The
Reserve Bank of India has on February 22, 2007 cancelled the certificate of registration
granted to Popular Auto Spares Private Limited having its registered office at
Kuttukaran Centre, Mamangalam, Kochi – 682025, Kerala 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, Popular auto Spares 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 : 2006-2007/1257 |