Action on Wadhawan Global Capital
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 16 companies under Section 45-IA(6) of the RBI Act, 1934. The release names each affected company and the date of cancellation order, and states that the 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 Reserve Bank of India Act, 1934 to cancel the Certificate of Registration of 16 companies. The order lists the affected entities and their CoR cancellation dates. 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, which is severity 5 by the rubric.
All 16 affected companies are prohibited from carrying on non-banking financial institution business going forward. Customers and counterparties dealing with these entities should treat them as no longer authorized to operate as NBFCs.
Published as Praptee Savings and Investment (India) Limited
Published as Softfin Investments Private Limited
Published as Tyche Securities Pvt Ltd
Published as Bharat Udyog Limited
Published as Geopreneur Fincorp Private Limited
Published as Wadhawan Global Capital Limited
Published as Sharmistha Investments Private Limited
Published as Tele Link Securities and Finance Limited
Published as Bharat Monetary Services Pvt. Ltd.
Published as NCS Finance Private Limited
Published as Indo-Euro Investments Company Limited
Published as Jem Fiscal Limited
Published as Jem Fiscal Private Limited
Published as Kaundinya Investment and Finance Private Limited
Published as VAB Ventures Limited
Published as Investrick Securities (India) Private Limited
Published as Karvirvasini Investments and Finance Private Limited
Published as Silver Golden Property Develop Fin Investment Limited
Published as Simplex Trading and Agencies Ltd
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