Case Brief
On August 30, 2003, the Reserve Bank of India cancelled the Certificate of Registration granted to BCL Financial Services Limited, Kolkata, for carrying on the business of a non-banking financial institution. The action was taken under Section 45IA of the RBI Act, 1934. Following the cancellation, the company cannot transact NBFC business and has also been prohibited from accepting deposits and from alienating its assets under Section 45MB(1) and 45MB(2). The release notes that the company remains obligated to repay any public deposits according to the contractual terms, if any.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Kolkata, West Bengal