MUMBAI, SEPT 21: The Reserve Bank of India (RBI) today rejected the application of Kirloskar Investments and Finance Ltd of Bangalore for grant of a certificate of registration as a non-banking finance company (NBFC).The RBI had on August 14 prohibited the firm from accepting deposits in any form until further orders as it had violated various provisions of the RBI Act 1934.Meanwhile, a clear picture on the future of Kirloskar Investments is likely to emerge by December 1999 when the process for rescheduling and repayment of deposits is likely to be set in motion. KIFL has already approached the Company Law Board (CLB) for rescheduling of payments to depositors. KIFL's AGM likely to be held in December 1999 and board meeting sometime in October.Having burnt its fingers in corporate financing, there are plans to enter truck financing in a big way. Harisingh Champawat from Ahmedabad, who bought out Vijay Kirloskar's 14 per cent stake in KIFL, is a leading player in the truck financing business inGujarat and Rajasthan and is seeking to expand into Maharashtra and Karnataka.
