Action on Girik Estates Private Limited
Case Brief
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled the Certificates of Registration of 32 companies. The release names each affected company and states the respective dates of cancellation. As a result, the companies shall not transact the business of a Non-Banking Financial Institution under the RBI Act.
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 32 named companies. The press release lists each company and its date of cancellation. The stated consequence is 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.
Severity Assessment
Cancellation of CoR is a licence-cancellation action, which carries severity 5 regardless of amount.
All 32 named companies are barred from carrying on NBFC business going forward. Customers and counterparties should treat them as no longer authorised to operate as registered NBFCs from the stated cancellation dates.
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