Case Brief
On May 19, 2003, the Reserve Bank of India cancelled the certificate of registration of Oswal Capital Services Limited, whose registered office is at Jugiana, Ludhiana, for carrying on the business of a non-banking financial institution. As a result, the company cannot transact NBFC business. RBI further prohibited the company from accepting deposits and from alienating its assets under the relevant provisions of the RBI Act, 1934, while noting that the company remains obligated to repay public deposits according to the terms of the deposit contract.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Ludhiana
- Order Date