The Reserve Bank of India has on March 31, 2008 cancelled the certificate of registration granted to M/s. Akhil Sanghi Finance Private Limited, having its registered office at Tyresoles Building, Shankar Ghanekar Marg, Prabhadevi, Mumbai-400025 for carrying on the business of a non-banking financial institution. Following cancellation of the registration certificate, M/s. Akhil Sanghi Finance Private Limited, cannot transact the business of a non-banking financial institution.

By the powers conferred under 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 : 2007-2008/1510