RBI cancels licence of 10 NBFCs; Check Reason

The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of 10 NBFCs.

RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following company.

The names of the company are Pooram Finserv Private Limited, North Eastern Publishing and Advertising Co Ltd., Purbanchal Prestressed Ltd., Imperial Credit Pvt Ltd, Layana Finance and Leasing Limited, Twinvest Financial Services Limited, JM Financial Capital Limited, Kampani Consultants Ltd, Samvardhana Motherson International Limited, Arcion Revitalization Private Limited.

As such, the above company shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

i) Due to exit from Non-Banking Financial Institution (NBFI) business:

ii) Due to NBFC ceasing to be a legal entity due to amalgamation/ merger/dissolution/ voluntary strike-off, etc.:

Further, the following Asset Reconstruction Company has surrendered the CoR granted by RBI. The RBI, in exercise of powers conferred on it under section 4 (1) (a) of the SARFAESI Act, 2002, has therefore cancelled the CoR.

i) Due to exit from securitisation/ asset reconstruction business: