Latest news with #RatulPuri
Economic Times
2 days ago
- Business
- Economic Times
Classification of Ratul Puri, his mother as wilful defaulters legally unsustainable: Delhi HC
Synopsis The Delhi High Court has ruled that the "wilful defaulter" classification of Ratul Puri and his mother, Nita Puri, by the Bank of Baroda and Punjab National Bank is legally unsustainable. The court dismissed appeals by the banks, stating they failed to prove intentional diversion or siphoning of borrowed funds. ANI Representative Image New Delhi: The Delhi High Court has held that the classification of Ratul Puri, former director of Moser Baer India Limited, and his mother Nita Puri as "wilful defaulters" under the Reserve Bank of India (RBI) Master Circular is "legally unsustainable". A division bench of Justices C Hari Shankar and Ajay Digpaul passed the order while dismissing appeals filed by the Bank of Baroda (BoB) and the Punjab National Bank (PNB). The bench held that the "wilful defaulter" declarations were legally unsustainable since the banks had failed to establish, "through verified and objective material, that the transactions in question involved borrowed funds that had been intentionally diverted or siphoned off"."The authorities, at all stages, have to be alive to the fact that a declaration of wilful default, within the meaning of the Master Circular, results in civil death," the bench added that such decisions must be based on the objective facts and circumstances of the case and the borrower's overall track record. The division bench was hearing an appeal against an order passed by a single-judge single-judge bench had held that the essential ingredients of wilful default under the RBI's Master Circular were not met. The banks had then filed the appeals.
Time of India
2 days ago
- Business
- Time of India
Classification of Ratul Puri, his mother as wilful defaulters legally unsustainable: Delhi HC
New Delhi: The Delhi High Court has held that the classification of Ratul Puri , former director of Moser Baer India Limited , and his mother Nita Puri as " wilful defaulters " under the Reserve Bank of India ( RBI ) Master Circular is "legally unsustainable". A division bench of Justices C Hari Shankar and Ajay Digpaul passed the order while dismissing appeals filed by the Bank of Baroda (BoB) and the Punjab National Bank (PNB). Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program The bench held that the "wilful defaulter" declarations were legally unsustainable since the banks had failed to establish, "through verified and objective material, that the transactions in question involved borrowed funds that had been intentionally diverted or siphoned off". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo "The authorities, at all stages, have to be alive to the fact that a declaration of wilful default, within the meaning of the Master Circular, results in civil death," the bench said. It added that such decisions must be based on the objective facts and circumstances of the case and the borrower's overall track record. Live Events The division bench was hearing an appeal against an order passed by a single-judge bench. The single-judge bench had held that the essential ingredients of wilful default under the RBI's Master Circular were not met. The banks had then filed the appeals.
Economic Times
4 days ago
- Business
- Economic Times
Delhi HC upholds quashing of 'wilful defaulter' tag on Ratul Puri
Synopsis The Delhi High Court affirmed a 2023 ruling against Bank of Baroda and Punjab National Bank, which had declared businessman Ratul Puri a wilful defaulter. The court agreed that the RBI's Master Circular requires careful examination before categorizing a borrower as such. Agencies Delhi High Court
Time of India
4 days ago
- Business
- Time of India
Delhi HC upholds quashing of 'wilful defaulter' tag on Ratul Puri
New Delhi: A division bench of Delhi High Court on Friday upheld a 2023 single judge ruling that set aside Bank of Baroda and Punjab National Bank 's decision to declare businessman Ratul Puri as a wilful defaulter under the 2015 Reserve Bank of India 's Master Circular on Wilful Defaulters. "We are in entire agreement with the single judge that the Master Circular does not envisage categorisation of a borrower as wilful defaulter without the requisite degree of circumspection and examination," the bench of Justices C Hari Shankar and Ajay Digpaul said in its order. The bench said the forensic audit report (FAR) did not verify the source of funds invested in the subsidiaries of Moser Baer India (MBIL), with which Puri was earlier associated. The bank could not have issued show-cause notice to him for wilful default without verifying the source of funds, it observed. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program
Time of India
6 days ago
- Business
- Time of India
UPPCL, Hindustan Power sign 25-year PPA for 435 MW solar project
New Delhi: Uttar Pradesh Power Corporation Limited (UPPCL) has signed a 25-year Power Purchase Agreement ( PPA ) with Hindustan Power for procurement of electricity from a 435 MW DC solar PV project to be set up in the state, moving the state closer to its target of achieving 22,000 MW of renewable energy capacity by 2026–27. The project, awarded by UPPCL through a competitive process in April 2025, will supply solar power to the state for 25 years. Hindustan Power said it has begun on-ground operations, including the inauguration of its site office, stakeholder coordination, workforce mobilisation and site development. According to the company, the project will also create employment opportunities and support economic activity in the local community. 'The signing of the power purchase agreement sets the wheels in motion for rapid on-ground implementation. We are moving ahead at full pace to ensure that every aspect, from site development to stakeholder coordination, is executed seamlessly and on schedule. This project reflects our strong focus on delivering clean and reliable energy while supporting Uttar Pradesh's vision of becoming a trillion-dollar economy,' said Ratul Puri, Chairman, Hindustan Power. The company said the initiative is part of its strategy to expand its renewable energy portfolio across the country and supports its goal of achieving 5 GW of clean energy capacity.
