The Reserve Bank of India, in exercise of the powers conferred on it under sub-section 6 of Section 45 IA of the Reserve Bank of India Act, 1934 and in view of a request made by the said company since it has decided to stop its non-banking finance business, has cancelled on March 26, 2002 the certificate of registration dated November 3, 1998, bearing number 07.00344 issued under Section 45-IA of the Act, to Ganga General Finance Ltd., having its registered office at 168, Avanashi Road, Coimbatore-641037.

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. The company has also been prohibited from acceptance of deposits under Section 45MB(1) and prohibited from alienation of assets under Section 45MB(2) of the Reserve Bank of India Act, 1934.