The Hindu Business Line : RBI cancels registration of Sehajpal Finance

THE Reserve Bank of India has cancelled the certificate of registration of Sehajpal Finance & Investment from September 7 for carrying on the business of a non-banking financial institution.

Following this the company cannot transact the business of a non-banking financial institution and has also been prohibited from acceptance of deposits and alienation of assets. However, it is obliged to repay public deposits as per the terms of conditions of the contract of deposit, if any.

The company has its registered office at 1st Floor, Preet Palace, Rahon Road, Nawanshar Doaba (Punjab).

RBI has cancelled the registration certificate under powers conferred on it by Section 45IA of the Reserve Bank of India Act, 1934.

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