NBFC stands for Non-Banking Financial Companies incorporated under Companies Act, 1956/2013 reg...
The reserve bank of India is empowered by the RBI Act to cancel the NBFC License granted to a company, the major reason was of not meeting the public interest at large. In 2018 more than 4000 NBFC License has been canceled by the RBI due to a shortfall in NOF.
Madras high court Judgement on dated 29-01-2019 is a big relief to more than 2000+ NBFC license has been canceled merely because there was a delay in fulfilling the minimum Net owned fund of Rs. 2 Cr. Read Full judgment.
You can also download Madras High Court Judgement on NBFC License
Cancellation in the PDF format.