The Reserve Bank of India (RBI) on 29 March 2016 cancelled the certificate of registration of the 22 Non-Banking Financial Companies (NBFCs).
RBI cancelled their certificates of registration by exercising the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
The NBFCs whose certificate of registration were cancelled include
• Kundan Leasing and Finvest Private Limited
• Amazan Capital Limited
• Vuma Maheswara Finvest Limited
• Nawalsons Holdings Private Limited
• Raseera Investments Private Limited
• Surin Investments Private Limited
• M3 Investment Managers Private Limited
• Mascot Commerce Pvt. Ltd.
• Integrity Trading Company Private Limited
• Limtex Impex Private Limited
• Shyamashree Foods Pvt. Ltd.
• Vrindavan Services Private Ltd.
• Nirankar Investments Private Limited
• Dignity Motors Finance Limited
• Credence Securities Private Limited
• International Steel Industries Limited (Formerly Chitalia Infotech (I) Ltd.)
• Trepechy Textile Limited (Formerly Trepechy Finance Limited)
• Akansha Consultancy Services Limited
• Sierra Investments Limited
• Priyam Commercial Enterprises Private Limited
• Bini Commercial Enterprises Private Limited
• RR Securities Limited
Following the cancellation of registration certificate, these companies cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
What: Cancelled by RBI
When: 29 March 2016