The writ petition challenges an order dated 20.04.2023 by the Review Committee of Punjab National Bank, confirming an earlier order dated 13.07.2022 by the Identification Committee, which declared the petitioner, Ratul Puri, as a Wilful Defaulter under the Master Circular on Wilful Defaulters, 2015, issued by the Reserve Bank of India (RBI). The declaration stemmed from Puri's association with Moser Baer Solar Ltd. (MBSL). The bank alleged diversion of funds and failure to meet loan repayment obligations by MBSL.
Ratul Puri, the petitioner, is the Chairman of Hindustan Power Projects Pvt. Ltd. Punjab National Bank (PNB) sought to declare Puri a Wilful Defaulter due to his association with Moser Baer Solar Ltd. (MBSL). MBSL, a subsidiary of Moser Baer India Limited (MBIL), faced financial difficulties. The bank alleged that MBSL had diverted funds through lease agreements with MBIL and investments in Helios Photovoltaic Ltd. A Forensic Audit Report was used as the basis for the Wilful Defaulter declaration. The petitioner resigned as Executive Director of MBSL on 30.04.2012 and as full time Director on 16.11.2012. The lender banks were aware of the lease agreements and the investments during the CDR process. The court found that the security deposits by MBSL to MBIL were not
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The writ petition challenges an order dated 20.04.2023 by the Review Committee of Punjab National Bank, confirming an earlier order dated 13.07.2022 by the Identification Committee, which declared the petitioner, Ratul Puri, as a Wilful Defaulter under the Master Circular on Wilful Defaulters, 2015, issued by the Reserve Bank of India (RBI). The declaration stemmed from Puri's association with Moser Baer Solar Ltd. (MBSL). The bank alleged diversion of funds and failure to meet loan repayment obligations by MBSL.
Ratul Puri, the petitioner, is the Chairman of Hindustan Power Projects Pvt. Ltd. Punjab National Bank (PNB) sought to declare Puri a Wilful Defaulter due to his association with Moser Baer Solar Ltd. (MBSL). MBSL, a subsidiary of Moser Baer India Limited (MBIL), faced financial difficulties. The bank alleged that MBSL had diverted funds through lease agreements with MBIL and investments in Helios Photovoltaic Ltd. A Forensic Audit Report was used as the basis for the Wilful Defaulter declaration. The petitioner resigned as Executive Director of MBSL on 30.04.2012 and as full time Director on 16.11.2012. The lender banks were aware of the lease agreements and the investments during the CDR process. The court found that the security deposits by MBSL to MBIL were not
…An earlier writ petition was disposed of…
Respondent Bank issued a…