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Sahara India Investment exits NBFC business

Sahara India Investment exits NBFC business
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First Published: Fri, Sep 12 2008. 07 27 PM IST
Updated: Fri, Sep 12 2008. 07 27 PM IST
MUMBAI: Sahara India Investment Corp. Ltd, a non-deposit taking arm of the Sahara Group, has voluntarily exited the non-banking financial corporation, or NBFC, business.
”The RBI has cancelled, on 11 August 2008, the certificate of registration of the Sahara India Investment Corporation Limited for carrying on the business of a non-banking financial institution,” the Reserve Bank of India said in a statement.
”Sahara India Investment has voluntarily surrendered the licence to act as a NBFC,” said Abhijet Sarckar, head of corporate communications, Sahara India Group. ”The management has decided to carry out real estate business.”
The company, which has been docile the past two years, had reported a net profit of Rs1,00,280 in 2006-07 against a loss of Rs13,33,927 in 2005-06.
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First Published: Fri, Sep 12 2008. 07 27 PM IST