https://www.taxtmi.com/news?id=35654 The High Court rebuked banks for issuing formulaic orders designating accounts as fraud or willful defaulter without hearings, disclosure or application of mind, stressing conformity with master circulars and procedural safeguards. The court advised the petitioner to lodge an administrative complaint with the financial regulator, which will review only whether mandatory procedures and principles of natural justice were followed, and directed the bank to file an affidavit responding to the challenge. en-us Fri, 28 Feb 2025 16:46:03 +0530 Fri, 28 Feb 2025 16:46:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=35654 The High Court rebuked banks for issuing formulaic orders designating accounts as fraud or willful defaulter without hearings, disclosure or application of mind, stressing conformity with master circulars and procedural safeguards. The court advised the petitioner to lodge an administrative complaint with the financial regulator, which will review only whether mandatory procedures and principles of natural justice were followed, and directed the bank to file an affidavit responding to the challenge. News - Fri, 28 Feb 2025 16:46:03 +0530 https://www.taxtmi.com/news?id=35654