The Reserve Bank of India, has on December 17, 2004 cancelled the certificate of registration issued to M/s. Perfect Holdings Ltd., having its registered office at 4/2, Yogi Shopping Centre, Main Road, Surendranagar-363 001 for carrying on the business of a non-banking financial institution.

Under powers conferred by Section 45IA 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 45IA of the Reserve Bank of India Act, 1934.