The Reserve Bank of India, has on February 14, 2005 cancelled the certificate of registration issued to Vinayaka Sai Finvest Limited, having its registered office at 5-5-61, Khaleelwadi, Nizamabad-503 003 and 2-5-43 Jawahar Road, Nizamabad and 1-607, Divyashakti Apartments, Ameerpet, Hyderabad-500 016 for carrying on 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. The business of a non-banking financial institution is defined in clause (a) of Section 45IA of the Reserve Bank of India Act, 1934.