R.Subramanian v. The Secretary

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 12.01.2024 CORAM :

THE HON'BLE MR.SANJAY V.GANGAPURWALA, CHIEF JUSTICE AND THE HON'BLE MR.JUSTICE D.BHARATHA CHAKRAVARTHY R.Subramanian ..

Petitioner Vs.

1. The Secretary Department of Financial Services Ministry of Finance 3rd Floor, Jeevan Deep Building Sansad Marg, New Delhi 110 001.

2. The Principal Chief General Manager Department of Banking Supervision Reserve Bank of India Central Office, Centre 1 World Trade Centre Mumbai 400 005.

3. The Chairman Securities and Exchange Board of India Plot No.C4-A, 'G' Block Bandrakurla Complex, Bandra (East) Mumbai 400 051.

4. The Managing Director The Lakshmi Vilas Bank Corporate Office, No.4, Sardar Patel Road Guindy, Chennai 600 032.

..

Respondents Prayer: Petition filed under Article 226 of the Constitution of India seeking a writ of Mandamus directing the respondents 1 to 3 to initiate appropriate legal action against the 4th respondent Bank by appointing an Administrator and by suspending the Board under the provisions of the Banking Regulation Act, 1949 and Reserve Bank of India Regulations as well as Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, in order to ensure the reserved savings and investments made by the investor public/stakeholders in the 4th respondent bank from being misutilized and for making misleading statement in the documents placed in public domain and balance sheet by the 4th respondent bank, based on the representation submitted by the petitioner dated 13.06.2019.

For the Petitioner : Mr.Jayamalan For Mr.S.Nedunchezhiyan For the Respondents : Mr.T.Poornam for Respondent-2 Mr.E.Balamurali For M/s.Shivakumar & Suresh for Respondent-3

No appearance - R4 Not ready in notice - R1

ORDER

(Made by the Hon'ble Chief Justice) We have heard Mr.Jayamalan, learned counsel for Mr.S.Nedunchezhiyan, learned counsel for the petitioner, Mr.T.Poornam and learned counsel for the second respondent, Mr.E.Balamurali, learned counsel for the third respondent.

2. In view of the subsequent amalgamation of the respondent bank, nothing survives in the writ petition.

3. The writ petition, as such, stands disposed of. There shall be no order as to costs.

(S.V.G., CJ.) (D.B.C., J.) 12.01.2024 Index :

Yes/No :

Yes/No kpl

To

1. The Secretary Department of Financial Services Ministry of Finance 3rd Floor, Jeevan Deep Building Sansad Marg, New Delhi 110 001.

2. The Principal Chief General Manager Department of Banking Supervision Reserve Bank of India Central Office, Centre 1 World Trade Centre Mumbai 400 005.

3. The Chairman Securities and Exchange Board of India Plot No.C4-A, 'G' Block Bandrakurla Complex, Bandra (East) Mumbai 400 051.

THE HON'BLE CHIEF JUSTICE AND D.BHARATHA CHAKRAVARTHY, J (kpl) 12.01.2024