| The Reserve Bank of India has rejected on January 4, 2011 the application for certificate of registration of Nirma Capital Private Limited, having its registered office at Nirma House, Ashram Road, Ahmedabad - 380 009 for carrying on the business of a non-banking financial institution. Following rejection of the application for certificate of registration Nirma Capital Private Limited cannot transact the business of a non-banking financial institution. By the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank can reject the application for registration certificate of a 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. J.D. Desai Assistant Manager Press Release: 2010-2011/1059 |
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