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Declaring a person ‘fraud’ and ‘willful defaulter’ without giving a fair chance to explain is invalid

December 17, 2020[2020] 122 taxmann.com 154 (Andhra Pradesh and Telangana)
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FEMA, INSURANCE & BANKING : Declaring a person/company 'fraud' and 'wilful defaulter' without giving a fair chance to explain or challenge such finding is invalid, hence, principle of audi alteram partem, part of principles of natural justice is to be read in clauses 8.9.4 and 8.9.5 of RBI Master Circular , dated 1-7-2016, before any company or person is declared as fraudulent

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