The Reserve Bank of India has on December 18, 2008 rejected the application for certificate of registration of M/s Sahu Mutual Benefit & Finance Ltd., Sahu Theatre Building, Hazratganj, Lucknow for carrying on the business of a non-banking financial institution. Following rejection of the application for certificate of registration M/s Sahu Mutual Benefit & Finance Ltd., cannot transact the business of a non-banking financial institution.

The Reserve Bank can reject the application for Certificate of Registration of a non-banking financial company under powers conferred by Section 45-IA (6) of the Reserve Bank of India Act, 1934. 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.

Ajit Prasad
Manager