JUDGMENT

1. First petitioner, a company incorporated under the provisions of the erstwhile Companies Act, 1956 and the second petitioner its Managing Director, are knocking at the doors of Writ Court for assailing the notices dated 26.09.2013 & 9.12.2013 issued by the first respondent - Reserve Bank of India, at Annexures-C & D. They also seek quashment of the compounding order dated 22.08.2014 issued by the said Bank at Annexure-K. They also seek to set aside all proceedings initiated by the third respondent Directorate of Enforcement, pursuant to notice dated 9.2.2018 at Annexure- S.

2. After service of notice, the respondent-RBI has entered appearance through its Panel Counsel who has filed the Statement of Objections; the third respondent-ED is represented by the learned CGC who too has filed the Statement of Objections opposing the Writ Petition. Learned Sr. Advocate appearing for the respondent-RBI and learned Addl. Solicitor General of India appearing for the third respondent have resisted the Writ Petition, making submission in justification of the impugned notices & orders, drawing attention of the court to the provisions of law and to the Rulings.

3. BRIEF FACTS OF THE CASE: