2017 (7) TMI 1279

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..... petitioners assail a writing dated April 13, 2017 issued by Standard Chartered Bank on the ground that the same has been issued without jurisdiction. Learned advocate for the petitioners submits the Bank has sought to invoke the provisions for declaration of the petitioners as a wilful defaulter under the Reserve Bank of India Master Circular on Wilful Defaulter. He refers to Rule 3 therein and s .....

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..... its officers to intimate the petitioners as to whether the petitioners have any grievance with regard thereto or not. Therefore, according to him, there is no violation of the mechanism prescribed under Rule 3 of the Master Circular. I have heard the rival contentions of the parties and perused the materials made available on record. The petitioners before me are borrowers of Standard Chartered .....

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..... he order of the first committee. In the present case, nothing has been placed on record to suggest that, the committee contemplated under Rule 3(b) of the Master Circular of the Reserve Bank of India had issued a show cause notice. Consequently the decision of the proper committee as referred to in the impugned order dated April 13, 2017 has no basis. A Bank carrying on banking business in India .....

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