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India: High court admits Islamic finance firm’s plea against RBI

Posted on 15 June 2012

The Bombay high court on Wednesday admitted a petition that has challenged an order of the Reserve Bank of India cancelling the Non Banking Financial Company (NBFC) licence of Alternative Investment and Credits Limited.
The company is a ten year old NBFC operating on “Islamic Finance principles.” However, the HC bench headed by Justice D D Sinha has left the issue of maintainability on its jurisdiction open………………………………………..Full Article: Source

 
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