https://www.taxtmi.com/caselaws?id=313578 The RBI Master Circular was applied as a binding framework for identifying wilful default, and it was read to extend to promoters and directors where the company's default and diversion of funds were established. On the admitted facts of repayment default, diversion of funds, and the appellants' roles as directors and promoters, the declaration of wilful defaulter status was upheld. The review committee was held to have acted within its remit by independently examining the matter, granting a personal hearing, and recording reasons. The objections on enlargement of the show-cause notice and breach of natural justice were rejected because the material facts were admitted and hearing was afforded. en-us Fri, 18 Jan 2019 00:00:00 +0530 Mon, 22 Apr 2024 20:41:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313578 The RBI Master Circular was applied as a binding framework for identifying wilful default, and it was read to extend to promoters and directors where the company's default and diversion of funds were established. On the admitted facts of repayment default, diversion of funds, and the appellants' roles as directors and promoters, the declaration of wilful defaulter status was upheld. The review committee was held to have acted within its remit by independently examining the matter, granting a personal hearing, and recording reasons. The objections on enlargement of the show-cause notice and breach of natural justice were rejected because the material facts were admitted and hearing was afforded. Case-Laws Indian Laws Fri, 18 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313578