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The Reserve Bank of India, has on August
2, 2005 cancelled the certificate of registration issued to Indian Finances
Private Limited having its registered office at 36, Sardar Patel Marg, Allahabad-211
001, Uttar Pradesh 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 Indian Finances Private Limited cannot transact the business of a
non-banking financial institution.
Under powers conferred by Section 45-IA (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 institutions is defined in clause (a) of Section 45-I of the Reserve
Bank of India Act, 1934.
Ajit Prasad
Manager
Press Release: 2005-2006/309
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