Action on Khaitan Urja
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 order covers multiple NBFCs across West Bengal, Gujarat, Uttar Pradesh and Delhi, and the release lists each company along with its registered office and cancellation date. RBI further states that 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.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration of 32 companies. The release states that, as a result, the above 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 license cancellation, which is severity 5 under the rubric.
All 32 named companies must cease NBFC activity and cannot legally carry on business as non-banking financial institutions. Customers and counterparties dealing with these firms should expect that NBFC services are no longer permitted after the cancellation date.
Published as Elcon Finvest & Enterprises Pvt. Ltd.
Published as Khaitan Urja Private Limited
Published as Jar Securities Limited
Published as Lookad Finance & Leasing Limited
Published as Avalon Vinimay Private Limited
Published as Tyron Merchants Pvt. Ltd.
Published as Swarn-Mayur Bonds & Holdings Limited
Published as S.M.R Businesses Private Limited
Published as VJG Enterprises Private Limited
Published as Mrigaya Estate and Finance Limited
Published as Exim Finance Ltd.
Published as Surya Auto Credit & Impex Private Limited
Published as Tribhuvan Finlease and Developers Private Limited
Published as Nirma Credit and Capital Private Limited
Published as Nalanda Finance Limited
Published as Carboxy Chemicals Private Limited
Published as CIBI Commercial Co. Pvt. Ltd.
Published as Chandranidhi Exports Private Limited
Published as Clarity Finance Private Limited
Published as Jaishree Credit Private Limited
Published as Shevin Capital Services Private Limited
Published as Alliance Management & Fiscal Services Ltd.
Published as Trishul Motor & General Finance Ltd.
Published as Toshi Business & Investment Pvt. Ltd.
Published as Payal Portfolio Private Limited
Published as Neelkanth Lease Finance Limited
Published as Gunjan Holdings Private Limited
Published as Vinay Capital Limited
Published as Carvan Creation Pvt. Ltd.
Published as Circular Leasing and Resources Private Limited
Published as Crescent Leasing Private Limited
Published as Jeenma Traders Pvt. Ltd.