SAKET KAMLESHKUMAR AGARWAL Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) Prima facie, the Petition discloses sufficient grounds for an urgent ad-interim time-limited order.

(2.) We are surprised that though the 1st Respondent bank was served five days ago by email and a little later in hard copy, it has not found the time to instruct its Advocates.

(3.) The case arises under the Wilful Defaulters Master Circular issued by the Reserve Bank of India ("RBI"). The matter of procedure and specifically of the applicability of rules of natural justice is now fully covered by the judgement of the Supreme Court in State Bank of India v Jah Developers Private Limited and Ors,(2019) 6 SCC 787.read with the later Supreme Court judgment in T. Takano v Securities And Exchange Board of India and Anr.,(2022) 8 SCC 162. The second judgement though in the context of securities law makes it clear that there is a right to a party against whom action is proposed to have all relevant material disclosed and made available.