The Reserve Bank of India has on April 11, 2008 cancelled the certificate of registration granted to M/s. Murudeshwar Finance & Leasing Ltd. (formerly Murudeshwar Finance & Leasing Pvt. Ltd.) having its registered office at Murudeshwar Bhavan, Gokul Road, Hubli-580030 for carrying on the business of a non-banking financial institution as the company has opted to exit from the business of a non-banking financial institution. Following cancellation of the registration certificate, M/s. Murudeshwar Finance & Leasing Ltd., cannot transact the business of a non-banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of a non-banking financial company. 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