The Reserve Bank of India, has on September 25, 2003 rejected the application for certificate of registration submitted by J. L. Growth Fund Private Limited having its office at 105, Ashoka Estate, 24, Barakhamba Road, New Delhi for carrying on the business of a non-banking financial institution.

Following rejection of application for certificate of registration, J. L. Growth Fund Private Limited can not transact the business of a non-banking financial institution. The company has also been prohibited from acceptance of deposits and alienation of assets.

The Reserve Bank of India has taken this action under powers conferred on it by Section 45 of the Reserve Bank of India Act, 1934.