Vivek Narayan Sharma vs Union Of India

The Supreme Court admitted the writ petitions challenging the notification dated 8th November 2016, questioning its validity under Section 26(2) and Sections 7, 17, 23, 24, 29, and 42 of the Reserve Bank of India Act, 1934, as well as its compliance with Articles 14, 19, and 300(A) of the Constitution. The Court noted the potential unreasonableness of the notification and its implications on District Cooperative Banks. The matter was referred to a larger bench for authoritative determination due to its public importance and far-reaching consequences.