TaxTMI 
TaxTMI 
2010 (10) TMI 1265
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....0. Mr. Ajay Panikar, instructed by M/s. Ajay Law Associates, for the petitioner in Writ Petition No. 1821 of 2010. Mr. Ravi Kadam, Advocate General, with Mr. J.J. Bhat, Senior Advocate, with Mr. Sudeep Nargolkar, Mr. Srinivas Parthasarthy, Mr. Sagar Divekar, Mr. Vikrant Singh Negi, Mr. Rajat Vohra, instructed by M/s. Trilegal for the (i) Petitioners in Writ Petition (Lodging) Nos. 1842 and 1843 of 2010, (ii) respondent Nos. 6 and 7 in Writ Petition No. 2319 of 2009 and (iii) respondent Nos. 7 and 8 in Writ Petition No. 160 of 2010. Mr. R.M. Tiwari with Mr. Sowmyajeet for respondent No.2 in (i) Writ Petition No. 2319 of 2009, (ii) Writ Petition No. 160 of 2010 and (iii) Writ Petition (Lodging) Nos. 1842 and 1843 of 2010. Mr. T. C....
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.... October, 2009. Initially, a writ petition was filed before this Court being Writ Petition No. 2684 of 2008, in which a Division Bench of this Court by its order dated 8th April, 2009 permitted the said petitioner to make appropriate representation to the Reserve Bank of India in connection with the grievance regarding the decision taken by the Tamilnad Mercantile Bank Limited (TMBL) dated 13th May, 2007. The Reserve Bank of India thereafter took decision on the said representation on 12th October, 2009 directing TMBL to approach Reserve Bank of India along with full details in the enclosed format for transfer of shares. The operative part of the said order reads thus: "21. In view of the conclusion reached above, I direct TMBL to ....
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....oresaid order of the Reserve Bank of India. Some of the respondents have also filed petitions challenging the observations made by the Reserve Bank of India in its order on the ground that such observations could not have been made by the Reserve Bank of India, as their attention was not drawn to several documents while passing the aforesaid order. It is the grievance of the other respondents who have also filed substantive petitions that some material was taken into account behind their back. It is not necessary for us to consider the averments made in all these petitions as there is a consensus prevailing between the advocates appearing in each of the matters to the effect that the Reserve Bank of India may be directed to take an appropri....
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....g the policy and guidelines in this behalf. Any circulars and/or guidelines framed by the Reserve Bank of India in connection with the subject matter may also be taken into consideration and appropriate decision may be taken in accordance with law. It is clarified that the Reserve Bank of India may take an objective decision as per material available on record and may not be solely guided by whatever prima facie observations made in the order dated October 12, 2009. It is further clarified that it is not necessary for the Reserve Bank of India to give personal hearing to any of the parties so that the proceedings may not be converted as if it is a full­fledged judicial proceeding but surely Reserve Bank of India may consider the materia....