Share Tweet Plus One Pin It Email Print By: Apoorva Mandhani September 20, 2018 7:21 pm Change Font Size The Supreme Court on Thursday ruled that default sentences, inter se, cannot be directed to run concurrently. The Bench comprising Justice AM Sapre and Justice UU Lalit explained, “Theoretically, if the default sentences awarded in respect of imposition of fine in connection with two or more offences are to be clubbed or directed to run concurrently, there would not be any occasion for the persons so sentenced to deposit the fine in respect of the second or further offences. It would effectively mean imposition of one single or combined sentence of fine. Such an exercise would render the very idea of imposition of fine with a deterrent stipulation while awarding sentence in default of payment of fine to be meaningless.” The court was hearing a petition filed by one Sharad Hiru Kolambe, challenging an order passed by the Bombay High court in … [Read more...] about Default Sentences, Inter Se, Cannot Be Directed To Run Concurrently: SC [Read Judgment]
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PMO & RBI Should Reveal Information On Willful Defaulters & Raghuram Rajan’s Letter : CIC [Read Order]
Share Tweet Plus One Pin It Email Print By: Manu Sebastian November 20, 2018 8:57 am Change Font Size The Central Information Commission has directed the Reserve Bank of India and the Prime Minister’s Office to disclose information on list of willful defaulters and action taken on the ‘alerting letter’ written by former Governor of RBI Raghuram Rajan on February 5, 2015 “If the letter of Sri Raghuram Rajan is acted upon, PMO should have explained the same, if not acted upon, should have mentioned it, and if there is any objection based on any exception, the PMO should have pleaded such provision and justify their denial. Instead, the PMO refused to comply with the direction of disclosure of action on letter of Sri Raghuram Rajan, on grounds which are not legal. It’s unfortunate. It has moral, constitutional and political duty to tell the citizens of India as to who are and what action was taken against defaulters to recover the huge … [Read more...] about PMO & RBI Should Reveal Information On Willful Defaulters & Raghuram Rajan’s Letter : CIC [Read Order]
RBI’s One-Day Default Rule: Delhi HC Notice On Petition Against ‘One-Size-Fits-All’ Approach
Share Tweet Plus One Pin It Email Print By: Akanksha Jain June 2, 2018 7:43 pm Change Font Size The Delhi High Court has issued notices to the Centre and the Reserve Bank of India on a petition challenging the controversial ‘one-day default rule’ stipulated by the (RBI) wherein even a day’s delay in repayment of term loans would be considered as default and banks will have to report it to the RBI. The petitioner prayed that the circular dated 12.02.2018 issued by RBI numbered RBI/2017-18/131 be quashed declaring the same to be arbitrary, unconstitutional and violative of Articles 14, 19(1)(g) and 21 of the Constitution insofar as it effectively reduces the default reporting provisioning window in the banks to a mere 1-day default from the existing standard of ninety (90) days. The petition moved by the All India Bank Officers Confederation (AIBOC) challenges the February 12, 2018 circular issued by the RBI stipulating the one-day default rule … [Read more...] about RBI’s One-Day Default Rule: Delhi HC Notice On Petition Against ‘One-Size-Fits-All’ Approach
I-T Defaulters Need Not Apprehend Immediate Arrest On Issuance Of Show Cause Notice: Karnataka HC [Read Order]
Share Tweet Plus One Pin It Email Print By: Ashok Kini July 8, 2018 1:55 pm Change Font Size ‘When a defaulter appears before the Tax Recovery Officer, he shall be given an opportunity of hearing and only thereafter, an order could be passed for detention of the defaulter in the civil prison.’ The Karnataka High Court has observed that there need not be any apprehension of immediate arrest or detention in civil prison on issuance of a show cause notice by the Income Tax authorities. Justice John Michael Cunha was considering an anticipatory bail petition wherein issue was whether a person issued with a notice under Rule 73 of the Second Schedule of the Income Tax Act 1961 is entitled to invoke Section 438 of CrPC. The court observed that the proceedings initiated against the petitioner for recovery of the tax dues with the issuance of show cause notice as contemplated in Rule 73 of the Second Schedule which specifically provides that no order … [Read more...] about I-T Defaulters Need Not Apprehend Immediate Arrest On Issuance Of Show Cause Notice: Karnataka HC [Read Order]
Disclosure of Loan Defaulters’ List : CIC Should Ensure Compliance By RBI, Acharyulu Writes To Chief Information Commissioner
Share Tweet Plus One Pin It Email Print By: Live Law November 20, 2018 3:38 pm Change Font Size The outgoing Central Information Commissioner Prof.M. Sridhar Acharyulu has written to the Chief Information Commissioner R K Mathur making a fervent plea that CIC should take steps to make the Reserve Bank of India comply with the orders of CIC to disclose information of willful loan defaulters. The letter comes in the wake of November 16 direction by him to RBI and PMO to disclose information on list of willful defaulters and action taken on the ‘alerting letter’ written by former Governor of RBI Raghuram Rajan on February 5, 2015. Acharyulu reminded the Chief Commissioner that RBI is continuing its defiance of 11 earlier orders issued by CIC. “Are we under oath to help in the concealment of details of those who thrive on fraud despite the knowledge that 3 lakhs farmers committed suicide across the country as they could not pay … [Read more...] about Disclosure of Loan Defaulters’ List : CIC Should Ensure Compliance By RBI, Acharyulu Writes To Chief Information Commissioner