The Reserve Bank of India has on June 02, 2008 cancelled the certificate of registration granted to Belgaum Financiers Private Limited having its registered office at No.28, Aditya Arcade, Above Cairo Dusk, Beside Hotel Hanuman, P.B. Road, Nehru Nagar, Belgaum-590010 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, Belgaum Financiers Private Limited, 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