https://www.taxtmi.com/caselaws?id=397696 The court upheld the Reserve Bank of India's calculation of the petitioner's Net Owned Fund at Rs. 150.33 Lakhs, dismissing the writ petition. It affirmed the cancellation of the Certificate of Registration under Section 45-IA(6)(iv) of the RBI Act, emphasizing that the NOF must be calculated as per statutory provisions. The court ruled that the petitioner was not entitled to further opportunity to rectify the deficiency, as the RBI had already specified the requirement and given sufficient time for compliance. en-us Wed, 22 Jul 2020 00:00:00 +0530 Thu, 27 Aug 2020 08:31:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397696 The court upheld the Reserve Bank of India's calculation of the petitioner's Net Owned Fund at Rs. 150.33 Lakhs, dismissing the writ petition. It affirmed the cancellation of the Certificate of Registration under Section 45-IA(6)(iv) of the RBI Act, emphasizing that the NOF must be calculated as per statutory provisions. The court ruled that the petitioner was not entitled to further opportunity to rectify the deficiency, as the RBI had already specified the requirement and given sufficient time for compliance. Case-Laws Indian Laws Wed, 22 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397696