The Reserve Bank of Indiain exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on November 21, 1998 the application for certificate of registration submitted by the M/s. Avia Finance & Investments Pvt. Ltd., 145 C Mittal Court, Nariman Point, Mumbai 400 021.

As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 I of the Reserve Bank of India Act, 1934.