The Reserve Bank of India, has on November 1, 2004 cancelled the certificate of registration granted to M/s Royal Finance Limited having its registered office at Samudra A-504, 5th Floor, S. P. Road, Navrangpura, Ahmedabad-380 009 for carrying on the business of a non-banking financial institution.

Following cancellation of registration certificate, M/s Royal Finance Limited, cannot transact 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 45IA of the Reserve Bank of India Act, 1934.