The Reserve Bank of India, has on September 26, 2005 cancelled the certificate of registration issued to Electromax Finance Private Limited (formerly known as Vinod Leasing Private Limited) having its registered office at 7, Johari Apartments, Ratnada, Jodhpur-342001 for carrying on the business of a non-banking financial institution.

Under powers conferred by Section 45-IA 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 45-I of the Reserve Bank of India Act, 1934.