Siddartha Karnani Comments on RBI’s Rejection of Tata Sons’ Application

Siddartha S. Karnani was quoted in BusinessLine in an article examining the Reserve Bank of India’s rejection of Tata Sons’ application.

Commenting on the possible grounds for challenging the rejection, Siddartha noted that the most viable ground for Tata Sons could be natural justice, particularly given reports that the RBI communicated its decision through a brief letter stating that the application “cannot be acceded to”, without disclosing reasons for distinguishing the Shanghvi Finance precedent or explaining which aspects of the application were found wanting.

He further observed that a challenge based on the absence of a reasoned, speaking order may have greater significance than one based purely on retrospectivity. According to Siddartha, such a challenge could result in the RBI being required to reconsider its decision, although it would not necessarily guarantee the outcome sought by Tata Sons.

Siddartha’s comments were published in BusinessLine’s analysis of the legal and regulatory questions arising from the RBI’s rejection of Tata Sons’ application. Read more: https://www.thehindubusinessline.com/companies/rbis-rejection-of-tata-sons-application-raises-questions/article71468523.ece

Last Updated on 25 September, 2026