Writ petition challenging a bank's communication reporting the petitioner's account as fraud to the RBI and the Master Circular dated 03.07.2017. The court found the grounds of challenge substantial, issued notice returnable on 10.06.2024 and granted ad-interim relief in terms of prayer clause (d)-(ii) till the returnable date.
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TAUSEEF LAIQUEE FAROOQUI
Digitally signed by TAUSEEF LAIQUEE FAROOQUI Date: 2024.04.30 16:59:26 +0530
Tauseef 07-WP.2265.2024.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
WRIT PETITION NO.2265 OF 2024
Jaipur Jewels Global Limited ...Petitioner Versus The Reserve Bank of India ...Respondent
Mr. Darius J. Khambata, Senior Advocate a/w. Mr. Ankit Lohia, Mr. Tushar Hathiramani, Ms. Ankita Yadav, Adv. Krishna Baruah, Mr. Kewal Buddhev, Mr. Devdatta Uchil i/b. Mr. Jash Dalia for the Petitioner. Mr. Prasad Shenoy a/w. Mr. Vijay Salokhe and Ms. Megha More i/b. M/s. BLA & Co. for Respondent No.1.
CORAM : A. S. CHANDURKAR, JITENDRA JAIN, J.J.
DATE : 29th APRIL 2024.
P.C. :-
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Tauseef 07-WP.2265.2024.doc
to indicate its objection to the said communication. The Bank on 16.02.2024 replied to the aforesaid communication and only at that stage supplied the copy of the extract of the meeting of the “Committee of Scrutiny and Frauds” dated 02.12.2023 and 21.12.2023. Reliance in this regard is placed on paragraphs 94 and 95 of the decision in the case of State Bank of India & Ors. Vs. Rajesh Agarwal & Ors.1 .
Second ground of challenge is that the impugned communication is unreasoned, inasmuch as, the basis for categorising the account as fraud has not been indicated. Even for this contention, the reliance is placed on the decision of Rajesh Agarwal & Ors. (supra) .
1 (2023) 6 SCC 1
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2 issues framed by the court
Whether the account-holder must be supplied the Forensic Audit Report before the bank adjudicates its account as fraud and reports to RBI.
Whether the communication classifying the account as fraud is valid if unreasoned.
Colour shows how this judgement treated each authority
State Bank of India & Ors. Vs. Rajesh Agarwal & Ors.Relied on¶1
(2023) 6 SCC 1 · Who else cites this
Jaipur Jewels Global Limited
The Reserve Bank of India
A. S. Chandurkar
Jitendra Jain
As recorded by the court registry
11 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
