Action on Prabhat Capital Services
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 32 companies under Section 45-IA(6) of the RBI Act, 1934. The release lists each affected company and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
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 32 named companies. As a consequence, the companies are no longer permitted to 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 CoR is a licence cancellation action, which is severity 5 regardless of any monetary amount.
The 32 affected companies cannot continue or commence NBFC business unless otherwise permitted by law. Customers, counterparties, and other stakeholders should treat them as no longer authorised to conduct non-banking financial institution activity.
Published as Pulkit Fincap Private Limited
Published as Vinayak Vanijya Limited
Published as RNAM Finlease Private Limited
Published as Profile System Limited
Published as Team Plus Securities Limited
Published as Raghvender Shanker Finance and Investment Company Private Limited
Published as Gagar Metals Private Limited
Published as Rubicon Securities Private Limited
Published as Ultra Consultants Private Limited
Published as KBR Securities & Finance Private Limited
Published as Swami Deposit & Investments Private Limited
Published as SBS Finlease Private Limited
Published as C.K.B. Credit & Holding (P) Ltd.
Published as Comshare Investments Private Limited
Published as Harakchand Investments Limited
Published as K K R Development Private Limited
Published as Prabhat Capital Services Limited (Formerly known as D.B.Capital Services Ltd.)
Published as Ganga Yamuna Investment Private Ltd.
Published as Rockman Holdings Private Limited
Published as Rampur International Limited
Published as GVM Finlease Limited
Published as Prudent Data Services Private Limited
Published as VPC Financial Services Private Limited
Published as 20th Century Engineering Limited
Published as Kalpa Capital Management Private Limited
Published as Tanita Industrial Credit Limited
Published as Vision Securities Ltd.
Published as Sharnarthi Finance Limited
Published as Prabhjee Finlease Private Limited
Published as Motlay Finance Private Limited
Published as Kokila Plastics Private Limited
Published as VSM Finance & Exports Limited