|
The Reserve
Bank of India has on March 13, 2007 cancelled the certificate of registration
granted to SCL Finance Limited having its registered office at G-2, Concorde
Apartments, 6-3-658, Somajiguda, Hyderabad – 500082 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, SCL Finance 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.
Ajit Prasad
Manager
Press Release : 2006-2007/1372
|