2008 (6) TMI 623

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....its that against the show cause notice dated 9.5.2008, a detailed reply was submitted by the petitioner on 2.6.2008 before the opposite party no. 2 and by the impugned order dated 4.6.2008, the petitioner has been restrained from accepting deposits from the existing depositors and fresh depositors. He further submits that after the show cause notice dated 9.5.2008, on the request of the petitioner a meeting was held on 20.5.2008 and thereafter each point mentioned in the show cause notice was suitably replied by the petitioner in his reply dated 2.6.2008, but in a most hurriedly manner the impugned order has been passed. He further submits that the impugned order prohibits the petitioner from carrying on business as a Residuary Non-Banking ....

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....ed to the petitioner. He further submits that the reply submitted by the petitioner was duly considered by the competent authority before passing the impugned order. He further submits that the deposit taking activity of the petitioner was not inconformity with the prudent practices and the Reserve Bank of India directions and instructions and as such there is no illegality in the impugned order. He further submits that on the request of the petitioner, a meeting dated 20.5.2008 was convened in which the managing worker of the petitioner participated and even thereafter the irregularities were not removed and the Company has been continuously defaulting in maintenance of directed investments. We have considered the submissions made by th....