Saturday , June 07, 2008 at 0043 hrs The Reserve Bank of India (RBI) on Friday acted swiftly and moved the Supreme Court to vacate the Allahabad High Court stay on its order banning Subroto Roy’s para-banking company, Sahara India Financial Corporation Limited (SIFCL), from taking fresh deposits.
The appeal has been listed before a vacation bench headed by Justice Arijit Pasayat, which fixed June 9 as the date for hearing the matter.
The bench also permitted SIFCL counsel Mukul Rohtagi to file a caveat.
A vacation bench of the Allahabad High Court in Lucknow, comprising Justices UK Dhaon and Sabir-ul-Hasan, had on Wednesday granted the stay on a petition filed by SIFCL’s executive director OP Srivastava.
In their writ, the Sahara counsel Prashant Chandra had pleaded that on June 2 the company had given its reply to the show-cause notice issued to it by the RBI on May 9. Chandra also said that the company, in a meeting with the RBI officials on May 20, had given the assurance that it would wind up its activities by 2010 and would not accept any new investments from now on.
Banking BureauPosted online: Mumbai, Jun 6 IST
http://www.financialexpress.com
About Me
- Kamal Kumar Pandey (Adv. Supreme Court of India)
- Lawyer Practising at Supreme Court of India. Court Experience: Criminal, Civil & PIL (related to Property, Tax, Custom & Duties, MVAC, insurance, I.P.R., Copyrights & Trademarks, Partnerships, Labour Disputes, etc.) Socio-Legal: Child Rights, Mid Day Meal Programme, Sarva Shiksha Abhiyaan, Women Rights, Against Female Foeticide, P.R.Is, Bonded Labour, Child labour, Child marriage, Domestic violence, Legal Literacy, HIV/AIDS, etc. Worked for Legal Aid/Advise/Awareness/Training/Empowerment/Interventions/Training & Sensitisation.
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