9911796707
TMI Blog2022 (8) TMI 1318X X X X Extracts X X X X X X X X Extracts X X X X ..... e to rights and contentions, states RBI shall re-examine the issue in case the matter is remanded back to them - In view of afore-noted stand, Mr Makhija states that Petitioner is agreeable to RBI re-examining the issue raised in the present petition. The Impugned Orders, i.e. the order dated 28th November 2018 passed by RBI, and order dated 29th June 2020 passed by the Appellate Authority, are set aside. The matter shall now be considered afresh by the RBI in light of the current position of law and the judgments of the court. - W.P. (C) 5991/2020 & CM APPL. 21647/2020 - - - Dated:- 8-8-2022 - Hon'ble Mr. Justice Sanjeev Narula For the Petitioner : Mr. Akshay Makhija, Senior Advocate with Ms. Pavitra Gaur and Ms. Sudeshna S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er as on 31st March 2018, which is more than the requirement prescribed in the RBI notification. 3. Notwithstanding, RBI issued a show cause notice on 13th July 2018 in exercise of its power under Section 45-IA(6) of the RBI Act for cancellation of the Certificate of Registration of the Petitioner. The Petitioner vide reply dated 25th July, 2018, prayed for a condonation of delay given that the NOF of the Petitioner were admittedly below the NOF requirement before 1st April 2017. The subsequent proceedings, and the appeal thereto, culminated in the Impugned Orders. 4. During the course of hearings conducted on 1st August 2022, Mr. Makhija had relied upon a decision of the Division Bench of the Madras High Court [The Regional Direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of afore-noted stand, Mr Makhija states that Petitioner is agreeable to RBI re-examining the issue raised in the present petition. 8. Accordingly, the Impugned Orders, i.e. the order dated 28th November 2018 passed by RBI, and order dated 29th June 2020 passed by the Appellate Authority, are set aside. The matter shall now be considered afresh by the RBI in light of the current position of law and the judgments of the court. 9. Considering the fact that the matter will be considered afresh, Petitioner is permitted to file additional representation along with documents, if any, within a period of two weeks from today, and a decision thereon will be taken within a period of six weeks thereafter. 10. The Court has not expressed any op ..... X X X X Extracts X X X X X X X X Extracts X X X X
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