Writ Petition Against RBI (First Leasing)

6 /2314~.~ S€XWP No. --- ---- - 2 1 Trideep Raj Bhandari, Vs. RBI & Ors.

IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JODHPUR .

S. B. Civil Writ Petition No. 12014

Trideep Raj Bhandari . . . . . . . PETITIONER

VS.

Reserve Bank of India & Ors. .... RESPONDENTS

I N D E X

S.NO. Particulars P.No.

1. Writ Petition : \ - ) g 2. Affidavit in support of writ petition 1.9 3. Affidavit in support of documents 2-0 4. Stay petition : P I -23 5. Affidavit in support of stay petition - 29'

Documents :-

Annex.1, Copy of Press Release 2013-20141563 :25 Annex.2, Copy of RBI letter dt. 04.89.2013 :% Annex.3, Copy of Recasted balance sheet and : 29 2-+Lp3 ' .

Profit & loss alc as of 31.03.2013 Annex.4, Copy of Direction dated 13.09.201 3 4 :30-~' Annex.5, Copy of application under RTI Act and : --mj

Reply from RBI . .., 32- 71 Annex.6, Copy of letter dt.07.10.2013 72--73u+7 1 Annex.7, Copy of Brickworth document dt.25.09.1374-+ _& Annex.8, Copy of notice dt.07.12.2013 7 L 9 5 f ? ? 3 y - . Annex.9, Copy of 'reply of RBI dt.07.01.2014 46rlm

Place : JODHPUR DATE :

ANIL BHANSALI CO.UNSEL FOR THE PETITIONER

[email protected]

12014 SBCWP No. -------- Trideep Raj Bhandari Vs. RBI & Ors.

IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JODHPUR

S. B. Civil Writ Petition No. 12014 i I

Trideep Raj Bhandari . . . . . . .PETITIONER

VS.

Reserve Bank of India & Ors. . . . .RESPONDENTS

LIST OF DATES AND EVENTS

21.08.2013 The Reserve Bank of lndia ordered an Inspection uls 45N of the books of accounts of the company.

04.09.201 3 The Reserve Bank of lndia in pursuance to its inspection found serious irregularities indicating overstatement of assets as well as earnings. The RBI requested the company to recast its Balance Sheet and Profit and Loss account for 31.03.2013 and 30.06.2013 - 13.09.201 3 The RBI issued the prohibitory order in view of revelation in inspection that the company has Been over several years falsifying its books of accounts and other financial statements, violating the RBI regulations and reporting false information.

27.09.201 3 The petitioner moved an application under RTI requesting supply of notices, documents, recasted balance sheet etc.

06.1 1,201 3 . .

The RBI sent some doucments in 'response to RTI application but refused to divulge findings of Investigation and supply of recasted balance sheet and profit & loss account.

07.12.2013 The petitioner sent a legal notice seeking action under chapter V of the RBI Act against various management and other personnel who were in charge of the affairs of the company.

IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN

AT JODHPUR

S. B. Civil Writ Petition No. 12014

Trideep Raj Bhandari

Slo Shri Tribhuvan Raj Bhandari

Gulab Vatika, Paota B Road, Jodhpur ... Petitioner

VERSUS

1. Reserve Bank of lndia, through its Governor

1 4 ' ~ Floor, Central Office Building, 1 8 ' ~ Floor

Shahid Bhagat Singh Road, Mumbai - 400 001

2 The Chief General Manager Incharge,

Department of Non-Banking Supervision

Central Office, Centre 1, World Trade Centre

Cuffe Parade, Mumbai - 400 005.

3. The Regional Director for Tamilnadu

Reserve Bank of lndia

Fort Glacis, Rajaji Salai, Chennai.

4. The Executive Director

Department of Non-Banking Supervision

Reserve Bank of lndia

Fort Glacis, 16 Rajaji Salai

b3 12014 2 SBCWP No. -------- 1 Trideep Raj Bhandari Vs. RBI & Ors. i

L 1

5. The General Manager,

Department of Non-Banking Supervision

Reserve Bank of India

Fort Glacis, 16 Rajaji Salai

~hennai-600 001 ... ... . Respondents

WRIT PETITION UNDER ARTICLE 226 &

227 OF THE CONSTITUTION OF INDIA;

AND

IN THE MATTER OF THE PROVISIONS OF

THE RESERVE BANK OF INDIA ACTAND

RULES MADE THEREUNDER

AND

IN THE MATTER OF INADEQUATE ACTION

BY RESERVE BANK OF INDIA UNDER

PROVISIONS OF CHAPTER lllB & V OF RBI

ACT IN THE CASE OF VIOLATIONS BY

FIRST LEASING COMPANY OF INDIA LTD

AND

IN THE MATTER OF ART.19,21 AND 300A

OF THE CONSTITUTION OF INDIA --------- ---------

To,

Hon'ble the Chief Justice and his other companion Judges of

the High Court of Judicature for Rajasthan at Jodhpur.

Mav i t Please your Lordships:-

SBCWP No. -------- 12014 Trideep Raj Bhandari Vs. RBI & Ors.

j

The humble petitioner, above named, most respectfully I

submits the writ petition as under:-

1. That the petitioner is a citizen of India and invests his I

I

savings in bank deposits, government deposits and I

shares in Indian companies by way of investment.

2. That the petitioner by way of investment out of his

accumulated small savings invested as per details

given below, in the shares of a company called First

Leasing Company of lndia Limited hereinafter referred

to as the company. The said company is listed on

- Bombay Stock Exchange, National Stock Exchange

and was being traded regularly.

3. That the said company is by the nature of its business a

Non-banking Financial Company (NBFC) and therefore

when in 1997 several sections were inserted by way of

amendments to the Reserve Bank of lndia Act the said

company was also obligated to get itself registered

under the provisions of section 45-IA of the RBI Act and

Name

Trideep Raj Bhandari

Demat: Account Number

00250034

DP ID (Mehta

Equities Ltd.) 1201 3700

Number of Shares

2000