CM-15428-CWP-2026 in/and CWP-8250-2021 -1- IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH 172+216 CM-15428-CWP-2026 in/and CWP-8250-2021 Date of decision: 26.08.2026 ANIL SINGLA AND COMPANY AND OTHERS ...Petitioner(s) Versus RESERVE BANK OF INDIA AND OTHERS ...Respondent(s) CORAM: HON'BLE MR. JUSTICE TRIBHUVAN DAHIYA Present: Mr. Polly Shera, Advocate for the petitioners. Petition qua petitioners no.3 and 4 was dismissed as withdrawn vide order dated 27.11.2024. Mr. Deepak Suri, Advocate for respondents no.1, 3 and 4. Mr. Bhuwan Vats, Advocate for applicant/respondents no.2 and 5. TRIBHUVAN DAHIYA, J. (ORAL) CM-15428-CWP-2026 For the reasons stated, the application is allowed. Written statement on behalf of respondents no.2 and 5 is taken on record, subject to all just exceptions. Main Case The petition has been filed, inter alia, seeking a writ of mandamus directing the respondents to continue engagement of the petitioners AMAN DUA 2026.09.02 09:01 I attest to the accuracy and authenticity of this judicial document CM-15428-CWP-2026 in/and CWP-8250-2021 -2- as Statutory Branch Auditors (SBAs) with the second respondent/Indian Bank. 2. Learned counsel for the petitioners contended that the petitioners were appointed/engaged as SBAs by the Allahabad Bank. They had furnished an undertaking that to advise the Bank for a period of four years and would not render professional services to any other bank. Accordingly, their services could not have been discontinued during that period. 3. Learned counsel for the respondents, however, submit that the petitioners were engaged as SBAs by the erstwhile Allahabad Bank, which merged with the Indian Bank in 2020-21. In terms of the guidelines issued by the Reserve Bank of India (RBI), the Bank had the option either to continue with their engagement or engage fresh SBAs, and the Bank opted for the latter. Accordingly, vide letter dated 15.02.2021, Annexure R-1/5, it was decided not to reappoint SBAs of the erstwhile Allahabad Bank for residual term commencing from financial year 2020-21 onwards. They further submit that in terms of the norms on eligibility, empanelment and appointment of SBAs in public sector banks for the year 2020-21 and onwards, issued by the RBI, SBAs have a maximum tenure of four years in a particular bank and the appointment is to be made on an annual basis. The relevant guideline reads as under: C. General guidelines applicable to appointment of Statutory Branch Auditors 3. SBAs will have a maximum tenure of four years in a particular bank. The appointment of SBAs will be made on an annual basis, subject to their fulfilling the eligibility norms AMAN DUA 2026.09.02 09:01 I attest to the accuracy and authenticity of this judicial document CM-15428-CWP-2026 in/and CWP-8250-2021 -3- prescribed by RBI from time to time, and also subject to their suitability. Accordingly, the petitioners cannot claim any right to continue as SBAs. 4. Submissions made by learned counsel for the parties have been considered. 5. Keeping in view the fact that the petitioners, who were appointed as SBAs by the Allahabad Bank in 2020-21, could have continued in such engagement for a maximum period of four years in terms of the aforesaid general guidelines which is already over, adjudication of the lis would only be academic. It may also be mentioned that despite the decision not to continue with the petitioners’ engagement, they stay on the ‘non-continuing (new) lists of PSBs’ which ensures that they remain eligible to be chosen by any Bank for the subsequent statutory audit cycle as well. 6. The petition is, accordingly, disposed of. 26.08.2026 (TRIBHUVAN DAHIYA) AD JUDGE Whether speaking/reasoned : Yes/No Whether reportable : Yes/No AMAN DUA 2026.09.02 09:01 I attest to the accuracy and authenticity of this judicial document