The Reserve Bank of India, has on May 7, 2004 cancelled the certificate of registration issued to Investment Trust of India Limited having its registered office at Mashkur, 1, Krishnamachari Road, Nungambakkam, Chennai-600 034 for carrying on the business of a non-banking financial institution as the company has opted to exit from the business of non-banking financial institution. Following cancellation of registration certificate, Investment Trust of India Limited cannot transact the business of a non-banking financial institution. Under powers conferred by Section 45IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of non-banking financial company. The business of a non-banking financial institution is defined in clause (a) of Section 45IA of the Reserve Bank of India Act, 1934. P.V.Sadanandan
Manager Press Release: 2003-2004/1347 |