RBI blacklists 31 NBFCs

Published on May 20, 2015 02:17:19 AM

The Crime Investigation Department on Tuesday cautioned general public not to enter into any kind of financial transaction with certain non-banking financial companies (NBFC), including two Eenadu group firms, whose registration has been cancelled by the Reserve Bank of India.

Telangana CID additional DG Satyanarayana said in a press release that the RBI had cancelled as many as 31 NBFCs in the State including Margadarsi Investment & Leasing Company Private Limited and Margadarsi Finance Session Private Limited, which have office addresses within the Eenadu complex.

The rule states, “Notwithstanding anything contained in this Chapter or in any other law for the time being in force, no non-banking financial company shall commence or carry on the business of a non-banking financial institution without obtaining a certificate of registration issued under this chapter.”

Cancelled NBFCs are: Yukta Finance Private Limited, Emergy Finance & Investments Limited, Sri Hire Purchase & Finance Limited, Siri Auto Financiers Private Limited, Margadarsi Investment & Leasing Company Private Limited, Vishnu Finance and Investment Private Limited, HCG Investment & Impex Limited, Avyaya Finance Limited, SriHire Purchase & Finance Limited, DSL Finance Private Limited, BNR Udyog Limited, Nano Financial Services India Private Limited, Bambino Finance Private Limited, GN Vasavi Finance Limited, Shubham Financial Services Limited, Chenai Financeco Limited, RR Finance and Projects Limited, Sri Mahalakshmi Finance Services Limited, Maruti Securities Limited, Proddutur Investments Limited, Magnil Finance & Hire Purchase Private Limited, Suryalaxmi Securities Limited, Bhavya Capital Services Limited, Seagull Leafin Limited, Sriman Sai Securities & Investments Finance Limited, GN Vasavi Finance Limited, Seghal Leasing & Investments Limited, Vikrant Investments & Impex Limited, Margadarsi Finance session Private Limited, Cyclo Investments Private Limited and Naryen Finance and Investments Limited.