The Reserve Bank of India, has on January 13, 2004 rejected the application for certificate of registration submitted by M/s. Lloyds Finance Limited having its office at Unit No.3, Ground floor, Raheja Centre, Nariman Point, Mumbai 400 021 for carrying on the business of a non-banking financial institution.

Following rejection of application for certificate of registration, M/s. Lloyds Finance Limited cannot transact the business of a non-banking financial institution. The company has also been prohibited from acceptance of deposit and alienation of assets.

The Reserve Bank of India has taken this action under powers conferred on it by Section 45 of the Reserve Bank of India Act, 1934.

P. V. Sadanandan
Manager

Press Release : 2003-2004/869