The Reserve Bank of India, has on October 7, 2005 cancelled the certificate of registration issued to Chandimandir Motor Finance Private Limited having its registered office at House No.31, Vill Kishangarh, Manimajra, Chandigarh for carrying on the business of a non-banking financial institution.

Under powers conferred by Section 45-IA 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 45-I of the Reserve Bank of India Act, 1934.