Application for grant of Certificate of Registration rejected

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Published on July 13, 1999

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Application for grant of Certificate of Registration rejected

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the applications for grant of certificate of registration submitted by the undernoted financial companies:

Sr.No.	Name of the Company	Rejected on
1.	The Panchali Finance Company Pvt. Ltd., Station Gurudwara Road, Gaya-823 002	10.7.1999
2.	The Polyactive Finance India Ltd., Madhaul Bhawan, M.P. Colony, Station Road, Hajipur.	10.7.1999
3.	The Shivashakti Builders & Financial Co. Ltd., Gurudwara Road, Gaya-823 002	10.7.1999

As such, the above companies cannot transact the business of non-banking financial institution as defined in Clause (a) of Section 45 I of the Reserve Bank of India Act, 1934.

Chhaya Raje
Manager
Press Release : 1999-2000/65