The Reserve Bank of India has on November 25, 2009 cancelled the certificate of registration granted to M/s. Pasco Motor Traders & Financiers (P) Ltd., having its registered office at Pasco House, 177E, Industrial Area, Chandigarh for carrying on 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.

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: 2009-2010/1100