Disposed

Rise Capital Operative Finance Private Ltd., v. the Reserve Bank of India

Kerala HC17 Sept 2020WP(C)/11500/2020

Case brief

AI extract

What is this about?

Writ petition challenging RBI's inclusion of petitioner company in a list of cancelled NBFCC registrations was disposed of as the bank submitted a revised list excluding the petitioner, thereby curing the grievance.

What did the court decide?

The Writ Petition was disposed of on the ground that the petitioner's name has been removed from the list in a revised version.

Rise Capital Operative Finance Private Ltd., Vs the… — Company and Corporate | Kerala HC (2020)

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WP(C).No.11500 OF 2020

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE SMT. JUSTICE P.V.ASHA

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THURSDAY, THE 17TH DAY OF SEPTEMBER 2020 / 26TH BHADRA, 1942

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WP(C).No.11500 OF 2020(J)

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PETITIONER/S:

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RISE CAPITAL OPERATIVE FINANCE PRIVATE LTD., TP XVI/267 M.N. COMPLEX, PARAPPANANGADI ROAD, TANUR PANCHAYATH, MALAPPURAM, PIN-676303, REPRESENTED BY ITS MANAGING DIRECTOR.

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BY ADVS. SRI.K.R.AVINASH (KUNNATH) SRI.ABDUL RAOOF PALLIPATH SHRI.EDISON THOMAS T.

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RESPONDENT/S:

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1 THE RESERVE BANK OF INDIA, REGIONAL OFFICE, DEPARTMENT OF NON-BANKING SUPERVISION, BAKERY JUNCTION, PB NO.6507, TRIVANDRUM-695033, REPRESENTED BY ITS CHIEF GENERAL MANAGER.

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2 THE CHIEF GENERAL MANAGER, RESERVE BANK OF INDIA, REGIONAL OFFICE, DEPARTMENT OF NON BANKING SUPERVISION, BAKERY JUNCTION, PB NO.6507, TRIVANDRUM-695033.

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3 THE GENERAL MANAGER, RESERVE BANK OF INDIA, REGIONAL OFFICE, DEPARTMENT OF NON BANKING SUPERVISION, BAKERY JUNCTION, PB NO.6507, TRIVANDRUM-695033.

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4 THE DEPARTMENT OF FINANCIAL SERVICES, MINISTRY OF FINANCE, REPRESENTED BY ITS SECRETARY, 3RD FLOOR, JEEVAN DEEP BUILDING, SANSAD MARG, NEW DELHI-110001.

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BY ADV. SRI.MILLU DANDAPANI

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OTHER PRESENT:

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ASGI.SRI.P.VIJAYAKUMAR

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17.09.2020, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No.11500 OF 2020

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JUDGMENT

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Dated this the 17^th day of September 2020

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The Writ Petition is filed seeking the following reliefs:

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I. Declare that inclusion of the name of the petitioner company in Ext.P17 list of non banking financial companies whose certificate of registration has been cancelled, in the official website of Reserve Bank of India is illegal. II. Declare that the petitioner company cannot be shown as a non banking financial company whose certificate of registration is cancelled because of the binding effect of Ext.P8 order Ext.P10 and P11 judgments and the compliance of the stipulation for maintaining Rs.200 lakhs as net owned funds.

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III. Issue a writ of mandamus or such other wirt, order or direction to the 1^st respondent to remove the name of the petitioner company from Ext.P17 list of non banking financial companies of which Certificate of Registration has been cancelled, published by the Reserve Bank of India or in the alternative, mention the special status of the petitioner company.

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Learned counsel for respondents 1 to 3 submits that a

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revised list has already been issued and petitioner's name is not included in the said list. In effect Ext.P17 list in which petitioner's name was included is not in existence as at present. Therefore, petitioner cannot have any further grievance based on the same. It is stated that certificate of registration issued to the petitioner has already been restored.

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The Writ Petition is disposed of accordingly.

P.V.ASHA

JUDGE

rkc

WP(C).No.11500 OF 2020

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APPENDIX

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PETITIONER'S/S EXHIBITS:

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EXHIBIT P1	TRUE PHOTOCOPY OF THE CERTIFICATE OF
	REGISTRATION NO. B-16.00108 DATED 28/05/2008 ISSUED TO THE PETITIONER REPLACING THE EARLIER CERTIFICATE.
EXHIBIT P2	TRUE COPY OF THE NOTIFICATION NO. DNBR.007/CGM (CDS)-2015 DATED 27/03/2015 ISSUED BY 1ST RESPONDENT.PUBLICHSED
EXHIBIT P3	TRUE COPY OF THE CERTIFICATE DATED 15/05/2018.
EXHIBIT P4	TRUE COPY OF THE SHOW CAUSE NOTICE DATED 18/07/2018 ISSUED BY THE 1ST RESPONDENT.
EXHIBIT P5	TRUE COPY OF THE ORDER DATED 23/08/2018 ISSUED BY THE 2ND RESPONDENT.
EXHIBIT P6	TRUE COPY OF THE COMMUNICATION DATED 23/08/2018 OF THE 3RD RESPONDENT.
EXHIBIT P7	TRUE COPY OF THE APPEAL BEFORE THE MINISTRY OF FINANCE AT NEW DELHI.
EXHIBIT P8	TRUE PHOTOCOPY OF THE ORDER DATED 27/05/2019 OF THE APPELLATE AUTHORITY- DEPARTMENT OF FINANCIAL SERVICES, MINISTRY OF FINANCE.
EXHIBIT P9	TRUE COPY OF THE PHOTOCOPY OF THE REQUEST DATED NIL MADE BY THE PETITIONER.
EXHIBIT P10	TRUE COPY OF THE PHOTOCOPY OF THE JUDGMENT IN WPC NO.2763/19 DT.4.7.19
EXHIBIT P11	TRUE COPY OF THE JUDGMENT IN W.A.NO.1979/19 OF THIS HON'BLE COURT
EXHIBIT P12	TRUE COPY OF THE CERTIFICATE ISSUED BY THE STATUTORY AUDITOR OF THE PETITIONER.
EXHIBIT P13 EXHIBIT P14	TRUE COPY OF THE MASTER DATA OF THE PETITIONER COMPANY UPLOADED IN THE WEBSITE OF THE MINISTRY OF CORPORATE AFFAIRS DATED 13/05/2020. TRUE COPY OF THE RELEVANT PAGES OF THE LOAN

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WP(C).No.11500 OF 2020

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DISBURSAL STATEMENT OF THE PETITIONER COMPANY. EXHIBIT P15 TRUE PHOTOCOPY OF THE BALANCE SHEET OF THE PETITIONER COMPANY. EXHIBIT P16 TRUE COPY OF THE STATEMENT OF PROFIT AND LOSS DATED 06/01/2020 OF THE PETITIONER COMPANY AS ON 31/03/2019. EXHIBIT P17 TRUE PHOTOCOPY OF THE RELEVANT PORTION OF THE LIST OF NBFCS PUBLISHED IN THE OFFICIAL WEBSITE OF RBI. EXHIBIT P18 TRUE COPY OF THE REPRESENTATION DATED 26/05/2020 BEFORE THE CHIEF GENERAL MANAGER BY E-MAIL.

Rise Capital Operative Finance Private Ltd., v. the Reserve Bank of India

Case brief

What is this about?

What did the court decide?

Rise Capital Operative Finance Private Ltd., v. the Reserve Bank of India

Case brief

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What did the court decide?

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