RBI Cancels Certificate of Registration of ACME Investments Limited

The Reserve Bank of India has on March 28, 2007 cancelled the certificate of registration granted to M/s. ACME Investments Limited having its registered office at C-3, Pankaj Industrial Estate, Kanpur - 208022 for carrying on the business of a non-banking financial institution as the company has opted to exit from the business of a non-banking financial institution. Following cancellation of registration certificate, M/s. ACME Investments Limited, 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 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.

Source : Equity Bulls

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