The Reserve Bank of India has on December 01, 2009 cancelled the certificate of registration granted to M/s. Network 18 Media & Investments Limited, having its registered office at 601, 6th Floor, Commercial Tower, Hotel Le-Meridian, Raisina Road, New Delhi-110001 for carrying on the business of a non-banking financial institution as the company has voluntarily exited. Following cancellation of the registration certificate the company cannot transact the business of a non-banking financial institution.
By the powers conferred under 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 : 2009-2010/835 |
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