15.06.2012 - India: High court admits Islamic finance firm's plea against RBI
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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