Case Brief
RBI cancelled the Certificate of Registration granted to Maggy Finance Private Limited, Nellore, under Section 45IA of the RBI Act, 1934. As a result, the company cannot carry on the business of a non-banking financial institution. RBI further prohibited it from accepting deposits and from alienating its assets under Section 45MB(1) and 45MB(2). The company must still repay public deposits according to the contract terms.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Nellore, Andhra Pradesh
- Order Date