Rejection of application for certificate of registration - ஆர்பிஐ - Reserve Bank of India
Rejection of application for certificate of registration
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 January 4, 2003 the applications for certificate of registration submitted by the following companies for carrying on the business of a Non-Banking Financial Institution:
Sr.No. |
Name of the Company |
Rejected on |
(i) |
M/s. Alka Securities Limited |
04.01.2003 |
(ii) |
M/s. Shalibhadra Securities Limited |
04.01.2003 |
(iii) |
M/s. Gem Capital Resources Pvt. Limited |
04.01.2003 |
(iv) |
M/s. Basant Securities Limited |
04.01.2003 |
As such, the above companies cannot transact the business of non-banking financial institution as defined in Clause (a) of Section 45 IA of the Reserve Bank of India Act, 1934. The companies have also been prohibited from acceptance of deposits under Section 45MB(1) and prohibited from alienation of assets under Section 45MB(2) of the Reserve Bank of India Act, 1934. However, the companies are under an obligation to repay public deposits as per the terms and conditions of the contract of deposit.
Ajit Prasad
Manager
Press Release : 2002-2003/712