Per Revati Mohite Dere, J.

1.1 Heard learned counsel for the parties.

2. Rule. Rule is made returnable forthwith, with the consent of the parties and is taken up for final disposal. Learned counsel waives service on behalf of the respective respondents.

3. By this petition, the petitioners have essentially impugned the order dated 12th November 2024. The said order is at Exhibit `S’ at page 543 of the petition. The said order is issued by the respondent No. 1-Canara Bank identifying the company-Rolta India Limited's account as `fraud’, as a result of which, the petitioner No.1's account also has been classified as `fraud’ by the Canara Bank.

4. Mr. Joshi, learned senior counsel appearing for the petitioners has impugned the said order essentially on the premise, that no personal hearing was accorded to the petitioners and that the said order is an unreasoned order, warranting quashing of the same.

5. As far as learned counsel for the respondent No.1- Canara Bank is concerned, he does not dispute that no hearing was accorded to the petitioners. He, however, disputes the statement made by the learned senior counsel for the petitioners that the order is not a reasoned order.

6. Be that as it may, the fact remains that no personal hearing was given to the petitioners before the impugned order was passed.

7. In view of the statement made by the learned counsel for the respondent No. 1 that no personal hearing was given to the petitioners, before the impugned order was passed as mandated by the RBI Master Circular as well as the judgments of the Apex Court, the impugned order dated 20th December 2024 cannot be sustained and as such, is quashed and set-aside.

8. Needless to state that, the respondent No.1-Bank to pass fresh orders after complying with the directions given in the Master Circular issued by the RBI and the judgments of the Apex Court.

9. As far as respondent Nos. 2 to 5 are concerned, the said respondents have filed their respective affidavits stating therein that till date, no orders have been passed by the said banks.

10. In view of the aforesaid, learned senior counsel for the petitioners, at this stage, does not press for any reliefs, qua the said banks i.e. respondent Nos. 2 to 5.

11. Petition is allowed and disposed of. Rule is made absolute on the aforesaid terms.

12. Needless to state that we have not gone into the merits of the petition and as such, all contentions of all parties are kept open.

13. All concerned to act on the authenticated copy of this order.