Action on Nineteen NBFCs
Case Brief
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, RBI cancelled the Certificate of Registration of 19 companies. The named entities include MVA Finance Private Limited, Apka Sahyog Finance & Mercantile Private Limited, RHC Holding Private Limited, and others listed in the release. RBI also stated that these companies 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 RBI Act, 1934 to cancel the Certificate of Registration of 19 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 license cancellation, which is severity 5 regardless of any other factors.
The affected companies cannot continue or begin NBFC business after the cancellation of their CoR. This directly affects the 19 entities named in the release and any customers/counterparties relying on their NBFC operations.
Published as MVA Finance Private Limited
Published as RHC Holding Private Limited (previously known as Solaris Finance Private Limited)
Published as Sri Janardhana Credits Limited
Published as Confina Vincom Private Limited (presently known as Confina Vincon Pvt. Ltd.)
Published as Anukriti Leasing and Exports Private Limited
Published as BTJ Leasing and Investments Limited
Published as Indo Asia Finance Limited
Published as Clarion Overseas (India) Private Limited
Published as Shree Om Finvest Limited
Published as Hemani Trading Company Private Limited
Published as Apka Sahyog Finance & Mercantile Private Limited (Presently known as E-2 Securities Private Limited)
Published as Maa Kamakhya Finance Company Private Limited
Published as Suvridhi Financial Services Limited
Published as Anant Hire Purchase Pvt Ltd
Published as Vital Tradelink Private Limited
Published as Riviera Hotels Private Limited
Published as Vani Vilas Finance Limited (Previously Sri Patwa Benefit Fund Limited)
Published as Rajeshwari Fincom Limited
Published as Bicharshil Traders Private Limited (Presently known as Bicharshil Traders Ltd)
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