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 July 31, 1999, the application for certificate of registration submitted by M/s. BPL Sanyo Finance Ltd., having its registered office at 1/1, Palace Road, Bangalore-560 001 for carrying on the business of a Non-Banking Financial Institution.

As such, the company cannot transact the business of a Non-Banking Financial Institution, as defined in Clause (a) of Section 45-I of the RBI Act, 1934.