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The Reserve Bank of India, has on September
2, 2005 cancelled the certificate of registration granted to Mukat Finance Limited,
having its registered office at Clerk House, 1st Floor, 8-Nathalal Parekh Marg,
Colaba, Mumbai-400039 for carrying on the business of a non-banking financial
institution.
Following cancellation of registration certificate,
Mukat Finance Limited, cannot transact the business of a non-banking financial
institution. The company has also been prohibited from acceptance of deposits
and alienation of assets.
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. Under Section 45-MB
(1) of this Act, the Reserve Bank can prohibit non-banking financial company
from accepting deposits and under Section 45-MB (2) it can prohibit the company
from alienating its assets. 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: 2005-2006/606
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