The Reserve Bank of India, has on September 12, 2005 cancelled the certificate of registration granted to Minerva Holdings Limited, having its registered office at A-34, Sector-14, Noida District Gautam Buddh Nagar, Uttar Prades for carrying on the business of a non-banking financial institution.

Following cancellation of registration certificate, Minerva Holdings Limited 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 non-banking financial company. The business of a non-banking financial institutions is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.