The Reserve Bank of India, has on August 23, 2004 cancelled the certificate of registration issued to Madras Credit and Investments Limited having its office at Flat No.115, Block-A, First Floor, Shivalaya Building, No.196, Ethiraj Salai, Old No.16 (26), Commander in Chief Road, Egmore, Chennai-600 105

Following cancellation of certificate of registration, the Madras Credit and Investments Limited can not transact the business of a non-banking financial institution.

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