Chennai : The Madras High Court has quashed a case against a retired high court judge relating to alleged flouting of RBI guidelines by a finance firm in which he was a director after his retirement from judicial service. Allowing the petition by G Ramanujam seeking quashing of the case, Justice A Arumughaswamy said from a perusal of the records it was clear that the petitioner had resigned before the alleged violation of the RBI rules and the resignation had also been accepted by the Registrar of Companies. The judge was of the view that the petitioner was in no way concerned with the complaint and quashed the proceedings against the retired judge pending before the Additional Chief Metropolitan Magistrate, Economic Offences I. In his petition, Ramanujam submitted that he had a distinguished tenure as a judge of the court for 16 years from 1969 and after retirement in 1985 he was appointed a director of Viswapriya Financial Services and Securities Limited. Due to his failing health, he resigned from the company on December 25, 2008 which was accepted by the board. Charging five of the company's Directors, including the retired Judge, with offences under the RBI Act, the RBI in a complaint said the firm on February 5, 2009 had published an advertisement offering 'generous returns' on investments. The former judge contended he had submitted his resignation which had been accepted by the Registrar of Companies on January 30, 2009 itself before the advertisements were published.
HBL
