RBI cannot Casually declare a Person Defaulter without strict proof: Madras HC

V. Selvaraj Vs Reserve Bank of India (Madras High Court) In a significant ruling, the Madras High Court has set aside the classification of V. Selvaraj, a retired IAS officer, as a ‘wilful defaulter’ by State Bank of Mysore (now merged with State Bank of India). The court’s decision, delivered in a writ petition filed by Selvaraj, hinged on the lack of concrete evidence establishing his knowledge or involvement in the alleged financial irregularities of the company where he served as an Independent Non-Executive Director. The case, V. Selvaraj Vs. Reserve Bank of India and Ot...