State Bank of India informed the Bombay High Court that it had challenged the order before the apex court, however, it was yet to be heard.
The High Court proposed to hear the petitions for final disposal on September 7 and 8. It admitted the petitions and directed all parties to file their replies. In the meantime, it ruled that the effect of the circulars would be stayed.
The Bench clarified that where FIRs had been lodged and investigation was ongoing, the proceedings in those cases would proceed de hors the findings arrived at on the basis of the RBI’s circulars.
Source: Barandbench
