The Reserve Bank of India, has on September 28, 2004 cancelled the certificate of registration granted to M/s. Sibar Finance Limited, having its registered office at 27-14-49, II Floor, Rajagopalachari Street, Governorpet, Vijaywada, Hyderabad-520 002 for carrying on the business of a non-banking financial institution.

Following cancellation of registration certificate, M/s. Sibar Finance Limited cannot transact 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.