$~1 * IN THE HIGH COURT OF DELHI AT NEW DELHI + W.P.(C) 15057/2004 & CM APPLs. 10771/2004, 14241/2004, 167/2005, 1783/2005, 12708/2005 RESERVE BANK OF INDIA .....Petitioner Through: Mr. Ramesh Babu, Ms. Manisha Singh & Ms. Tanya Chowdhary, Advocates.

versus THE APP. AUTHORITY NBFC REGIST. .....Respondent Through: Mr. Sachin Chopra, Ms. Astha Gupta & Ms. Aakriti Jain, Advocates for R-3/DCM Financial Services Limited.

CORAM:

HON’BLE MR. JUSTICE PRATEEK JALAN

O R D E R

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1. The Reserve Bank of India [“RBI”] has filed this petition under Article 226 of the Constitution, against an order dated 21.05.2004, passed by the Appellate Authority for Non-Banking Financial Company [“NBFC”] Registration, Government of India.

2. Respondent No. 3 – DCM Financial Services Limited [“the company”] applied for a certificate of registration as required under Section 45-IA of the Reserve Bank of India Act, 1934 [“the RBI Act”]. The RBI, by an order dated 05.03.2004, rejected the application on the ground that the company had failed to fulfil the statutory eligibility conditions mentioned in Section 45-IA(4) of the RBI Act. The rejection order was challenged by the company before the Appellate Auth