Ahmedabad Urban Writ Disposed Of

Gujarat High Court today disposed of the writ petition filed by the administrative committee of The Ahmedabad Urban Co-operative Bank Ltd against the Reserve Bank of India order dated December 27, 2001, cancelling its licence under Section 22 of the Banking Regulation Act, 1949.

Disposing of the petition, Justice M S Shah stated that the The Ahmedabad Urban Co-operative Bank Ltd administrative committee can appeal under sub-section 5 of Section 22 of the Banking Regulation Act, 1949 to the Central government within 30 days of the Reserve Bank of India order as the high court was not the appropriate appellate authority in this case.

 

Meanwhile, the petitioner committee is permitted to continue with the recovery proceedings, but shall not invite or accept any fresh deposits, the court order stated.

It is also open to the petitioner bank committee to go ahead and file criminal complaints as well as to order inquiries for the recovery of the dues of the bank, it added.

Earlier, the administrative committee of the Ahmedabad Urban Co-operative Bank Ltd had challenged the Reserve Bank of India