Action on Gupta Instalment Supply
Case Brief
The Reserve Bank of India, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 32 companies. The release lists each company and its registered office details, and states that these entities 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 Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration (CoR) of 32 named companies. As a result, the 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 under the rubric.
All 32 listed companies must stop carrying on NBFC business with immediate effect from the cancellation dates stated against each company. Customers, counterparties, and other stakeholders should treat them as no longer authorized to conduct non-banking financial institution activity.
Published as Gupta Instalment Supply Limited
Published as The New Globe Financiers (Bareilly) Limited (Presently known as Shree Om Finance India Limited)
Published as Sekhon Motor Finance Limited
Published as Mayur Motor And General Finance Limited
Published as Nambirajan Finance Private Limited
Published as Nezone Estates (P) Ltd.
Published as NLG Enterprises Pvt. Ltd.
Published as Shri Arihant Merchants Pvt. Ltd.
Published as Ultramarine Impex Private Limited
Published as Singhal Contractors & Builders Private Limited
Published as Abha Tradefin Private Limited
Published as Kanishk Translink Private Limited
Published as National Fiscal & Leasing Ltd.
Published as Namaste Management Private Limited
Published as Panjim Distributors Pvt. Ltd.
Published as Danke Dealers Private Limited
Published as Mittal Commercials Pvt. Ltd.
Published as Satnaliwala Investments Limited (Presently known as Snowtex Investment Limited)
Published as Neela Madhav Ltd.
Published as Smart Trading & Investment Co. Ltd.
Published as Mapple Commerce Pvt. Ltd.
Published as Recon Marketing Pvt. Ltd.
Published as Micro Finance Private Limited
Published as Ked Bandhu Investments Private Limited
Published as Mirik Vinimay Pvt. Ltd.
Published as Priority Intra Commercial Ltd.
Published as Fairluck Commercial Co. Ltd.
Published as Kanishka Industries Private Limited
Published as Panyam Merchandise Private Limited
Published as Abhideep Green Plantation Private Limited
Published as Virji & Co. (Finance) Pvt. Ltd.
Published as Keshar Business Private Limited