MR. R SHIVAKUMAR CHAIRMAN ASSOCHAM KARNATAKA Vs. THE REGIONAL DIRECTOR RESERVE BANK OF INDIA NRUPATHUNGA ROAD, BENGALURU

JUDGEMENT

(1.) The petitioner is before this Court assailing the action of the respondent No. 1 - Bank in freezing the account No. 37333040362 in the name of Green Energy Summit and allow the petitioner to operate the Bank Account.

(2.) The case of the petitioner is that they are organizing the Green Energy Summit - 2018 in Tripura Vasini Palace Grounds, Bangalore from 1st to 4th February, 2018. In that regard the petitioner has also approached respondent No. 4 and the Karnataka Renewable Energy Development Ltd., (for short 'KREDL'). In view of the recommendation by KREDL, the amount of Rs. 1 crore has been approved and sanctioned to the petitioner towards holding the Summit. When this was the position, the respondents No. 2 and 3 had raised objections with the respondent No. 1 - Bank with regard to the operation of the accounts since according to respondents No. 2 and 3, respondent No. 1 was misleading that they are conducting the Summit, though the respondents Nos. 2 and 3 were not taken into confidence and in that regard it is contended that the amount being utilized is without the appropriate approvals of respondents Nos. 2 and 3.

(3.) In the above circumstance when this Court had taken note of these aspects and issued notice, it was at that stage noticed that respondent No. 4 was also a necessary party to the matter and it emerged at that point that the amount of Rs. 1 crore is being sanctioned through KREDL for the said Summit. On the last date of hearing this Court had therefore directed that a meeting be convened to take note of these aspects and respondent No. 4 was in that light directed to take note of the rival claims between the petitioner and the respondents Nos. 2 and 3.