The Reserve Bank of India, has on January 20, 2005 cancelled the certificate of registration issued to Flair Investment and Finance Limited, having its registered office at 4-7-356, Esamia Bazaar, Hyderabad 500 027 (since shifted to 8-2-680/B, Road No.12, Banjara Hills, Hyderabad-500 034) for carrying on the business of a non-banking financial institution.

Under powers conferred by Section 45IA of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of non-banking financial company. The business of a non-banking financial institution is defined in clause (a) of Section 45IA of the Reserve Bank of India Act, 1934.