Voluntary Surrender of Certificate of Registration (CoR) by Sonata Finance Private Limited (“Sonata” or the “Company”) under Section 45-IA (6) of the RBI Act, 1934
Following its acquisition by Kotak Mahindra Bank Limited (Bank) on March 28, 2024, Sonata ceased loan disbursements from its books and subsequently transferred all rights, titles, and interests related to its existing loans to the Bank. The Company also fully repaid its outstanding borrowings to all lenders.
On July 18, 2024, Sonata applied to the Reserve Bank of India (RBI) for voluntary cancellation of its certificate of registration (CoR), issued under registration number B-12.00445 dated December 03, 2013, to exit the Non-Banking Financial Institution (NBFI) business. The RBI reviewed and cancelled the CoR effective October 08, 2024. Consequently, the Company will no longer conduct any NBFI activities as defined under clause (a) of Section 45-I of the RBI Act, 1934."
|