Gujarat High Court
Tarujyot Investment Limited vs Reserve Bank Of India on 1 July, 2019
Author: Bhargav D. Karia
Bench: Bhargav D. Karia
C/SCA/7439/2019 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/SPECIAL CIVIL APPLICATION NO. 7439 of 2019
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TARUJYOT INVESTMENT LIMITED
Versus
RESERVE BANK OF INDIA
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Appearance:
MR AS VAKIL(962) for the Petitioner(s) No. 1
MR AMAR N BHATT(160) for the Respondent(s) No. 1,2,3
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CORAM: HONOURABLE MR. JUSTICE BHARGAV D. KARIA
Date : 01/07/2019
ORAL ORDER
Heard learned advocate Mr. A.S. Vakil for the petitioner and learned senior advocate Mr. S.N.Soparkar with learned advocate Mr. Amar N. Bhatt for the respondents nos.1, 2 and
3. Learned advocate of both the sides have referred to the decision of the Division Bench of the Madras High Court rendered in Writ Application Nos. 940, 942, 945 and 951 of 2019 whereby the judgment and order passed by the learned Single Judge extending the time for compliance of the NOF requirement till 31.03.2019 is set aside as under:
"46. In the result, the appeals are allowed, the impugned common order passed in the writ petitions is set aside and the writ petitions stand disposed of by directing the respondents/writ petitioners to file appeal under Section 45- Page 1 of 3 Downloaded on : Tue Jul 09 22:41:09 IST 2019 C/SCA/7439/2019 ORDER IA(7) of the RBI Act, 1934 as amended within a period of 30 days from the date of receipt of a copy of this judgment and raise all contentions before the appellate authority including the contention that as of now, all the respondents have complied with the requirement of 200 lakhs of rupees of NOF and request the appellate authority to accept the compliance as due compliance of the requirement under the relevant notification to enable the respondents/writ petitioners to carry on their business. Such prayer be considered by the appellate authority on merits and in accordance with law. No costs. Consequently, connected miscellaneous petitions are closed."
Learned advocate Mr. A.S. Vakil for the petitioner submitted that in view of the aforesaid decision, the petitioner would like to file appeal under sub-section (7) of Section 45-IA of the Reserve Bank of India Act, 1934 as amended within a period of 30 days from the date of receipt of copy of this order for raising all the contentions before the appellate authority including the contention that the petitioner has complied with the requirement of Rs.200 lakhs of NOF and request the appellate authority to accept the compliance as due compliance of the requirement under the relevant notification to enable the petitioner to carry on its business. He therefore, seeks permission to withdraw this petition.
Permission as prayed for is granted so as to enable the petitioner to approach appellate authority as provided under Page 2 of 3 Downloaded on : Tue Jul 09 22:41:09 IST 2019 C/SCA/7439/2019 ORDER sub section (7) of Section 45-IA of the Reserve Bank of India Act, 1934 raising all contentions including the contention that the petitioner has complied with the requirement of Rs.200 lakhs of NOF and to request the appellate authority to accept the compliance as due compliance of the requirement under the relevant notification to enable the petitioner to carry on its business and to consider such prayer by the appellate authority on merits and in accordance with law as expeditiously as possible. Accordingly, the petition stands dismissed as withdrawn.
(BHARGAV D. KARIA, J) NEHA Page 3 of 3 Downloaded on : Tue Jul 09 22:41:09 IST 2019