Sunday, January 15, 2012

SECTION 30 OF THE BANKING REGULATION ACT, 1949

The Delhi Tribunal, in case Gupta & Gupta Chartered  Accountants Vs. Reserve Bank of India held that where RBI failed to afford Chartered Accountants an opportunity of defending itself against Nationalized Bank's allegations and also, neither RBI nor Bank had communicated to Chartered Accountants decision to discontinue it as an Statutory Central Auditor for extended review period, it was violate of principles of natural justice and was, therefore, illegal

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