The Reserve Bank of India, has on January
29, 2005 cancelled the certificate of registration granted to Al-Ameen Islamic
Financial & Investment Corporation (India) Ltd., having its registered office
at No.69, Al-Ameen Tower, 3rd Floor, Near Lalbagh Main Gate, Hosur Road, Bangalore-560
027 for carrying on the business of a non-banking financial institution.
Following cancellation of registration certificate,
Al-Ameen Islamic Financial & Investment Corporation (India) Ltd. cannot
transact the business of a non-banking financial institution. The company has
also been prohibited from acceptance of deposits until further orders and prohibited
from alienation of assets without prior written permission of the Reserve Bank.
Under powers conferred by Section 45IA of
the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company. Under Section 45MB (1) of this
Act, the Reserve Bank can prohibit non-banking financial company for accepting
deposits; and under Section 45MB (2), it can prohibit the company from alienating
its assets. The business of a non-banking financial institutions is defined
in clause (a) of Section 45IA of the Reserve Bank of India Act, 1934.
P.V.Sadanandan
Manager
Press Release: 2004-2005/841
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