Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage and have not progressed to advanced stage, can be transferred to NCLT : HC (See 'Legal Desk') PMLA - Considering involvement of applicant in selling fake Remdesivir injection at higher price, applicant is not entitled for anticipatory bail : HC (See 'Legal Desk') Arbitration Act - Any amicable settlement not incompatible with arbitration agreement is encouraged by Arbitral Tribunal : HC (See 'Legal Desk') M.P. Nagar Tatha Gram Nivesh Adhiniyam, 1973 - Order passed by respondents is devoid of merit as land of petitioner is left open for purpose of any future road expansion : HC (See 'Legal Desk') Arbitration Act - Since appellant has failed to establish loss suffered, Arbitral Tribunal rightly rejected appellant's claim in this regard : HC (See 'Legal Desk') PMLA - Arrest order and consequent remand order are not illegal : HC (See 'Legal Desk') Keel-laying ceremony performed at Goa Shipyard (See 'Corp Brief') Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage and have not progressed to advanced stage, can be transferred to NCLT : HC (See 'Legal Desk') SEBI Act - Extension of time can be allowed to SEBI to complete investigation : SAT (See 'Legal Desk') Arbitration Act - Respondent no.3 is not liable for repayment obligations of financial facilities extended by appellant to respondent no 1 company : HC (See 'Legal Desk') Mineral production grows by 8 percent in February (See 'Corp Brief') SARFAESI Act - Court refrains to adjudicate matter on merits when matter is already pending in DRAT : HC (See 'Legal Desk') Coal production in April up by 7.4% (See 'Corp Brief') SEBI Act - Appellants have made case for stay as rigours of directions of SEBI order would adversely affect business of Appellant as well as their clients : SAT (See 'Legal Desk') Trade Mark Act - Marks 'BETSONE' and 'BETASON' are deceptively similar to registered trademark 'BETNESOL' and visually, phonetically and structurally alike, with minimal alterations : HC (See 'Legal Desk') Voting by tribal communities blossoms as ECI's outreach to them bears fruit (See 'Corp Brief') SARFAESI Act - No fault can be found with respondent financial institution invoking Section 14 of SARFAESI Act by approaching District Magistrate, Rewa : HC (See 'Legal Desk') Ministry of Parliamentary Affairs observes Swachhata Pakhwada (See 'Corp Brief')

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RBI crackdown - 15 NBFCs surrender registration

Published: Dec 04, 2017

By TIOLCORPLAWS News Service

MUMBAI, DEC 04, 2017: THE Reserve Bank of India-registered 15 NBFCs have surrendered the Certificate of Registration (CoR). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration.

Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date
1 M/s Eagle Industrial Developments Private Limited (Presently M/s Suchitra Dyeing and Printing Mills Private Limited) Plot No. B-17-18, N.H.8, Palsana Crossing, Palsana, Surat – 394315,Gujarat B.05.06117 February 05, 2004 August 30, 2017
2 M/s Hardik Commercial Private Limited K 202, 2nd Basement, 1 Shakespeare Sarani, Kolkata – 700071 B-05.05041 May 27, 2003 September 07, 2017
3 M/s Sagar Finstocks Private Limited 2G, Judge's Court Road, Kolkata – 700027 B.05.06238 March 10, 2004 September 11, 2017
4 M/s PLG Finance and Trading Private Limited 113, Park Street, 6th Floor, Kolkata – 700016 B-05.05614 September 30, 2003 September 12, 2017
5 M/s Singhal Credit Management Limited E-127, Industrial Area, Bhiwandi (Alwar) – 301019,Rajasthan B-10.00185 March 11, 2003 September 18, 2017
6 M/s B.P.G. Securities Limited (Earlier M/s B.P.G. Securities Private Limited) 3rd & 4th Floor, Arcadia Centre Premise No. 31, Dr. Ambedkar Sarani, Kolkata – 700046 B-05.07032 February 16, 2017 September 25, 2017
7 M/s Bangur Vanijya & Finance Pvt Ltd 14, Netaji Subhash Road, Kolkata – 700001 05.00578 March 03, 1998 September 25, 2017
8 M/s Bagaria Quality Steels Private Limited (Presently M/s Phuguri Tea estate Private Limited) 12C, Lord Sinha Road, Flat No. 6D, “Shyamkunja”, Kolkata - 700071 05.02618 June 04, 1998 September 25, 2017
9 M/s Sudershan Securities Limited 305, Central Plaza, 2/6, Sarat Bose Road, Kolkata – 700020 05.00751 March 09, 1998 September 27, 2017
10 M/s HI Tide Investment Private Limited SCO 120-121, 1st Floor, Sector 8-C, Madhya Marg, Chandigarh – 160009 B-06.00050 March 09, 1998 September 29, 2017
11 M/s Tolasariya Trade & Commerce Private Limited Tolasariya Towers, 90/2 Broadway, Opposite to Canara Bank, Chennai – 600108 B-05.03795 January 15, 2001 October 16, 2017
12 M/s Vanitha Finance & Investment Private Limited 8-2-120/112/A/14, Road No. 9, Jubilee Hills, Hyderabad – 500033,Telangana B-09.00361 July 03, 2001 November 02, 2017
13 M/s J.S. Hire Purchase Private Limited B-294/1, Police Lines Road, Civil Lines, Jalandhar – 144001,Punjab B.06.00443 April 01, 2009 November 03, 2017
14 M/s PN Investments Private Limited No. 12, III Main Road, Kasturba Nagar, Adyar, Chennai – 600020 B-07.00660 November 19, 2001 November 06, 2017
15 M/s Genuine Leasing Private Limited 3069, Sector 35-D, Chandigarh – 160036 B-06.00453 February 09, 2001 November 08, 2017

All these companies cannot transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

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