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The Reserve Bank of India, has on November
2, 2005 cancelled the certificate of registration issued to Savandapoor Finance
& Leasing Co. Ltd., having its registered office at No.109, Mill Road, Gobichettipalayam-638476,
Tamilnadu 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.
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.
P.V.Sadanandan
Manager
Press Release: 2005-2006/581
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