The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on June 16, 2000 the application for certificate of registration submitted by M/s. Pennar Paterson Ltd., Plot No.38, Chikoti Gardens, Begumpet, Hyderabad-500 016.

As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 IA of the Reserve Bank of India Act, 1934.