Certificate of Registration cancelled - Team Finance Company Ltd. - RBI - Reserve Bank of India
Certificate of Registration cancelled - Team Finance Company Ltd.
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 cancelled on March 12, 2003 the certificate of registration issued to Team Finance Company Ltd., 404, Janpath Towers, Ashok Nagar, Bhubaneshwar, for carrying on the business of a Non-Banking Financial Institution.
As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 IA of the Reserve Bank of India Act, 1934. The company has also been prohibited from acceptance of deposits under Section 45MB(1) and prohibited from alienation of assets under Section 45MB(2) of the Reserve Bank of India Act, 1934. However, the company is under an obligation to repay public deposits as per the terms and conditions of the contract of deposit.
P. V. Sadanandan
Manager
Press Release : 2002-2003/970