Action on Raja Devi Investment & Trading Company
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 34 companies under Section 45-IA(6) of the RBI Act, 1934. The companies span several locations and include multiple finance/leasing entities, and the release states that they shall not transact the business of a Non-Banking Financial Institution under the Act. This is a full licence cancellation for the affected NBFCs.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, the RBI cancelled the Certificate of Registration of 34 companies. The release lists each company and its date of cancellation. As a result, 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 license cancellation, which is severity 5 regardless of any other considerations.
All 34 listed companies must stop operating as NBFCs and cannot undertake non-banking financial institution business going forward. Customers and counterparties should treat them as no longer authorised for NBFC activity. The cancellation takes effect from the respective cancellation dates listed against each company.
Published as Raja Devi Investment & Trading Company Private Limited
Published as Diamond Mutual Finance Private Limited
Published as Siddharth Finlease Limited
Published as Krishna Capfin Ltd.
Published as Prem Somani Financial Services Limited
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Published as Hitin Motor & General Finance Company Limited
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