Action on Unclassified entity
Case Brief
In this release, the Reserve Bank of India cancelled the Certificate of Registration of 32 companies under Section 45-IA(6) of the RBI Act, 1934. The affected entities are various NBFCs listed in the notice, and RBI further stated that they shall not transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the RBI Act, 1934.
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934 to cancel the Certificate of Registration (CoR) of 32 named companies. The release states that, as a result, 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 the Certificate of Registration is a licence cancellation action, which carries the maximum structural severity of 5 regardless of any monetary amount.
All 32 named companies lose their CoR and cannot carry on NBFC business going forward. Customers, counterparties, and other stakeholders should not treat them as authorised to conduct non-banking financial institution activities after the cancellation date stated for each company.
Published as I. C. Finance Private Limited
Published as Hail Finvest Private Limited
Published as Garima Dealcomm Private Limited
Published as Soneko Securities Private Limited
Published as Waylink Suppliers Private Limited
Published as N.D. Commercial Private Limited
Published as Rohit Commercial P. Ltd.
Published as Bhagwan Instalments Limited
Published as Skandh Investments & Consultancy Private Limited
Published as Madhumalti Vanijya (P) Ltd.
Published as Madhukan Finance Pvt. Ltd.
Published as Govinda Enclave & Credit Private Limited
Published as Rungta Enclave Pvt. Ltd.
Published as Aidotap Consultants Private Limited
Published as Ideal Auto Credit Ltd.
Published as Hanuman Resources Private Limited
Published as Ancient Commodities Private Limited
Published as Anglo-Ver Textiles Private Limited
Published as Chhabildas Investment Private Limited
Published as Rudraksh Finance Company Private Limited
Published as Lakhimpur Finvest Company Limited
Published as Bimla Investment and Finance Limited
Published as Yashika Leasing & Financial Services Limited
Published as Shabros Fin-Vest Private Limited
Published as United Finance and Leasing Private Limited
Published as Motika Finance Limited
Published as Parkview Investments Private Limited
Published as Vineet Resources Private Limited
Published as Rabirun Commercial Private Limited
Published as Ratangiri Vinimay Private Limited
Published as Mohit Finance & Leasing Company Private Limited
Published as Guardian Traders Private Limited