1. Leave to amend so as to add The Bhuj Mercantile Co-op. Bank Ltd. as respondent No.10 is granted. Amendment to be carried out forthwith.
2. Heard Mr. Saurabh Soparkar, learned Senior Counsel with Mr. Amar N. Bhatt, learned advocate for the petitioner.
3. It emerges from the record that under the order dated 30.3.2012 the petitioner RBI issued certain instruction - direction to the respondent No.1. In pursuance of the said instruction the respondent No.2 passed order dated 30.3.2012.
4. It appears that the said order passed by respondent No.2 is taken in revision vide Revision Application No.77 of 2012 by the respondent No.4 to 9. It further emerges from the record that the Revisional Authority has, upon considering the revision application and submission made by the learned advocate for the applicant passed order dated 10.4.2012 whereby the order dated 30.3.2012 passed by respondent No.2 is stayed. As a result of the said order the instruction issued by the RBI under its communication dated 30.3.2012 have lost its efficacy and the operation of the said order is also under injunction.
5. Mr. Saurabh Soparkar, learned Senior Counsel for the petitioner has submitted that the said order is directly in violation of provisions contained under Section 115-A(3) and (4). In support of his submission he also relied on the decision of the Hon'ble Apex Court in case of Reserve Bank of India vs. M.Hanumaiah and others (2008 [1] SCC 770).
6. I have considered the instruction / order dated 30.3.2012 passed by RBI and order passed by respondent No.2. I have also considered the impugned order dated 10.4.2012 passed by the Revisional Authority.
Having regard to the provision contained under Section 115-A (3) and (4) and the above mentioned decision by the Hon'ble Apex Court, below mentioned order is passed:-
Let Notice be issued to the respondents. The office is directed to issue Notice making it returnable on 18.4.2012. The operation and implementation of the order dated 10.4.2012 annexure-A (page 17) shall remain stayed until 19.4.2012. Direct service is permitted today.
(K.M.THAKER,J.) Suresh* Top