|
The Reserve Bank of India,
has on January 4, 2006 cancelled the certificate of registration granted to
Chennakesava Finance and Investments Private Limited, having its registered
office at 304, Aditya Trade Centre, Ameerpet, Hyderabad– 500 038 for carrying
on the business of a non-banking financial institution. Following cancellation
of registration certificate, Chennakesava Finance and Investments 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 institution is defined in clause (a) of Section 45-I
of the Reserve Bank of India Act, 1934.
P.V.Sadanandan
Manager
Press Release: 2005-2006/923
|