RBI cancels registration of 3 non-banking finance companies
07 Oct 2009
The Reserve Bank of India (RBI) has cancelled the certificate of registration granted to KNR Finance & Investments Private Limited and Bharat Finance Corporation Private Limited - both non-banking financial institutions - and the two cannot continue to transact the business of an NBFC, an RBI release said.
KNR Finance & Investments has its registered office at Channarayapatna at Hassan district of Karnataka and, RBI said, it has acted under the powers conferred under section 45-IA (6) of the Reserve Bank of India Act, 1934.
RBI cancelled the certificate of registration granted to Bharat Finance Corporation Private Limited on 31 August 2009. The NBFC has its registered office in New Delhi.
The RBI also cancelled the certificate of registration granted to San Components Limited, another NBFC having its registered office in New Delhi.
The company has voluntarily exited from the business of a non-banking financial institution, RBI said in its release.