Valgaa Financial Service Limited, v. Union Of India
IN THE HIGH COURT OF JUDICATURE AT MADRAS
Dated : 02.08.2023 CORAM: JUSTICE N.SESHASAYEE W.P. No.14303 of 2023 and W.M.P. Nos.13809 & 13810 of 2023 Valgaa Financial Service Limited Rep by its Director S.S.Muthuvelu No.4/36, Bharathi Street Swarnapuri, Salem - 630 004 ... Petitioner Vs.
1.Union of India Rep. by its Secretary Ministry of Finance New Delhi - 110 001 2.Reserve Bank of India Rep by the Chief General Manager-in-charge Central Office Building Shahid Bhagid Singh Marg Mumbai - 400 001 3.The Deputy General Manager Reserve Bank of India Department of Non-Banking Supervision Chennai - 600 001 4.Bank of Baroda Meyyanoor Branch K.J.Plaza, 221 Meyyanoor Road New New Bus Stand Salem - 636 004
5.DBS Bank Limited Tiruchengode Branch 66/1, Selvam Sathan, Sankari Road Opposite to Government Girls High School Tiruchengode - 637 211 Namakkal District 6.DBS Bank Limited Ammapet Branch 431A, TVK Road Ammapet, Salem - 636 003 7.IndusInd Bank Ltd.
Omalur Branch No.26, Mettur Main Road, PPS Complex Omalur, Salem - 636 455 8.Tamilnadu Mercantile Bank Limited Kannankurichi Branch 4/153-C, GV Complex, Main Road Kannankurichi, Salem - 636 008 9.Indian Bank Sivadhapuram Branch Siddhar Koil Main Road Sivadhapuram, Salem - 636 307 10.Karur Vysya Bank Vellapillaiyar Koil Branch 155, Rasipuram Main Road Vellapillaiyar Koil, Rasipuram Taluk Namakkal District - 637 505 11.Karur Vysya Bank Namagiripet Branch 469/1, New No.75/1 Attur Main Road, Namagiripet Namakkal District - 637 046
12.Tamilnadu Mercantile Bank Limited Chinnappampatti Branch 4/392, Sabi Complex, BLDG Santhai Road Chinnappampatti - 636 306 Salem District 13.DBS Bank Limited Mecheri Branch SF. No.230/2, Ward No.16, Dharmapuri Main Road Mecheri, Salem District - 636 451 14.DBS Bank Limited Mount Road Branch No.356 Old No.646 Anna Salai, Thousand Lights Chennai - 600 006 15.Karnataka Bank Limited Teachers Colony Branch Erode - 638 011 16.HDFC Bank Salem Five Roads Branch No.224/1, Meyyanur Main Road Salem - 636 004 ... Respondents PRAYER: Writ petition filed under Article 226 of the Constitution of India for a writ of declaration, declaring the circular of the 2nd respondent dated 06.08.2020 bearing Reference No.DOR No.BP.BC/7/21.04.048/2020-21 and allied circular of the 2nd respondent dated 29.10.2021 bearing Reference No.DOR.CRE.REC.63/21.04.048/2021-22 as null and void, ultravires the Constitution of India.
For Petitioner : Mr.E.Hariharan For Respondents : Mr.M.Sathyan, CGSC for R1 Mr.C.Thiagarajan for Mr.P.Giridharan for R2 Mr.A.V.Radhakrishnan for R5, R6, R13 and R14 (No Appearance) Mr.C.Mohan for M/s.King & Patridge for R16
O R D E R
The petitioner herein challenges two circulars of Reserve Bank of India dated 06.08.2020 and 29.10.2021. The learned counsel appearing for the Reserve Bank of India makes a statement that the aforesaid two circulars, which provide guidelines for opening a current account by commercial entities, has been superseded and replaced by another circular dated 19.04.2022. In view of the same, nothing survives for adjudication. Accordingly, the writ petition is closed. No costs. Consequently, the connected miscellaneous petitions are also closed.
02.08.2023 Asr Index : Yes/No Speaking/Non-speaking order
N.SESHASAYEE, J., Asr W.P. No.14303 of 2023 and W.M.P. Nos.13809 & 13810 of 2023 02.08.2023