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RBI Board Supersession Upheld Despite Invalid State Consultation: Kerala HC
Case Law Details
- Case Name
- M P Jackson Vs Reserve Bank of India (Kerala High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Kerala High Court
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M P Jackson Vs Reserve Bank of India (Kerala High Court)
The Kerala High Court considered a writ petition challenging the Reserve Bank of India’s order issued under Section 36AAA read with Section 56 of the Banking Regulation Act, 1949, superseding the Board of Directors of an Urban Co-operative Bank and appointing an Administrator. The petitioner, the former President of the Bank, sought restoration of the elected Managing Committee, contending that the supersession order violated the principles of natural justice, lacked mandatory consultation with the State Government...
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