The Reserve Bank of India has on February 13, 2009 cancelled the certificate of registration granted to M/s Dhanaprayog Investments Company Limited (Presently Westlife Development Limited) having its registered office at 10 Kitab Mahal, 2nd Floor, Dr. D.N.Road, Mumbai-400001 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 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