Case Brief
The Reserve Bank of India, on July 22, 2003, cancelled the Certificate of Registration granted to Gopal Arya Finance Private Limited, Jammu, for carrying on the business of a non-banking financial institution. The action was taken under Section 45IA of the RBI Act, 1934. As a result, the company is prohibited from transacting NBFC business, but it remains under an obligation to repay public deposits in accordance with the terms of the deposit contracts, if any.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Jammu, Jammu and Kashmir
- Order Date