Action on Apple Credit Corporation
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Apple Credit Corporation Limited, Chennai, on December 12, 2003. The action was taken under Section 45IA(6) of the RBI Act, 1934 after the company opted to exit the business of a non-banking financial institution. Following the cancellation, the company cannot transact NBFC business.
On December 12, 2003, RBI cancelled the Certificate of Registration issued to Apple Credit Corporation Limited under Section 45IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore its registration was cancelled. As a result, the company can no longer carry on NBFC business.
Severity Assessment
Cancellation of a Certificate of Registration is a complete licence termination, which falls in severity 5.
Apple Credit Corporation Limited is no longer permitted to conduct non-banking financial institution business. This ends its regulated NBFC operations and affects any counterparties relying on its NBFC activities.
Published as Apple Credit Corporation Limited
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