The Reserve Bank of India has on March 8, 2007 cancelled the certificate of registration granted to M/s. Dotch Tie-up Pvt. Ltd. having its registered office at 11A, Maharshi Devendra Nath Road, 6th Floor, Room No.650, Kolkata-700067 for carrying on the business of a non-banking financial institution. Following cancellation of registration certificate, M/s. Tie-up Pvt. Ltd., Kolkata cannot transact the business of a non-banking financial institution. However, the company is under obligation to repay deposits, if any, as per the terms and conditions of the contract of deposit.

The company has been prohibited from acceptance of public deposits under Section 45 MB(1) and prohibited from alienation of assets under Section 45 MB(2) of the RBI Act, 1934.

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: 2007-2008/611