The Reserve Bank of India, has on December 22, 2004 cancelled the certificate of registration issued to M/s Sandeep Traders and Investments Limited, having its registered office at 6th Floor, Popular House, Ashram Road, Ahmedabad-380 009 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.