https://www.taxtmi.com/caselaws?id=405215 Persistent non-compliance, erosion of capital and deposits, and deteriorating asset quality justified RBI's cancellation of a co-operative bank's licence in public interest and for protection of depositors. The Court held that repeated regulatory opportunities, restrictions, and notices were sufficient, and no fresh notice was required before cancellation. It further held that once RBI requisitioned winding up under the Maharashtra Co-operative Societies Act, the Registrar had no discretion to refuse the requisition or insist on a separate show-cause process; the general winding-up procedure did not apply. The challenge to both the licence cancellation and winding-up direction failed, and the impugned orders were upheld. en-us Fri, 12 Mar 2021 00:00:00 +0530 Sat, 13 Mar 2021 08:42:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405215 Persistent non-compliance, erosion of capital and deposits, and deteriorating asset quality justified RBI's cancellation of a co-operative bank's licence in public interest and for protection of depositors. The Court held that repeated regulatory opportunities, restrictions, and notices were sufficient, and no fresh notice was required before cancellation. It further held that once RBI requisitioned winding up under the Maharashtra Co-operative Societies Act, the Registrar had no discretion to refuse the requisition or insist on a separate show-cause process; the general winding-up procedure did not apply. The challenge to both the licence cancellation and winding-up direction failed, and the impugned orders were upheld. Case-Laws Indian Laws Fri, 12 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405215