The Reserve Bank of India, has on May 11, 2005 cancelled the certificate of registration issued to De Novo Leasing and Investments Limited having its registered office at No.12, 1st Floor, Maruthi Complex, Line Bazaar, Dharwad-580001 for carrying on the business of a non-banking financial institution as the company has opted to exit from the business of non-banking financial institution.

Following cancellation of registration certificate, De Novo Leasing and Investments Limited cannot transact 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 institutions is defined in clause (a) of Section 45IA of the Reserve Bank of India Act, 1934.