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 22, 1999, the application for Certificate of Registration submitted by M/s. Navoday Hire Purchase & Deposits Ltd., having its registered office at Dev Bahavan, Khalini, Shimla, Himachal Pradesh 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.