Hear The Alleged Wilful Defaulter’s Side Before Taking Any “Drastic Measure”: Allahabad HC Directs IDBI [Read Order]
6 years, 4 months ago

Hear The Alleged Wilful Defaulter’s Side Before Taking Any “Drastic Measure”: Allahabad HC Directs IDBI [Read Order]

Live Law  

The Allahabad High Court recently directed the Industrial Development Bank Of India to consider the representation by an alleged “wilful defaulter” before taking any “drastic steps” against him.The Bench comprising Justice B.Amit Sthalekar and Justice Rajiv Joshi ordered the bank to consider the representation by Mr. Sanjiv Aggarwal within a month, and also allow him an. The Allahabad High Court recently directed the Industrial Development Bank Of India to consider the representation by an alleged “wilful defaulter” before taking any “drastic steps” against him. The Bench comprising Justice B.Amit Sthalekar and Justice Rajiv Joshi ordered the bank to consider the representation by Mr. Sanjiv Aggarwal within a month, and also allow him an opportunity of personal hearing and filing of any documents. Directing the bank to consider this representation and give him a personal hearing, the court ordered, “We, therefore, think it appropriate that before any drastic measure is taken by the bank by virtue of the order dated 15.9.2018, the respondent bank should decide the petitioner's representation dated 6.10.2018 which was sent by registered post on the same date and also give him an opportunity of personal hearing.” It further directed that the operation of the impugned orders shall remain in abeyance and shall be subject to the final order passed by the bank.

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History of this topic

Bombay High Court slams banks casual take on declaring accounts fraud, asks Anil Ambani to approach RBI
3 weeks, 5 days ago

Bombay High Court slams banks casual take on declaring accounts fraud, asks Anil Ambani to approach RBI

The Hindu  

Raising concerns over banks casual take in declaring bank accounts as defaulter or fraud, the Bombay High Court on Friday, issued notice to Union Bank of India and the Reserve Bank of India in response to a petition filed by industrialist Anil Ambani. The petition challenges the October 10, 2024, order passed by the UBI by which it classified Mr. …

'Economic Situation Uncertain Owing To COVID-19' : Calcutta HC Restrains Bank From Declaring Borrower As 'Wilful Defaulter'
4 years, 8 months ago

'Economic Situation Uncertain Owing To COVID-19' : Calcutta HC Restrains Bank From Declaring Borrower As 'Wilful Defaulter'

Live Law  

The Calcutta High Court has passed an interim order restraining the Punjab National Bank from declaring a borrower as a "wilful defaulter'.Noting that "the economic situation of the country owing to Covid 19 pandemic is uncertain", the Court held that in such situation, it is the "balance of convenience and inconvenience" which should be the "primary guiding factor" so far …

Bombay HC Seeks Centre’s Response In RBI’s Petition Challenging CIC Order Directing Disclosure Of FCRA List [Read Order]
6 years, 3 months ago

Bombay HC Seeks Centre’s Response In RBI’s Petition Challenging CIC Order Directing Disclosure Of FCRA List [Read Order]

Live Law  

The Bombay High Court on Thursday directed the Centre to file its reply to a petition filed by the Reserve Bank of India challenging an order by the Chief Information Commission directing the RBI to disclose names of wilful defaulters and foreign donors on the Foreign Contribution Act watchlist.The division bench of Justice B.P. The Bombay High Court on Thursday …

Hear The Alleged Wilful Defaulter’s Side Before Taking Any “Drastic Measure”: Allahabad HC Directs IDBI [Read Order]
6 years, 4 months ago

Hear The Alleged Wilful Defaulter’s Side Before Taking Any “Drastic Measure”: Allahabad HC Directs IDBI [Read Order]

Live Law  

The Allahabad High Court recently directed the Industrial Development Bank Of India to consider the representation by an alleged “wilful defaulter” before taking any “drastic steps” against him.The Bench comprising Justice B.Amit Sthalekar and Justice Rajiv Joshi ordered the bank to consider the representation by Mr. Sanjiv Aggarwal within a month, and also allow him an. The Allahabad High Court …

Non-Disclosure Of Willful Defaulters' List : CIC Issues Show Cause Notice To RBI Governor [Read Order]
6 years, 4 months ago

Non-Disclosure Of Willful Defaulters' List : CIC Issues Show Cause Notice To RBI Governor [Read Order]

Live Law  

The Central Information Commission has pulled up RBI Governor Urjit Patel for non-disclosure of the names and details of action taken against willful defaulters of big bad loans worth hundreds of crores of rupees.The Commission on Friday also directed the CPIOs of the RBI, the PMO and office of the Finance Minister to explain the action taken on the ‘alerting …

CIC issues show-cause notice to RBI governor for non-disclosure of wilful defaulters’ list
6 years, 4 months ago

CIC issues show-cause notice to RBI governor for non-disclosure of wilful defaulters’ list

Live Mint  

New Delhi: The Central Information Commission has issued a show-cause notice to RBI Governor Urjit Patel for “dishonouring” a Supreme Court judgment on disclosure of the wilful defaulters’ list. Irked over the denial of information on disclosure of names of wilful defaulters who have taken bank loans of Rs50 crore and above by the RBI in spite of a Supreme …

Disclose names and action taken against wilful defaulters: CIC
6 years, 6 months ago

Disclose names and action taken against wilful defaulters: CIC

Live Mint  

New Delhi: The Central Information Commission has asked the Union government and the Reserve Bank of India to disclose the names of wilful defaulters of ₹ 50 crore and above and the action taken against them, saying every taxpaying citizen has a right to know about it. Acharyulu pointed out that defaulters of small amounts like farmers are defamed in …

Sebi to bar wilful defaulters from raising funds
10 years, 2 months ago

Sebi to bar wilful defaulters from raising funds

India TV News  

New Delhi: Acting tough against wilful defaulters, market regulator Securities and Exchange Board of India has proposed barring entities declared as wilful defaulters from fund raising via primary markets and taking control of listed entities. In a discussion paper issued on Monday, Sebi also proposed that wilful defaulters should not be allowed to take control of other listed entities but …

HC order on Mallya's wilful default will warm cockles of crony capitalists
10 years, 2 months ago

HC order on Mallya's wilful default will warm cockles of crony capitalists

Firstpost  

The Calcutta High Court rejected the UBI’s decision to call Vijay Mallya a wilful defaulter on a technicality. Last week, the Calcutta High Court struck down United Bank of India’s order of May 2014 declaring Vijay Mallya, and three of his former directors on Kingfisher Airlines, as ‘wilful defaulters’ – a tag which effectively debars them and all the company …

United Bank of India declares Vijay Mallya wilful defaulter
10 years, 6 months ago

United Bank of India declares Vijay Mallya wilful defaulter

The Hindu  

United Bank of India has declared Vijay Mallya and three directors of Kingfisher Airlines as wilful defaulters. Mallya to challengeLalatendu Mishra writes from Mumbai: Mr. Mallya and other directors of KFA have decided to challenge UBI’s decision in the Supreme Court where a Special Leave Petition had already been filed. KFA said on August 29, 2014, immediately after an adverse …

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