https://www.taxtmi.com/highlights?id=82671 This case pertains to a writ petition filed by a company invoking Article 226 of the Constitution, seeking directions to the Reserve Bank of India (RBI) to initiate action against Exclusive Capital Limited under Chapter IIIB of the RBI Act, 1934. The Court held that a writ of mandamus lies when statutory authorities fail to exercise their powers, leading to irreparable harm to statutory rights. Despite repeated reminders, Exclusive Capital Limited's management failed to provide organizational details, statutory compliance records, personnel particulars, and financial statements, indicating mismanagement. The company's reply denied RBI's concerns and claimed the conversion of OCDs into CCPS was to restore leverage ratio, and that RBI regulat..... en-us Tue, 29 Oct 2024 09:00:10 +0530 Tue, 29 Oct 2024 09:00:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82671 This case pertains to a writ petition filed by a company invoking Article 226 of the Constitution, seeking directions to the Reserve Bank of India (RBI) to initiate action against Exclusive Capital Limited under Chapter IIIB of the RBI Act, 1934. The Court held that a writ of mandamus lies when statutory authorities fail to exercise their powers, leading to irreparable harm to statutory rights. Despite repeated reminders, Exclusive Capital Limited's management failed to provide organizational details, statutory compliance records, personnel particulars, and financial statements, indicating mismanagement. The company's reply denied RBI's concerns and claimed the conversion of OCDs into CCPS was to restore leverage ratio, and that RBI regulat..... Highlights Companies Law Tue, 29 Oct 2024 09:00:10 +0530 https://www.taxtmi.com/highlights?id=82671