Cancellation of Certificate of Registration of Non-Banking ...
Indian Laws
August 27, 2020
Cancellation of Certificate of Registration of Non-Banking Financial Institution (NBFC) - The CoR of the petitioner was cancelled by RBI under the provisions of Section 45-IA(6)(iv) of the RBI Act, which does not entail providing any opportunity for complying with the provisions/ conditions violated by the petitioner. Otherwise also, sufficient opportunity had already been granted by the RBI in the notification dated 27.03.2015 to achieve prescribed NOF, i.e. to comply with its directions. In any case, shortfall in NOF in the Balance Sheet of the petitioner for the year 2016-17 cannot be rectified three years later in 2020. - Petition dismissed - HC
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