Case Brief
What Happened
The Reserve Bank of India cancelled the licence of Astha Corporation Private Limited, located in Sanathnagar, Hyderabad, for carrying on business as a non-banking financial institution. The release states that the licence was cancelled as surrendered on May 21, 2003, and that the cancellation was made under Section 45-1A(6) of the RBI Act, 1934. In addition, the company was prohibited from accepting deposits from the public under Section 45MB(1) and from alienating assets under Section 45MB(2) of the Act.