The Reserve Bank of India has on February 22, 2007 cancelled the certificate of registration granted to Popular Auto Spares Private Limited having its registered office at Kuttukaran Centre, Mamangalam, Kochi – 682025, Kerala for carrying on the business of a non-banking financial institution as the company has opted to exit from the business of a non-banking financial institution. Following cancellation of registration certificate, Popular auto Spares Private Limited, cannot transact the business of a non-banking financial institution.

Under powers conferred by Section 45-IA (6) 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 institution is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.