The Reserve Bank of India, has on February 8, 2005 cancelled the certificate of registration issued to Bhaskar Narayan Finance Company Private Limited, having its registered office at 501, Sandhya Enclave, Saibaba Temple Lane, Dwarakapuri Colony, Punjagutta, Hyderabad 500 082 (since shifted to Flat No.102, H.No.6-1-69/1, Block `A', G.K.R.Mansion, Saifabad, Hyderabad 500 004 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.