IA(6) of the RBI Act, 1934. The named entities span multiple companies, many based in Kolkata and one in Lucknow, and the release makes clear that they are no longer permitted to transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the Act.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration (CoR) of 30 listed companies. The release states that, as a consequence, 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, which is a severity 5 action affecting the entities' ability to operate as NBFCs.
All 30 affected companies lose their regulatory permission to operate as NBFCs and must stop carrying on NBFC business. Customers, counterparties, and other stakeholders dealing with these firms are impacted because the entities cannot legally continue NBFC operations after the cancellation date stated for each company.
Published as Albright Finance Private Limited
Published as Sri Ganesh Satya Sai Finance & Agencies (P) Ltd.
Published as Spread Merchant Private Limited
Published as Jalsagar Distributors Private Limited
Published as Bajoria Investments Pvt. Ltd.
Published as Rasraj Barter Private Limited
Published as M P K Holdings Private Limited
Published as Jagmag Mercantiles Private Limited
Published as Aurovil Commerce Private Limited
Published as ARS Investment Private Limited
Published as CLS Services Ltd.
Published as Kumali Sales Pvt. Ltd.
Published as Nugget Financial Services Pvt. Ltd.
Published as Cairo Niryat Private Limited
Published as Fairdeal Leasing Private Limited (Formerly known as Fairdeal Leasing Limited)
Published as G.L. Finance (P) Limited
Published as Online Finance And Investment Private Limited
Published as Bharatiya Fincom Pvt. Ltd. (Formerly known as Utkal Holdings Pvt. Ltd.)
Published as Ayush Fintrade Private Limited
Published as Jyoti Fabrics Private Limited
Published as Sarda Finance Private Limited
Published as Bortex Cosmetics Pvt. Ltd.
Published as Pronto Industrial Services Ltd.
Published as AFC Financial Services Limited
Published as Garma Trexim Private Limited
Published as Varsha Credit Private Limited
Published as Maritime Merchants Pvt. Ltd.
Published as Narottamka Fincons Private Limited
Published as Umaputrya Estate (P) Ltd.
Published as Cezario Commercial Pvt. Ltd.