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The Reserve Bank of India, has on September
14, 2005 cancelled the certificate of registration granted to Pondicherry Nidhi
Limited, having its registered office at 189, Mission Street, Pondichery-605001
for carrying on the business of a non-banking financial institution.
Following cancellation of registration certificate,
Pondicherry Nidhi 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 institution is defined in clause (a) of Section 45-I of
the Reserve Bank of India Act, 1934.
P.V.Sadanandan
Manager
Press Release: 2005-2006/369
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