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Bombay High Court Dismisses Petition Challenging Rejection of Discharge in Bank Fraud Case — Petitioner, a General Manager of a Cooperative Bank, Allegedly Violated RBI Guidelines by Investing in Non-SLR Securities Through a Broker, Causing Loss to the Bank.

The petitioner, Kishore Deshpande, was the General Manager of CKP Co-operative Bank Ltd. and was arraigned as accused No.5 in FIR No. RC 8/E/2010 regi...

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Supreme Court Upholds SEBI Order Against Corporate Giant in Futures Manipulation Case. The Court held that cornering 93.63% open interest through agents and dumping shares to depress settlement price constituted fraud under PFUTP Regulations.

The case involves appeals by Reliance Industries Limited (RIL) against orders of the Securities Appellate Tribunal (SAT) which upheld SEBI's findings ...

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Bombay High Court Quashes Bank's Wilful Defaulter Declaration for Violating Natural Justice. Show-cause notice lacking specific grounds renders the decision invalid under RBI Master Circular on Wilful Defaulters.

The petitioners, Nitin Shah, Rahul Shah, and Kunal Shah, who were directors of Nitin Fire Protection Industries Ltd. (the corporate debtor under CIRP)...

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Bombay High Court Allows Summary Judgment for Debenture Trustee in Recovery Suit Against Corporate Guarantor. Defendant's Triable Issues Found to be Sham and Moonshine, Entitling Plaintiff to Judgment Under Order 37 CPC.

The plaintiff, IDBI Trusteeship Services Ltd., filed a summary suit under Order 37 of the Code of Civil Procedure, 1908, against the defendant, Hubtow...

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Court Orders Bank to Refund Rs. 76.9 Lakhs in Unauthorized Transaction Case. Judgment Reinforces Zero Liability for Customers Reporting Unauthorized Transactions Promptly

In a case involving unauthorized electronic banking transactions, the court ruled that the bank (Respondent No. 2) must refund Rs. 76,90,017/- to Phar...

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Bombay High Court Dismisses Winding Up Petition Against Hubtown Ltd. Based on Bona Fide Dispute of Debt. Corporate Guarantee Enforcement Requires Prima Facie Case of Default and Absence of Substantial Dispute Under Section 433(e) of Companies Act, 1956.

The petitioner, IDBI Trusteeship Services Ltd., filed a company petition under Section 433(e) of the Companies Act, 1956 seeking winding up of Hubtown...

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Supreme Court Allows Banks to Deny Legal Representation in Wilful Defaulter Proceedings. In-House Committees of Banks Are Not Tribunals Under Section 30 of Advocates Act, 1961, and Right to Lawyer Is Not Part of Natural Justice.

The Supreme Court considered appeals against the Delhi High Court judgment which held that a borrower is entitled to be represented by a lawyer before...

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Bombay High Court Dismisses Writ Petition Against DRAT Order Rejecting One Time Settlement in Debt Recovery Case. RBI Circular of 2003 Held Not Applicable to Accounts That Became NPA Before 31st March 2000.

The petitioners, Kanwar Vilas Raj Nath and another, filed a writ petition challenging an order of the Debts Recovery Appellate Tribunal (DRAT) dated 4...