Case Brief
What Happened
After inspecting the company’s books of account and records as on March 31, 2013, RBI issued public-interest directions under Sections 45JA and 45L of the RBI Act, 1934, against First Leasing Company of India Ltd. The directions prohibit the company from selling, transferring, creating charges or mortgages over, or otherwise dealing with its property and assets without prior written permission from RBI. The company is also barred from declaring or distributing dividends, transacting any business, or incurring further liabilities until further orders.