S. S. HEMANI Vs. RESERVE BANK OF INDIA

JUDGEMENT

(1.) All the Petitions assail actions taken by various banks under directions issued by the Reserve Bank of India called the Frauds (Classification and Reporting by Commercial Banks and Select FI) Directions, 2016. These directions came up for consideration before the Supreme Court in State Bank of India & Ors v. Rajesh Agarwal & Ors.,2023 SCC OnLine SC 342. The Supreme Court's conclusions are set out in Sec. 'E' and paragraphs 81 and 82 of the judgment. Before the Supreme Court was a challenge to a decision of the High Court of Telangana which inter alia held that principles of natural justice must be read into the provisions of the master directions on fraud. This is summarized in paragraph 5 of the Supreme Court judgment. Paragraphs 81 and 82 of the Supreme Court decision read thus:

(2.) Then, the State Bank of India filed a Miscellaneous Application No.810 of 2023 before the Supreme Court on which the following order came to be passed on 12/5/2023:

(3.) As the emphasized portion above shows, the principal decision in Rajesh Agarwal has not been disturbed by the 12/5/2023 order.