VRS Finance Ltd., a non-banking financial company, has ceased to operate as a non-banking financial institution in India. The Reserve Bank of India (RBI) has subsequently revoked the certificate of registration issued to

In terms of Section 45-IA (6) of the RBI Act, 1934, RBI may cancel a certificate of registration granted to a non-banking financial company under this section if such company ceases to carry on the business of a non-banking financial institution in India; or has failed to comply with any condition subject to which the certificate of registration had been issued to it; or at any time fails to fulfil any of the conditions referred to in clauses (d) to (g) of sub-section (4); or fails: to comply with any direction issued by the Bank under the provisions of this Chapter; or to maintain accounts in accordance with the requirements of any law or any direction or order issued by the Bank under the provisions of this Chapter; or to submit or offer for inspection its books of account and other relevant documents when so demanded by an inspecting authority of the Bank; or has been prohibited from accepting deposit by an order made by the Bank under the provisions of this Chapter and such order has been in force for a period of not less than three months.