LAWS(MAD)-2006-1-112

VISWAPRIYA FINANCIAL SERVICES AND SECURITIES LIMITED Vs. EXECUTIVE DIRECTOR RESERVE BANK OF INDIA DEPARTMENT OF NON BANKING SUPERVISION CENTRAL OFFICE MUMBAI

Decided On January 05, 2006
VISWAPRIYA FINANCIAL SERVICES AND SECURITIES LIMITED Appellant
V/S
EXECUTIVE DIRECTOR, RESERVE BANK OF INDIA, DEPARTMENT OF NON-BANKING SUPERVISION, CENTRAL OFFICE, MUMBAI Respondents

JUDGEMENT

(1.) M/s. Viswapriya Financial Services and Securities Limited, Chennai, a Non-Banking Financial Company obtained a Certificate of Registration from the Reserve Bank of India in the year 1998. The said certificate had been cancelled by the order dated 6.8.2005 by RBI.

(2.) QUESTIONING the said order, the petitioner filed the writ petition raising various issues. The learned single Judge ultimately, dismissed the petition directing to avail the alternative remedy available under sub-section (7) of Section 45-IA of the Reserve Bank of India Act, 1934 (hereinafter referred to as "the Act".

(3.) ELABORATING these points, Mr.Rajeev Dhavan argued at length. On these aspects, we have heard Mr.A.L.Somayaji, the learned senior counsel appearing for the respondent.