Reserve Bank Cancels Certificate of Registration of Mangal Pradeep Financial & Investment (India) Ltd., Bhubaneswar - ଆରବିଆଇ - Reserve Bank of India
Reserve Bank Cancels Certificate of Registration of Mangal Pradeep Financial & Investment (India) Ltd., Bhubaneswar
July 16, 2004
The Reserve Bank of India, has on June 25, 2004 cancelled the certificate of registration issued to Mangal Pradeep Financial & Investment (India) Ltd., having its registered office at N-1/160, IRC village, Nayapalli, Bhubaneswar-751 015 for carrying on the business of a non-banking financial institution.
However, the company is under an obligation to repay public deposits as per the terms of conditions of the contract of deposit.
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 institutions is defined in clause (a) of Section 45IA of the Reserve Bank of India Act, 1934.
P.V.Sadanandan
Manager
Press Release: 2004-2005/65
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