The Reserve Bank of India, has
on May 11, 2005 cancelled the certificate of registration issued to De Novo
Leasing and Investments Limited having its registered office at No.12, 1st Floor,
Maruthi Complex, Line Bazaar, Dharwad-580001 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, De Novo Leasing and Investments Limited cannot transact the business
of a non-banking financial institution.
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.
P.V.Sadanandan
Manager
Press Release: 2004-2005/1261
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