Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
In fraud classification proceedings under RBI Master Directions, natural justice was held to require notice, disclosure of material, an opportunity to submit a written representation, and a reasoned order, but not an oral personal hearing as of right. The Court distinguished fraud classification from wilful defaulter proceedings and upheld the regulatory process as a prompt risk-mitigation mechanism. It also held that the borrower must ordinarily be furnished the forensic audit report relevant to the proposed classification, since disclosure of the report is necessary for an effective response; only portions affecting third-party rights may be withheld for recorded reasons, with an opportunity to contest non-disclosure. The appeals were partly allowed.
In fraud classification proceedings under RBI Master Directions, natural justice was held to require notice, disclosure of material, an opportunity to submit a written representation, and a reasoned order, but not an oral personal hearing as of right. The Court distinguished fraud classification from wilful defaulter proceedings and upheld the regulatory process as a prompt risk-mitigation mechanism. It also held that the borrower must ordinarily be furnished the forensic audit report relevant to the proposed classification, since disclosure of the report is necessary for an effective response; only portions affecting third-party rights may be withheld for recorded reasons, with an opportunity to contest non-disclosure. The appeals were partly allowed.
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