Telangana High Court issues contempt notice against RBI

Justice CV Bhaskar Reddy of the Telangana High Court on Monday issued a contempt notice against the Reserve Bank of India

Hyderabad: Justice CV Bhaskar Reddy of the Telangana High Court on Monday issued a contempt notice against the Reserve Bank of India for deliberate disobedience of the High Court order dated April 24.

The contempt was filed by AP Mahesh Cooperative Urban bank shareholders welfare association. By the earlier order, the High Court had directed the RBI to appoint an officer of its choice to look after the day to day affairs of the bank and make appropriate policy decisions to protect the interest of shareholders.

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The association complained that, the order was deliberately not acted upon by the RBI, leaving the affairs to Board.

The judge adjourned the case to July 7 for the response of the RBI.