Court : Mumbai
Reported in : 2005(5)BomCR481; (2005)107BOMLR983; [2005]128CompCas196(Bom); 2005(4)CTC705; 2005(4)MhLj5; [2005]64SCL589(Bom)
..... , bond or any other instrument covered under the guidelines given, and regulations made, by the sebi, established under the securities and exchange board of india act, 1992 (15 of 1992);-(ii) amounts contributed as capital by partners of a firm;-(iii) amounts received from a scheduled bank or a cooperative bank or any other banking company as defined in clause (c ) of section 5 of the banking regulation act,1949 (10 of 1949);-(iv) any amount received from, -(a) the industrial development bank of india,(b) a state financial corporation,(c) any financial institution specified in or under section 6-a of the industrial development bank of india act, 1964 (18 of 1964), or(d) any other institution ..... the statement of objects and reasons sets out the underlying basis of the enactment in the following terms:'there is mushroom growth of financial establishments in the state of maharashtra in the recent past. ..... the constitutional validity of the maharashtra protection of interests of depositors (in financial establishments) act, 1999, forms the basis of challenge in this batch of petitions under article 226 of the constitution. ..... reliance has been placed on the statement of objects and reasons to demonstrate that a situation had evolved in the state of maharashtra in which financial establishments had mushroomed with the object of grabbing money received as deposits from the public on the basis of attractive rates of interest or rewards. .....
Tag this Judgment!Court : Mumbai
Reported in : (1989)ILLJ446Bom
..... therefore, section 51 of the banking regulation act, 1949 was amended with effect from 19th july 1969 as under :'without prejudice to the provisions of the state bank of india act, 1955, or any other enactment, the provisions of sections 10, 13 to 15, 17, 19 to 21, 23 to 28 (excluding sub-section (3)), 31, 34, 35, 35-a, 36 (excluding clause (d) of sub-section (1)), 46 to 48, 50, 52 and 53 shall also apply, so far as may be, to and in relation to the state bank of india or any corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970, or a regional rural bank established under section 3 of the regional rural banks act, 1976, or any other ..... 'in other words, the provisions of section 46a of the banking regulation act are to be read in section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 in so far as they relate to a corresponding new bank scheduled therein. ..... bobde, learned advocate general, appearing on behalf of the state of maharashtra, submits that reading the definition of 'public servant' as provided in section 2 of the prevention of corruption act together with the one in clause 12(b) section 21 of the indian penal code along with other provisions of the various enactments concerning the banking business, it is crystal clear that an employee of a nationalised bank is a 'public servant' within the meaning of section 21(12)(b) of the indian penal code. .....
Tag this Judgment!Court : Karnataka
Reported in : 2012(3)KCCR2092
..... for the reasons stated above and adopting pervasive and meaningful interpretation of the provisions of the relevant status and entries 43, 44 and 45 of list i and entry 32 of list ii of the seventh schedule of the constitution, we answer the reference as under:-"co-operative banks" established under the maharashtra co-operative societies act, 1960 (mcs act, 1960): the andhra pradesh cooperative societies act, 1964 [apcs act, 1964]; and the multi-state co-operative societies act, 2002 (mscs act, 2002) transacting the business of banking, do not fall within the meaning of "banking company" as defined in section 5(c) of the banking regulation act, 1949 (br act). ..... as the definition of banking company as contained in the banking regulation act of 1949 and the definition of banks in the rdb act did not include a cooperative bank, the apex court held that the field of co-operative societies cannot be said to have been covered by the central legislation by reference to entry 45, list i of the vii schedule of the constitution. ..... further the petitioners in the said writ petition are also seeking for quashing of the notification bearing no.s.o.105 (e) issued by the central government, ministry of finance and company affairs (department of economic affairs) (banking division) dated 28th january 2003, where under, the central government specifies 'co-operative bank' as defined in clause (cci) of section 5 of banking regulation act, 1949, as 'bank' for the purpose of the act.2. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : JT2009(10)SC554; 2009(11)SCALE217; (2009)8SCC1; [2009]96SCL403(SC); 2009AIRSCW5709
..... the bank, inter alia, is regulated under the provisions of the reserve bank of india act, 1934 as also the banking regulation act, 1949 (for short, 'the 1949 act') its directions are statutory in character.56. ..... the distinction between exercise of jurisdiction under the enabling provisions contained in section 36(1) and the ones under sections 21 and 35a of the banking regulation act and the provisions contained in section 45l of the reserve bank of india act, 1934 is absolutely clear and unambiguous.65. ..... having regard to the provisions of section 36(1)(a) and (b) of the banking regulation act, it was held that they were only in the nature of an advice and not binding on the third parties.64. ..... purchase and sale of securities is also a part of the banking transactions as would appear from section 6(1)(a) of the banking regulations act.98. ..... the authorities and/or officers running the affairs of the scheduled banks therefore were aware thereof. ..... the circular letter was meant for all scheduled banks. ..... state of maharashtra : (2001) 8 scc 257, this court held:the use of different words in sections 6 and 7 of the act as already noticed earlier also show that the words in section 7 that the prosecution for any offence shall be instituted only in special court deserve a liberal and wider construction.47. ..... one of the contentions raised by the learned counsel for the appellants was that further security was not necessary as two cheques had been issued by two scheduled banks. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1993SC2063; [1994]79CompCas298(SC); (1994)2CompLJ430(SC); JT1993(4)SC399; 1993(3)SCALE125; 1993Supp(4)SCC226; [1993]Supp1SCR54
..... similar provisions in regard to the ban are contained in section 8 of the banking regulation act, 1949 which restrain the banks from carrying on any other business. ..... banking regulations act, 1949 is applicable to commercial banks, both in the public sector and private sector registered under the companies act, 1956. ..... the point raised in the civil appeals inter alia is that the parliament has no legislative competence on the subject matter as according to the appellants, the act deals with the money lending and the same falls within entry 30 of list ii (state list) of viith schedule to the constitution of india. ..... there was no act in this state for regulating chit fund business and as a result, some of the chit fund companies in tamil nadu, kerala, maharashtra and andhra pradesh which came under their respective regulatory measures shifted their business to karnataka state and carried on chit fund business in that state without being hampered by the regulatory measures of the respective enactments in such states. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR2002AP91; [2004]121CompCas477(AP)
