Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Team Finance Company Ltd. on March 12, 2003 under Section 45-IA of the RBI Act, 1934. This means the company can no longer carry on the business of a non-banking financial institution. RBI also prohibited the company from accepting deposits and from alienating assets under Sections 45MB(1) and 45MB(2), while noting that it must still repay existing public deposits according to the contract terms.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Bhubaneshwar, Odisha
- Order Date