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Registration of NBFCs Tulip Finlease and Galaxy Consolidated Finance Cancelled by RBI
1 July 2013
RBI has withdrawn registration of 2 NBFCs Tulip Finlease Pvt Ltd and Galaxy Consolidated Finance Ltd on May 29 and June 6 respectively. They will cease business as NBFCs.
Tulip Finlease is an Ahmedabad based NBFC and Galaxy Consolidated Finance is Rajkot based. Both are non deposit accepting NBFCs. The NBFIs were barred from doing business for not adhering to RBI guidelines and procedures. They voluntarily ceased to be NBFIs and surrendered their Certificate of Registration (CoR).