The Reserve Bank of India, has on July 19, 2005 cancelled the certificate of registration issued to Spectranet Holdings Private Limited having its registered office at 18, Nehru Place, New Delhi-110 019 for carrying on the business of a non-banking financial institution.

Under powers conferred by Section 45-IA 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 45-IA of the Reserve Bank of India Act, 1934.