MILIND PATEL Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) Rule. By consent, rule is made returnable forthwith, and the writ petition is taken up for final hearing and disposal.

(2.) This Petition seeks various declaratory reliefs whereby adherence to principles of natural justice, including provision of inspection of relevant material, is sought to be read into the due process stipulated by the Respondent No. 2, the Reserve Bank of India ('RBI'), in connection with declaration of bodies corporate, their promoters and directors, as 'wilful defaulters'.

(3.) The Petitioner is a former Joint Managing Director of IL&FS Financial Services Limited ('IFIN'), a wholly-owned subsidiary of Infrastructure Leasing and Financial Services Limited ('ILFS'). The Petitioner has worked with ILFS since June 1993, except for a brief period between February 2003 and August 2005. The Petitioner was eventually designated as a Joint Managing Director of IFIN with effect from 1/4/2014. The Petitioner ceased to be in the services of IFIN with effect from 31 st March 2018. The Petitioner's role as a 'whole time director' of IFIN is up for consideration by Respondent No. 1, Union Bank of India ('Union Bank') in proceedings to declare IFIN, and consequently the Petitioner, as wilful defaulters.