RBI fiat to First Leasing

MUMBAI: The Reserve Bank of India has barred AC Muthiah-headed First Leasing Company of India from doing any business until further orders.

The company is barred from activities such as sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of RBI.

The company is barred from declaring or distributing any dividend or from incurring any further liabilities. This is following an inspection of its books and records as on March 31, 2013.