Banking and Finance – Certificate of Registration – Cancellation – Reserve Bank of India Act, 1934 Sections 45 IA(6), 58B

Petitioners were NBFCs having a certificate of registration issued by the RBI – respondent/officers of Reserve Bank of India found that Net owned fund of petitioners companies is not two hundred lakh rupees.

Petitioners claimed that order passed by Respondent for cancellation or registration certificate violated the principles of natural justice as no opportunity of being heard was given to them before passing such order.