Certificate of Registration cancelled

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of ICDS Limited on October 9, 2002 under Section 45-IA(6) of the RBI Act, 1934. ICDS Limited, with its registered office in Manipal, Karnataka, is therefore no longer permitted to transact the business of a non-banking financial institution as defined under Section 45I(a). The release also records earlier prohibitions dated August 14, 2002 on accepting deposits and on alienating assets without prior RBI permission. The company must still repay public deposits in accordance with the terms of the deposit contracts.