L&T Finance, Others Surrender NBFC Registrations

12 Mar 2024 , 01:36 PM

The certificates of registration for L&T Finance, L&T Infra Credit, and five other non-banking financial corporations (NBFCs) have been turned over to the Reserve Bank of India. The central bank then revoked their Certificate of Registration (CoR), as their voluntary strike-off, amalgamation, merger, or dissolution rendered them no longer a legal company.

L&T Finance Holdings (LTFH) stated in December of last year that it had completed the merger of its subsidiaries, L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee.

Marudhar Food & Credit Ltd., Creative Intra Ltd., Jinvani Trading & Investment Company, Manjushree Fincap, and Shruti Financial Services are the other five NBFCs who turned in their certificates of surrender.

The RBI added in a separate statement that it has revoked the CoRs of four non-bank financial companies (NBFCs): Kamdhar Leasing and Finance Ltd., R.M.B. Finance Company, Nimisha Finance India, and Suyash Finovest.

It further stated that the business of a non-banking financial institution cannot be conducted by these four companies.

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