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The Reserve Bank of India, has on January
17, 2006 cancelled the certificate of registration granted to Soni Moni Credit
Centre Private Limited, having its registered office at A/126, Kasturi Plaza,
Manpada Road, Dombivali(E), District Thane-421201 (Maharashtra) for carrying
on the business of a non-banking financial institution. Following cancellation
of registration certificate, Soni Moni Credit Centre Private Limited, cannot
transact the business of a non-banking financial institution.
The company has also been prohibited from
accepting public deposits and alienating any of its 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 45MB
(1) of this Act, the Reserve Bank can prohibit non-banking financial company
for accepting deposits; and under Section 45MB (2), it can prohibit the company
from alienating its assets. 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: 2005-2006/989
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