Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Writ petition allowed. Impugned order by respondent bank declaring petitioner as 'fraud' set aside for lack of due process. No show cause notice issued to petitioner proposing fraud classification. Petitioner not informed about upload on RBI's Central Fraud Registry. No relevant documents like forensic audit report supplied. No hearing afforded before fraud declaration on 20.06.2019. Supreme Court in State Bank of India vs. Rajesh Agarwal held principles of natural justice must be followed while enforcing RBI's Master Directions on Fraud. Civil consequences jeopardize borrower's business future, necessitating hearing before declaring ineligibility for institutional finance under Clause 8.12.1. Impugned order quashed for violating natural justice.
Writ petition allowed. Impugned order by respondent bank declaring petitioner as 'fraud' set aside for lack of due process. No show cause notice issued to petitioner proposing fraud classification. Petitioner not informed about upload on RBI's Central Fraud Registry. No relevant documents like forensic audit report supplied. No hearing afforded before fraud declaration on 20.06.2019. Supreme Court in State Bank of India vs. Rajesh Agarwal held principles of natural justice must be followed while enforcing RBI's Master Directions on Fraud. Civil consequences jeopardize borrower's business future, necessitating hearing before declaring ineligibility for institutional finance under Clause 8.12.1. Impugned order quashed for violating natural justice.
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