Case Brief
In this press release, RBI cancelled the Certificate of Registration of 22 NBFCs after they surrendered their registrations, invoking Section 45-IA(6) of the RBI Act, 1934. The release separately notes that Essel Finance Home Loans Limited, a housing finance company, surrendered its CoR granted by the National Housing Bank, and RBI cancelled it under Section 29A(6) of the National Housing Bank Act, 1987. As a result, the named companies are no longer permitted to carry on NBFC business; the HFC is also barred from carrying on housing finance business.