SALIM AKBARALI NANJI Vs. UNION OF INDIA

JUDGEMENT

(1.) This appeal by special leave has been preferred against the judgment and order of the High Court of Judicature at Bombay dated September 18, 2003 in Writ Petition No.2199 of 2003. The High Court by its impugned judgment and order dismissed the writ petition preferred by the appellant holding that the issues raised by the appellant in the writ petition were not justiciable in writ jurisdiction.

(2.) The appellant has appeared before us in person and argued his appeal. He claims to be a shareholder of the Development Credit Bank Ltd. respondent No.6 herein. In sum and substance, the grievance of the appellant in the writ petition was that the Reserve Bank of India being the statutory and regulatory authority, illegally approved the proposal of the respondent No.6 Development Credit Bank Ltd. for writing off of debts, amounting to Rs.120 crores, of the Bank without following the proper procedures prescribed under the provisions of Sections 13 and 14 of the Securitisation Act, 2002 and Sections 19 and 31A of the Recovery of Debts Due to Banks Act, 1993.

(3.) To appreciate the grievance of the appellant it is necessary to notice the background in which the controversy arises.