RBI blacklists 8 NBFCs; 10 surrender their certificates of registrations

Mumbai, July 19 (KNN) As many as 10 Non-Banking Financial Companies (NBFCs)  have surrendered their certificates of registrations to RBI while the apex bank has cancelled the certificates of 8 NBFCs.

RBI said these NBFCs shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act.

The NBFCs to surrender their certificates are – Mumbai, Maharashtra based - M/s Dharti Investment and Holdings Limited; M/s EMSAL Services & Agencies Pvt Ltd; M/s Mahindra Holdings Limited; M/s Zodiac Finsec and Holdings Limited (Earlier M/s Multiplex Collapsible Tubes Limited); M/s Sidya Investments Limited; M/s Rapid Holdings Private Limited; Pune, Maharashtra based M/s Monharsh Finance and Investments Private Limited; M/s Poonawalla Holdings Private Limited; Kolkata, West Bengal based M/s Galaxy Granites (India) Pvt. Ltd. (Presently Guiness Commodities Private Limited); and Chennai, Tamil Nadu based M/s Lotus Lefin Private Limited.

The NBFCs whose certificates have been cancelled by RBI are - Aur Doaba, Punjab, based M/s Sehajpal Estates & Finance Pvt. Ltd; Indore based M/s Dhanwan Leasing and Finance Company Ltd; M/s O T G Global Finance Limited; Kolkata based M/s Esteem Investments Limited; M/s Deesha Tie-up Pvt. Ltd; Tuticorin based M/s VVD Finance and Leasing Limited; Imphal based M/s City Commercial Investment Company Private Limited; and Guwahati based M/s Arihant Finvest 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,” said RBI. (KNN Bureau)