The Reserve Bank of India has on September 14, 2009 cancelled the certificate of registration granted to M/s. Paul Merchants Limited having its registered office at G.F., 5-6-7-, W.T.C. Babar Road, Connaught Circus, New Delhi-110001 for carrying on the business of a non-banking financial institution as the company has voluntarily exited from the business of a non-banking financial institution. Following cancellation of the registration certificate the company 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 a 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: 2009-2010/502 |
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