The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on April 28, 2003 the application for certificate of registration submitted by Sonal Finvest Private Limited, `Sonal', 2/15, Gundawadi, Rajkot-360 002.

As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 IA of the Reserve Bank of India Act, 1934.