The Reserve Bank of India has on October 29, 2008 cancelled the certificate of registration issued to KGK Finance Limited having its registered office at `Sri Rangapadmam', No.2, Hasthigiri Street, West Mambalam, Chennai-600033, for carrying on the business of a non-banking financial institution. Following cancellation of the registration certificate the company 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 a 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.

Ajit Prasad
Manager

Press Release: 2008-2009/765