The Reserve Bank of India on Tuesday said it has cancelled the certificate of registration of two non-banking financial companies—Ulhas Securities Pvt. and Sikar Investment Co.
Ulhas Securities, based in Gujarat’s Gandhinagar, had secured registration as an NBFC in December 2003. Sikar Investment, which is based in Rajasthan’s Bharatpur, was registered with the RBI in March 1998.
The registration has been cancelled under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the RBI said.
The rule allows the central bank to cancel registration if the company ceases to carry on the business of a non-banking financial institution in India or has failed to comply with any condition subject to which the certificate of registration had been issued to it.
