RBI cancels registration of Coastal Construction Leasing

The Reserve Bank of India has on February 11, 2008 cancelled the certificate of registration granted to Coastal Construction Leasing Private Limited having its registered office at # 201, Regency House, 680, Somajiguda, Hyderabad – 500082 (since shifted to 4th Floor, Hotel Green Park, 7-1-26, Greenlands, Begumpet, Hyderabad - 500016) as the company has opted to exit from the business of a nonbanking financial institution. Following cancellation of the registration certificate, Coastal Construction Leasing Private Limited cannot transact the business of a non-banking financial institution.

In exercise of the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of a nonbanking financial institution. 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.

Sourced From: Reserve Bank of India