Rir Enterprises And ORS. v. Reserve Bank Of India And ORS.

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO.652 OF 2014 RIR Enterprises and others

...Petitioners.

versus Reserve Bank of India and others ..Respondents.

.....

Mr. Rohan Cama with Ms. Sapna Rachure for the Petitioners. Mr. Parag Sharma i/b Udwadia & Udeshi for Respondent No.1. Ms. S.I. Shah for Respondent Nos.2 and 3.

.....

CORAM : B.R. GAVAI & A.S. GADKARI, JJ.

9th April, 2015.

P.C. :

Rule, made returnable forthwith.

2.

The Petitioners have approached this Court being aggrieved by the show cause notice dated 18th June 2013. Perusal of the order dated 10th October, 2009 passed by Respondent No.1 would reveal that the compounding application filed by the present Petitioners was rejected with an observation that it cannot be decided at this point of time, since further investigation is required in the matter. 3.

The Division Bench of this Court by order dated 7th April 2014 has passed the following order :

"3.

In the circumstances, stand over to 29.04.2014. The parties are put to notice that the matter may be disposed of

2/3 finally at the admission stage itself. In the meantime the final orders that may be passed by respondent No.2 if adverse to the petitioners, shall not be implemented till further orders in the writ petition. Further if it is found that the compounding application has not been disposed of, the mere passing of the order will not prejudice the rights of the petitioners with respect to the compounding application."

4.

The learned counsel appearing for the Petitioners states that since a period of more than six years has lapsed from the order passed by Respondent No.1, and since the further investigation must have been complete by now, the Petitioners would make fresh application for compounding. The learned counsel appearing for the Petitioners states that the application will be made within a period of four weeks from today.

5.

The Petition is therefore disposed of with a direction that if such an application is made, the Respondent No.1 shall consider the same in accordance with law and take appropriate decision. 6.

The Division Bench by its order dated 7th April, 2014 has granted interim protection so far as proceedings before the Respondent No.2 are concerned. We clarify that if any orders are passed by Respondent

3/3 No.2 on the show cause notice dated 18th June, 2013, the same shall not be given effect to for a period of four weeks from the receipt of communication thereof by the Petitioners.

The Petition is disposed of accordingly.

(A.S. Gadkari, J.) (B.R. Gavai, J.)