Court : Supreme Court of India
Reported in : II(1994)BC613(SC); [1994]81CompCas842(SC); JT1994(7)SC87; 1994(3)SCALE46; (1994)5SCC213; [1994]Supp1SCR170
..... and if so, what relief defendant is entitled to? the division bench thereafter examined the provisions of the reserve bank of india act, 1934, the banking regulation act, 1949 and the banking companies (acquisition and transfer of undertakings) act, 1970 as amended from time to time and noticed the various directives/circulars issued ..... by the reserve bank in exercise of power conferred by section 21 of the banking regulation act, 1949 and concluded as under:it is thus clear that the ordinary practice or custom of banks ..... of the judgment thus:it is clear that the said provision makes the provisions of usurious loans act inapplicable to any transaction between a banking company and its debtor. the courts' power to reopen the transaction, under the provisions of the usurious loans act on the ground that the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1996SC11; [1994]Supp2SCR122
..... 8 (full marks), 5 and 7 respectively. the company, tata cellular, which had not borrowed at all from the commercial banks, has been awarded only 4 marks. it requires to be noted that borrowing from commercial banks was prohibited by reserve bank of india.116. then again, one of the ..... prescribed criterion is 2.4.6 which carries 12 marks, namely, the financial strength of the partner company. the annual turnover from tata cellular, from indian ..... operators.158. summarizing, the following operators are recommended for giving the cellular licence - ________________________________________________________ name of the equated fe expe- over collaborator company rental inflow/ rience all orator outflow ________________________________________________________ 1 2 3 4 5 6 ________________________________________________________ bombay 1. bharati 37.3 7 15 78.3 srf .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]84CompCas230(Guj)
..... tapping financial resources and in the changed new economic scenario and globalisation of the economy will create more confidence in the persons dealing with the company. it is pointed out that dilution of investment in ggcl and acquisition of shares in nocil sold by shell has no relevance to the scheme. it is pointed out that nocil was jointly promoted by mil ..... to march 31, 1993. they have, in para 9.3, noticed that the paid-up capital of mf, on giving effect to the fact that the company has furnished a guarantee to financial institutions and banks on behalf of meil, would work out to rs. 31.49 crores as on march 31, 1993. mil holds 12,06,914 ordinary shares of rs ..... a matter of the commercial wisdom of the shareholders. the approach of the court in such matters is pointed out by the calcutta high court in the case of united bank of india ltd. v. united india credit and development co. ltd. [1977] 47 comp cas 689 wherein it is pointed out by the court that in sound exercise of its .....
Tag this Judgment!Court : Chennai
Reported in : (1995)IIMLJ367
..... tamil nadu and tamil nadu sugar corporation ltd., (judgment dated 12-1-1988). the bank was granting loans to madura sugars ltd., a company registered under the companies act. the company had to face certain problems and the government of tamil nadu intervened by passing an act called madura sugar limited (acquisition and transfer of undertaking) act, 1984 (tamil nadu act 18 of 1984). under ..... section 15 of the act, a commissioner was appointed for payment of amounts payable under section 9. the bank made a claim before the commissioner for the amount due from the company. the commissioner, by order dated 29-7-1986 .....
Tag this Judgment!Court : Chennai
Reported in : (1995)2MLJ367
..... corporation limited, w.p. no. 7562 of 1987, judgment dated 12.1.1988. the bank was granting loans to madurai sugars limited, a company registered under the companies act. the company had to face certain problems and the government of tamil nadu intervened by passing an act called madura sugars limited (acquisition and transfer of undertaking) act, 1984, (tamil nadu act 18 of 1984). under ..... section 15 of the act, a commissioner was appointed for payment of amounts payable under section 9. the bank made a claim before the commissioner for the amount due from the company. the commissioner, by order dated 29.7.1986 .....
