Fairness Housing registration rejected: The RBI on Wednesday has rejected the application for certificate of registration submitted by Fairness Housing and Investment. "The company will not be able to transact the business of a non-banking financial institution as defined in Clause (A) of Section 45I of RBI Act, 1934," an RBI release issued on Wednesday stated.

Prizindia barred from doing business: The RBI has directed Prizindia not to carry on with the business of a non-banking finance company. The RBI has cautioned public collection ofdeposit by Prizindia is in contravention of the provisions of the RBI Act, 1934. "Any investment in the units of Prizindia will be at the investors' own risk," an RBI release issued on Wednesday stated. "The company has not made any application to the RBI for grant of a certificate of registration as required under Section 45IA of the RBI Act," it said.

RBI rejects International Credits registration: The RBI has rejected the application for certificate of registration submitted by International Credits Ltd. "The company will not be able to transact the business of a non-banking financial institution as defined in Clause (A) of Section 45 I of the RBI Act, 1934," it said.

Bank union on RRBs' ownership transfer: All India Bank Officers Association has urged the finance ministry to transfer the ownership of RRBs to sponsor banks. "RRBs sponsored by banks should be merged with the respective sponsor banks," an association release issued recently stated. The association has suggestedrecapitalising sponsor banks which need the capital in order to take over the equities of central and state governments.

Pal Credit board meet: The board of directors of Pal Credit & Capital Ltd will be held on Friday, October 30, 1998, to consider the unaudited accounts for the quarter ended September 30, 1998.

Duff & Phelps rates Shree Krishna Polyester debt:: Duff & Phelps Credit Rating India has assigned an Ind AA+ to the Rs 10-crore preference share programme of Shree Krishna Polyester Ltd and also put the company on rating watch with developing implications. The rating firm has assigned an Ind AA rating to the Rs 10-crore preference share programme of Shree Krishna Petro yarns and put the company on rating watch with developing implications. "The rating follows the approval of boards of the merger of Shree Krishna Polyester and Shree Krishna Petro Yarns with group company Krishna Texport Industry," a company release issued recently stated.

Duff & Phelps rates Soundcraft debtplan: Duff & Phelps India has assignd an Ind D2 rating to the proposed Rs 4-crore commercial paper programme of Soundcraft Industries. "The rating indicates good certainty of timely payment and the risk factors are small," a company release issued recently stated.

Duff & Phelps downgrades S&S Industries debt pan: Duff & Phelps India downgraded the rating assigned to the fixed deposit programme of S&S Industries and Enterprises Ltd to Ind A- from Ind AA and put the company on rating watch with negative implications. The rating firm has also downgraded the rating assigned to the company's Rs 10-crore non-convertible debenture issue to Ind A- from Ind AA-. "The revised rating indicates that protection factors are adequate. However, risk factors are more variable and greater in periods of economic stress," it said.