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 December 27, 1999 the application for Certificate of Registration submitted by the financial company Ahuja Hire Purchase (P) Ltd., First Floor, Rajan Complex, Station Road, Moradabad-244 001, Uttar Pradesh.

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.