The Reserve Bank of India, in exercise of the powers vested in it under sub-section (4) of Section 45K of the Reserve Bank of India Act, 1934, has prohibited the Chancellor Housing Development Finance & Investment (I) Ltd., Registered Office at Nutan Bazar, P.O. Dhubulia, Dist. Nadia, West Bengal, from accepting deposits from any person including the existing depositors/certificate holders, in any form, whether by way of subscription/instalment to any scheme conducted by the company or by way of a renewal under any such schemes/deposits or otherwise, with immediate effect.

The company has also been directed not to dispose of any assets, including withdrawal of bank deposits/securities, etc., lodged with banks, except for the purpose of payment of the dues to its depositors/certificate holders.

Alpana Killawala
Deputy General Manager

Press Release : 1996-97/373