https://www.taxtmi.com/caselaws?id=254959 The Master Circular on wilful defaulters was upheld as valid delegated legislation traceable to RBI's statutory banking powers and aimed at protecting banking discipline, but it was struck down in part for treating all directors alike without distinguishing those involved in management from those who were not, making that blanket classification arbitrary and unconstitutional under Article 19(1)(g). The show-cause notices were quashed because they lacked sufficient particulars to meet natural justice requirements for a wilful defaulter allegation. A writ was also held not to lie against a private scheduled bank for the proposed action under the circular absent a public duty. en-us Tue, 09 Sep 2014 00:00:00 +0530 Mon, 05 Jan 2015 06:52:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254959 The Master Circular on wilful defaulters was upheld as valid delegated legislation traceable to RBI's statutory banking powers and aimed at protecting banking discipline, but it was struck down in part for treating all directors alike without distinguishing those involved in management from those who were not, making that blanket classification arbitrary and unconstitutional under Article 19(1)(g). The show-cause notices were quashed because they lacked sufficient particulars to meet natural justice requirements for a wilful defaulter allegation. A writ was also held not to lie against a private scheduled bank for the proposed action under the circular absent a public duty. Case-Laws Companies Law Tue, 09 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254959