Case Brief
On December 12, 2003, the Reserve Bank of India cancelled the certificate of registration issued to Hindustan Auto Finance Limited, New Delhi, for carrying on the business of a non-banking financial institution. The cancellation was issued under Section 45IA(6) of the RBI Act, 1934. As a result, the company cannot continue NBFC business. RBI also 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 terms of the deposit contracts.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- New Delhi, Delhi
- Order Date