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RBI allows top BCCL shareholder to surrender NBFC licence
Mint Mumbai
|August 31, 2023
Bharat Nidhi Ltd, the largest shareholder of Bennett, Coleman & Co. Ltd (BCCL) (as of FY22), was recently able to give up its non-banking financial company (NBFC) licence, nine years after it first wrote to the Reserve Bank of India (RBI) in 2014.
In a list published on 10 August, RBI named eight companies which have exited the NBFC business and have surrendered their certificates of registration. Among these was Bharat Nidhi Ltd, which, according to the company’s disclosures, has been trying to surrender the licence for a while now.
Founded in 1942, the company received its NBFC licence in October 2002 and as on 31 March 2022, held 70 million shares in BCCL, a diversified media company that publishes The Times of India. Based in New Delhi, Bharat Nidhi is engaged in the distribution of newspapers and magazines.
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