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RBI cancels certificate of registration of 2 NBFCs

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following two non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.

Sr. No. Name of the Company Registered Office Address CoR No. Issued On Cancellation Order Date
1 M/s GFL Financials India Limited 10/2, Ramganj, Jinsi, Indore – 452002 B.03.00159 August 24, 2002 October 18, 2017
2 M/s Alagendran Finance Limited
(Presently M/s Sai Jeevadhara Finance Limited)
No. 43-E, II Floor, New Avadi Road, Kilpauk, Chennai – 600010 B-07.00254 May 02, 2005 October 18, 2017

Following the cancellation of registration certificate, these companies cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.

Ajit Prasad
Assistant Adviser

Press Release: 2017-2018/1497

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