Tribune News Service
Ludhiana, February 13
The Reserve Bank of India (RBI) has cancelled the registration of Ludhiana-based three non-banking finance companies. The RBI has also banned these companies from taking any deposits and has asked the District Administration as well as the police to keep a close watch on the activities of these companies so that these do not misuse the name of RBI and give attractive advertisements luring public with exorbitantly higher returns and then dupe them of their money.
While giving reference of the letter received from the Directorate of Institutional Finance and Banking, Deputy Commissioner Pradeep Kumar Agrawal said the registration of Ludhiana-based Ekjot Advances Ltd, Adinath Investment and Trading, and Stanchart Securities Private Limited had been cancelled under section 45-1A (6) of the RBI Act.
He said these companies had been intimated that if they continued their operations as non-banking finance companies, then strict legal action under section 45-1A (Section A) of the RBI Act would be initiated against them.
Some city parts witness waterlogging; commuters suffer
Bargari residents had protested rising theft cases
Nailed near Japanese Garden where he had come to supply drug...
IndiGo also introducing flights to Pune, Chennai, Lucknow
Kala Sanghian pollution on agenda
Edu Dept asks school principals to register students by Feb ...
40k bribe money found in his driver’s house
US firms show interest in bulk purchases from India
To continue till March 5, MP Preneet to inaugurate event