Tag this Judgment!Court : Delhi
Reported in : 1995IAD(Delhi)1238; AIR1995Delhi323; II(1995)BC42; [1998]92CompCas849(Delhi)
..... money from the public, repayableon demand or otherwise, and withdrawable by cheque, draft, order or otherwise. under section 6 of the banking regulation act, in addition to the business of banking, a banking company may engage in any one or more of the following forms of business.'(a) the borrowing, raising, or taking up of ..... charitable or benevolent objects or for any exhibition or for any public, general or useful object; (k) the acquisition, construction, maintenance and alteration of any building or works necessary or convenient for the purpose of the company; (l) selling, improving, managing, developing, exchanging, leasing, mortgaging disposing of or turning into account or ..... and enforcement of any tax; (b) foreign exchange, import and export across customs frontiers; (c) industrial and labour disputes; (d) land reforms by way of acquisition by the state of any estate as defined in art. 31a or of any rights therein or the extinguishment or modification of any such rights or by way of .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1996All135
..... case it was argued that the word 'industry' if read widely, would include not only the process of manufacture or production but also activities attached thereto such as acquisition of raw materials and disposal of finished products of that industry. while rejecting the argument the supreme court held as thus:--'19. the argument, however, was that the ..... the legislative competence of the state. the supreme court following its earlier decision in the cases of tika ramji, harak chand, ganga sugar, kannan devan and calcutta gas company (supra) held as thus:'the present legislation, as a result of the amendments, controls the supply and distribution of the goods produced by the industry. as rightly ..... 117 of the reports that if the argument based on lal singh's case was accepted curious results will follow. it may also be noticed that in rohilkhand kumaun bank v. row, (1884) ilr 6 all 468, a full bench made following observations:'..... it seems to us that the word 'judgment' as used in that rule .....
Tag this Judgment!Court : Delhi
Reported in : 1996IIIAD(Delhi)197; 64(1996)DLT671
..... 9.12.1993, due to non-availability of suitable (successful) candidates, appearing from their respective circles. (2) the facts relevant for deciding the petition are that the respondent bank is a banking company constituted under banking companies (acquisition and transfer of undertakings) act, 1970 with its registered office at calcutta. it has a chairman-cum-managing director as its head. it is under the overall control ..... of ministry of finance, department of economic affairs (banking division), government of india, which has exclusively and administrative control over the respondent bank. (3) under the revised promotion policy, framed under .....
Tag this Judgment!Court : Authority for Advance Rulings
Reported in : (1997)224ITR473AAR
..... from ministry of finance stating that the application has been rejected on the ground that the applicant does not satisfy the capitalisation norms for non-banking finance companies (attachment). generally, fipb takes approximately 90 days to approve a proposal. in the case of offshore funds, many a time, core investors insist ..... in accordance with the investment management agreement(s), (hereinafter referred to as 'agreements') and all decisions relating to the fund, including, without limitation, the acquisition, management and disposition of portfolio investments, shall be made solely by the board of directors of the manager acting pursuant to and in accordance with the ..... and such guidelines on environmental protection and social and rehabilitation issues which may be adopted by the asian development bank, a core investor. in addition, trust fund investments may include holdings of listed companies that could be of particular benefit to the fund." 50. under this paragraph, the ic can also .....
Tag this Judgment!Court : Kolkata
Reported in : (1998)3CALLT253(HC)
..... been held to be an authority within the scope of art. 12. it is for the reason that these nationalised banks have been created by statute. namely, the banking companies (acquisition and transfer of undertakings) act. 1970. they are wholly owned by the central government and the provisions contained in the said act make it ..... the said act) every officer or other employee of an 'existing bank' became, on the commencement of the said act. an officer or other employee, as the case may ..... to the intent that the settlement shall be binding on the banks and the workmen in the manner contemplated in section 18 of the industrial disputes act. 1947'. 'it was argued on behalf of the petitioner that in view of section 12(2) of the banking companies (acquisition of transfer of undertakings) act. 1970 (hereinafter referred to as .....
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