https://www.taxtmi.com/caselaws?id=379183 A fair opportunity to be heard under the Reserve Bank of India Act was held to be satisfied by a written show-cause notice and written reply, where the petitioner did not seek an oral hearing; the cancellation of registration was therefore not vitiated for breach of natural justice. The court also held that net owned fund must be computed strictly under the statutory formula, and total asset value alone cannot establish compliance. On the record, the petitioner failed to show that the required net owned fund threshold was met, so the challenge failed and the cancellation of registration was upheld. en-us Mon, 22 Apr 2019 00:00:00 +0530 Tue, 30 Apr 2019 06:07:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379183 A fair opportunity to be heard under the Reserve Bank of India Act was held to be satisfied by a written show-cause notice and written reply, where the petitioner did not seek an oral hearing; the cancellation of registration was therefore not vitiated for breach of natural justice. The court also held that net owned fund must be computed strictly under the statutory formula, and total asset value alone cannot establish compliance. On the record, the petitioner failed to show that the required net owned fund threshold was met, so the challenge failed and the cancellation of registration was upheld. Case-Laws Indian Laws Mon, 22 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379183