The Reserve Bank of India, has on
April 20, 2005 cancelled the certificate of registration issued to B. M. Motor
Finance Private Limited, House No.568, Sector 20A, Chandigarh for carrying on
the business of a non-banking financial institution.
Following cancellation of registration
certificate, B. M. Motor Finance Private Limited cannot transact the business
of a non-banking financial institution. The company is, however, under an obligation
to repay public deposits as per the terms and conditions of the contract of
deposit
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. The business of a
non-banking financial institutions is defined in clause (a) of Section 45IA
of the Reserve Bank of India Act, 1934.
Ajit Prasad
Manager
Press Release: 2004-2005/1205
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