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    Karthik Kanna
    The petitioner purchased 6 vehicles under a hire purchase agreement with a finance company. A dispute arose when the finance company illegally seized one of the petitioner's vehicles without notice in March 2013, prior to an alleged arbitration award dated March 18th, 2013. The petitioner complained to the Reserve Bank of India regarding the finance company's violation of regulations, but the Reserve Bank did not take action and simply forwarded the complaint. As the finance company admits seizing the vehicle before the arbitration date, the petitioner is seeking cancellation of the finance company's registration for illegally seizing the vehicle and the Reserve Bank's inaction.

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    Synopsis

    Uploaded by

    Karthik Kanna
    387 views2 pages
    The petitioner purchased 6 vehicles under a hire purchase agreement with a finance company. A dispute arose when the finance company illegally seized one of the petitioner's vehicles without notice in March 2013, prior to an alleged arbitration award dated March 18th, 2013. The petitioner complained to the Reserve Bank of India regarding the finance company's violation of regulations, but the Reserve Bank did not take action and simply forwarded the complaint. As the finance company admits seizing the vehicle before the arbitration date, the petitioner is seeking cancellation of the finance company's registration for illegally seizing the vehicle and the Reserve Bank's inaction.

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    SYNOPSIS FORMAT OF WRIT PETITION IN MADRAS HIGH COURT

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    The petitioner purchased 6 vehicles under a hire purchase agreement with a finance company. A dispute arose when the finance company illegally seized one of the petitioner's vehicles without notice in March 2013, prior to an alleged arbitration award dated March 18th, 2013. The petitioner complained to the Reserve Bank of India regarding the finance company's violation of regulations, but the Reserve Bank did not take action and simply forwarded the complaint. As the finance company admits seizing the vehicle before the arbitration date, the petitioner is seeking cancellation of the finance company's registration for illegally seizing the vehicle and the Reserve Bank's inaction.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    387 views2 pages

    Synopsis

    Uploaded by

    Karthik Kanna
    The petitioner purchased 6 vehicles under a hire purchase agreement with a finance company. A dispute arose when the finance company illegally seized one of the petitioner's vehicles without notice in March 2013, prior to an alleged arbitration award dated March 18th, 2013. The petitioner complained to the Reserve Bank of India regarding the finance company's violation of regulations, but the Reserve Bank did not take action and simply forwarded the complaint. As the finance company admits seizing the vehicle before the arbitration date, the petitioner is seeking cancellation of the finance company's registration for illegally seizing the vehicle and the Reserve Bank's inaction.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    of 2

    BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT

    (Special Original Jurisdiction) W.P No. R.Syed Raviya Vs. The Union of India. Rep by the Secretary, Ministry of Finance, New Delhi. & 3 ors. SYNOPSIS The present case is a dispute between the hire purchase agreement parties. The respondent finance company illegally seized one of the petitioners vehicle TN 59 AS 4615 without any notice. The finance company alleges that they repossessed the vehicle subsequent to the Interim award in Arbitration dated 18.03.2013. But admittedly the vehicle has been seized on or before 11.03.2013. The petitioner approaches the Reserve Bank of India for appropriate action for violation of NBFC-MFIs (Reserve Bank of India) Directions, 2011 against the finance company prays for Cancellation of Registration of the finance company as provided U/S 45-IA (6)(iv)a of the Reserve Bank of India Act, 1934 RELATED PARTIES : Petitioner : R.Syed Raviya (Debtor ) M/S TATA MOTOR FINANCE LTD ( Financier & agent) / 2013 Petitioner.

    Respondents

    Respondents 3 & 4 :

    DATE

    TRANSACTION Petitioner purchased 6 vehicle under Hire Purchase Agreement Minor default in repayment (2 months)

    DOCUMENT ANNEXED

    2010 -2011

    Loan agreements

    End of 2012

    11.03.2013

    Illegally seized the vehicle without notice . Arbitration award (disputed as antedated)

    18.03.2013

    Alleged arbitration award.

    19.03.2013

    Petitioner complains to Reserve Bank for statutory violation in RBI directions Without taking any action simply forwarded the complaint to Finance Company The Finance company sending a reply to the petitioner and stated that they seized the vehicle only in consequence of Arbitral award dated 18.03.2013. however admits the seizure as early on 11.03.2013 Representation to the 2nd respondent in light of the admitted facts and seeked cancellation of Registration of Finance company No further action, Hence the present petition

    Petitioners representation

    04.04.2013

    Proceedings copy

    09.05.2013

    Letter copy

    23.05.2013

    Representation

    Whether the seizure of the TN 59 AS 4615 vehicle by the finance company is illegal? If yes, whether the Reserve Bank of India is bound to take action against the finance company? is the question in issue.

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