Madras High Court Closes Plea Seeking Regulation Of Gold Loans And Auctions

The <b>Madras High Court</b> has closed a public interest litigation petition seeking directions to regulate the activities of non-banking financial institutions that lend money against gold jewellery. The case was filed by <b>A. Joseph Sagayaraj</b> of Tiruchi against the Union Finance Ministry and the Reserve Bank of India to stop the auction of pledged jewels on non-payment of dues. Chief Justice <b>Sushrut Arvind Dharmadhikari</b> and Justice G. Arul Murugan disposed of the matter after recording the RBI statement that necessary circulars and guidelines were already issued.