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Is RBI bound to cancel registration of NBFCs that violate terms of certificate of registration? Kerala High Court answers

The Kerala High Court has ruled that the Reserve Bank of India (RBI) is not bound to cancel the registration granted to a Non-Banking Finance Company (NBFC) for failing to adhere to the conditions mandated by their certificate of registration (Sreekala Anil v. Secretary of Finance).
A Bench of Justice N Nagaresh held that the RBI is empowered to give opportunity to the concerned NBFC to take corrective steps to bring it in compliance with the registration conditions and no petitioner can compel the RBI to cancel the registration granted to NBFC. The Court was hearing a petition moved by one Sreekala Anil against NBFC, Manappuram Finance, seeking the withdrawal of its registration.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.