Action on Sai Capital
Case Brief
In a Section 45-IA(6) action under the RBI Act, 1934, the Reserve Bank of India cancelled the Certificates of Registration of 33 companies that were operating as NBFCs. The release names each company and gives the cancellation dates. Following cancellation, the companies are barred from transacting the business of a non-banking financial institution as defined in the RBI Act.
The Reserve Bank of India cancelled the Certificates of Registration of 33 companies under Section 45-IA(6) of the RBI Act, 1934. The release lists each company and its CoR cancellation date. It also states that, as a result, the 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 regardless of monetary amount.
All 33 affected companies must stop NBFC business operations with effect from the stated cancellation dates. Customers, counterparties, and borrowers dealing with these firms can no longer rely on them for regulated non-banking financial services after cancellation.
Published as Shanker Radhey Finance & Investment Company Pvt. Limited
Published as Shivlok Leasing and Finance Limited
Published as Shubh Exim Limited
Published as Sahal (India) Finlease & Investment Limited
Published as Sai Capital Limited
Published as Word Portfolio Finance & Leasing Limited
Published as Supreme Capital Services Pvt. Ltd.
Published as YNO Finvest Private Limited
Published as S.H.L Finance Ltd.
Published as Standard Finhold Private Limited
Published as Sunmarg Securities Private Limited
Published as Sarang Securities Limited
Published as Gajraj Motor and General Finance Company Limited
Published as Ajmani Hire Purchase and Investments Limited
Published as Shree Om Finvest Limited
Published as Vasuki Finance Private Limited
Published as Kamal Leasing Ltd.
Published as Kantshree Securities Private Limited
Published as Gallant Leasing & Financial Services Limited
Published as Vaishali Motor Finance Limited
Published as Swarn Jyoti Investments Private Limited
Published as Sirmore Leasing And Finance Private Limited
Published as Shield Finance Private Limited
Published as Shiromoni Leasing and Finance Limited
Published as S.J. Finance and Holdings Private Limited
Published as RBG Leasing & Credit Limited
Published as Sumkesh Finance Limited
Published as Rishabh Fincap Private Limited
Published as Vishesh Credits Private Limited
Published as Thailaxmi Financial Services Private Limited
Published as Nama Investments Limited
Published as Newlook Leasing Private Limited
Published as United India Finlease Ltd.