Money & Banking

First Leasing shares dive after RBI bars it from doing business

Our Bureau Chennai | Updated on March 12, 2018

The Reserve Bank of India has in its directive to the Chennai-based listed non-banking finance company First Leasing Company of India Ltd has said that the company shall not incur any further liabilities or transact any business until further orders.

The banking regulator has said that in the light of the findings of the inspection of the books of accounts and other records as on March 31, 2013, of First Leasing Company of India Ltd, Chennai, the RBI has, in public interest and in exercise of the powers conferred on it by Sections 45JA and 45L of the Reserve Bank of India Act, 1934, directed that until further orders, First Leasing Company of India Ltd. shall not sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the Reserve Bank of India; declare or distribute any dividend; transact any business; or incur any further liabilities.

The First Leasing stock fell 19.88 per cent and was trading at Rs 26.80 on the BSE in afternoon trade.

Published on September 16, 2013

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