Sandeep S. Ghandat vs Reserve Bank Of India Through Assistant ...

ik-38043687 Bombay High Court 18 November 2024 • 81 min read

Judges (2)

Firdosh P. Pooniwalla Delivered G.S. Kulkarni Coram

Counsel (19)

BLAC Co. Firm Abhishek Karnik Counsel Petitioner Aditi Pathak Counsel Respondent Ankit Upadhyay Counsel Respondent Atul Rajadhyaksha Counsel Petitioner Bhushan Bankar Counsel Petitioner Kirti Ojha Counsel Respondent Megha More Counsel Respondent Naushad Engineer Counsel Respondent Omkar Kelkar Counsel Respondent Parag Sharma Counsel Respondent Prasad Shenoy Counsel Respondent Rohan Kelkar Counsel Respondent Saloni Chordia Counsel Respondent Uma Palsuledesai Counsel Respondent Uttam Dubey Counsel Petitioner Venkatesh Dhond Counsel Respondent Vijay Salokhe Counsel Respondent Viraj Parikh Counsel Respondent

Parties (2)

Reserve Bank of India Respondent Sandeep S. Ghandat Petitioner

Case Significance

Sandeep S. Ghandat vs Reserve Bank Of India Through Assistant ... is a Bombay High Court decision dated November 18, 2024 (citation: ik-38043687). Petitioners challenged an RBI order dated November 24, 2023 passed under Section 36AAA of the Banking Regulation Act, arguing that no notice or hearing was given before the order was issued. The court examined whether principles of natural justice were required to be read into Section 36AAA, concluding that the provision did not require prior notice and that courts should be circumspect in interfering with financial and economic decisions made by expert statutory bodies like RBI. The petition The bench comprised Justices Firdosh P. Pooniwalla and G.S. Kulkarni. The judgment was delivered by Justice Firdosh P. Pooniwalla.

Summary

Petitioners challenged an RBI order dated November 24, 2023 passed under Section 36AAA of the Banking Regulation Act, arguing that no notice or hearing was given before the order was issued. The court examined whether principles of natural justice were required to be read into Section 36AAA, concluding that the provision did not require prior notice and that courts should be circumspect in interfering with financial and economic decisions made by expert statutory bodies like RBI. The petition was rejected and the rule discharged, with the impugned order upheld.

What was the outcome of Sandeep S. Ghandat vs Reserve Bank Of India Through Assistant ...?

Petitioners challenged an RBI order dated November 24, 2023 passed under Section 36AAA of the Banking Regulation Act, arguing that no notice or hearing was given before the order was issued. The court...

Judgment

Read the full judgment on the official India Courts portal.

Read on Indian Kanoon

Source: Indian Kanoon (ik-38043687)