L&T Finance, L&T Infra Credit among 7 NBFCs surrendering license to RBI

financialexpress.com:

The Reserve Bank of India (RBI) has announced that seven Non-Banking Financial Companies (NBFC) have surrendered their Certificate of Registration (CoR).

A NBFC is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.

Of the seven companies the oldest NBFC to surrender their CoR is Kolkata-base Marudhar Food & Credit, which got its registration in November 2003.

The youngest being L&T Infra Credit, which got its registration done in June 2022.

The others in the list (in no particular order) include – L&T Finance, Creative Intra, Jinvani Trading & Investment, Manjushree Fincap and Shruti Financial Services among others.

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 CoR.