11 May 2016 Current Affairs: The Reserve Bank of India (RBI) on 10 May 2016 cancelled the certificate of registration of the four Non-Banking Financial Companies (NBFCs).
RBI cancelled their certificates in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
NBFCs whose certificate of registration were cancelled include
- M/s Neelanjali Engineering Private Limited
- M/s Novoflex Tradecom Private Limited
- M/s Guide Investments and Trading Co. Pvt. Ltd
- M/s Enol Ventures Private Limited
Apart from this, seven Maharashtra-based Non Banking Financial Institutions have surrendered their registration certificates following which they won't be allowed to transact their financial business. Out of the seven firms who have returned their licences, six are based in Mumbai and one in Pune. These include
- M/s V.H Doshi & Sons Investment Pvt. Ltd.
- M/s Vinodchandra Doshi Investment Co Private Limited
- M/s Samarth Doshi Investment Co. Private Limited
- M/s Echjay Overseas Trades Private Limited
- M/s Hari Mahavin Investment Private Limited
- M/s Baroda Industries Private Limited
- M/s Eureka Finvest Private Ltd.