..... canara bank, in which the supreme court considered the effect of section 21-a of the banking regulation act vis-a-vis order 34, rule 11, of cpc and in almost similar circumstances the supreme court allowed 6% interest from the date of the suit till its ..... was no evidence to prove the transaction and the only evidence produced was the statement of accounts, and according to him, the mere statement of accounts was not conclusive proof for proving the transaction and also proving the net balance, (2) that the mortgage was not found valid as there was no evidence that defendants 2, 6 and 7 had mortgaged the property with the bank and the mortgage deed had not been produced along with the plaint, and (3) that interest ..... could not have been allowed at 12% and that too when the court had decreed subsequent interest also which would ..... an equitable mortgage against the properties described in 'b' schedule by depositing title deeds and other documents mentioned in 'a' schedule for repayment of the loan advanced and to be advanced and bank guarantee by the plaintiff to the defendants 1 to 5. ..... amounts were paid into the bank one on may 14, 1948 and the other on november 24, 1949. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1970Ker120
..... by reason of the death of either party between the conclusion of the hearing and the pronouncing of the judgment, but judgment may in such case be pronounced notwithstanding the death, and shall have the same force and effect as if it had been pronounced before the death took place'.we entertain no doubt that the above provision is applicable to these proceedings by reason of section 483 of the companies act read with rule 6 of the companies court rules 1959, and rule 44 of the rules framed by the travancore-cochin high court under the banking regulation act 1949. ..... application 2 of 1959 from which the connected appeals heard along with these arise, was under section 543 of the companies act, read with section 45h of the banking companies act 1949. ..... the extent of the fraudulent trading of the directors in regard to the claim made in the various schedules of the points of claim will have to be reassessed in the light of our finding as to the directors' knowledge of the true position of the bank. ..... on the fifth head we find that the directors ratified ext. .....
Tag this Judgment!Court : Mumbai
Reported in : 2003(4)BomCR482
..... he invited my attention to section 44-a of the banking regulation act, 1949.section 44-a reads as under:---'procedure for amalgamation of banking companies: (1) notwithstanding anything contained in any law for the time being in force, no banking company shall be amalgamated with another banking company, unless a scheme containing the terms of such amalgamation has been placed in draft before the shareholders of each of the banking companies concerned separately, and approved by a resolution passed a majority in number, representing two-thirds in value of the shareholders of each of the said companies, present either in person or by proxy at a meeting called ..... section 44-a of the banking regulation act, 1949 does not apply where a non-banking finance company is proposed to be amalgamated with a banking company. ..... bare perusal of the provisions of section 44-a of the banking regulation act, however, shows that this objection has no substance in as much as the provisions of that section come into play only in case the transferee and transferor, both the companies, are banking companies. ..... 111, dealing with the similar objection this court observed thus:'one of the objections raised is that the approval of the rbi has not been secured as required by the provisions of the banking regulation act. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1985AP77
..... 21-a of the banking regulation act x of 1949 (hereinafter called the act) falls for determination in this appeal. ..... 21-a of the banking regulation act inserted by sec.24 of the banking laws (amendment) act 1983 (i of 1984). ..... while construing this provision it is necessary to bear in mind that act i of 1984 pertains to banking law, whereas act iv of 1938 is a law relating to relief of the agriculturists' indebtedness governed by entry 30 of lists ii of seventh schedule of the constitution of india.7. ..... accordingly, i am of the opinion that the debts due to the banks are not excluded from the purview of the state act as excepted debts by virtue of s.21-a of the act and the agriculturists governed by act iv of 1938 are entitled to the benefit of the said act in respect of the debts due to the banks also.15. ..... it is pertinent to note in this connection that entry 30of list ii of the state list in the seventh schedule of the constitution of india added for the first time a new subject 'relief of agricultural indebtedness'. ..... in fact the supreme court had an occasion to consider the scope of this entry 30 of list ii while considering the constitutional validity of the maharashtra debt relief act 3 of 1976 and held 'the whole gamut of money lending and debt-liquidation is thus within the state's legislative competence, and not in conflict with entry 52 of list i. ..... stateof maharashtra, : [1977]2scr828 ).12. .....
Tag this Judgment!Court : Chennai
Reported in : [2008]303ITR71(Mad)
..... ,--(i) 'non-scheduled bank means a banking company as defined in clause (c) of section 5 of the banking regulation act, 1949 (10 of 1949), which is not a scheduled bank ;(ia) 'rural branch' means a branch of a scheduled bank or a non-scheduled bank situated in a place which has a population of not more than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year ;(ii) 'scheduled bank' means the state bank of india constituted under the state bank of india act, 1955 (23 of 1955), a subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the banking companies ..... --for the purposes of this clause 'scheduled bank', has the same meaning as in clause (ii) of the explanation to clause (viia) ;(ix) any expenditure bona fide incurred by a company for the purpose of promoting family planning amongst its employees:provided that where such expenditure or any part thereof is of a capital nature, one-fifth of such expenditure shall be deducted for the previous year in which it was incurred; and the balance thereof shall be deducted in equal instalments for each of the four immediately succeeding previous years:provided .....
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