The Reserve Bank of India, has on August 27, 2003 cancelled the certificate of registration granted to Ramya Sai Investment and Finance Limited having its registered office at 25/436 opposite Sanjeevanagar Gate, Nandyal, Andhra Pradesh-518 001, for carrying on the business of a non-banking financial institution. Following cancellation of registration certificate, to Ramya Sai Investment and Finance Limited cannot transact the business of a non-banking financial institution. Under powers conferred by Section 45IA of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of non-banking financial company. Under Section 45MB (1) of this Act, the Reserve Bank can prohibit non-banking financial company for accepting deposits; and under Section 45MB (2), it can prohibit the company from alienating its assets. The business of a non-banking financial institutions is defined in clause (a) of Section 45IA of the Reserve Bank of India Act, 1934. P.V. Sadanandan
Manager Press Release : 2003-2004/307 |