The Reserve Bank of India has on November 13, 2009 cancelled the certificate of registration granted to Veljan Investments Limited having its registered office at HCL Towers, 4th Floor, Chikoti Gardens, Begumpet, Hyderabad, Andhra Pradesh for carrying on the business of a non-banking financial institution as the company has opted to exit from the business. Following cancellation of the registration certificate the company 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 a non-banking financial company. The business of a non-banking financial institution is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.

Ajit Prasad
Manager

Press Release : 2009-2010/891