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The Reserve Bank of India has
on August 14, 2006 cancelled the certificate of registration granted to Patni
Securities Limited, Baroda having its registered office at Chokhandi Mohanlal
Bone Setter's Lane, Opp., Patni Wadi, Baroda – 390 001 for carrying on the business
of a non-banking financial institution as the company has opted to exit from
the business of a non-banking financial institution. Following cancellation
of registration certificate, Patni Securities 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 : 2006-2007/279 |