Court : Mumbai
Reported in : 1994(1)BomCR642; (1993)95BOMLR118
..... 6 (see definition of central bank vide section 2(6) of maharashtra co-operative societies act).if the two definitions, namely, the definition of 'primary co-operative bank' and the definition of 'primary credit society' in banking regulation act, 1949, are considered together, one thing is quite certain that the primary co-operative bank cannot be and could never be taking the character of primary co-operative bank cannot be and could never be taking the character of primary credit ..... thereafter relied upon the definition of 'co-operative bank' as defined in maharashtra co-operative societies act vide section 2(10) which runs as under :'co-operative bank' means a society which is doing the business of banking as defined in clause (b) of sub-section (1) of section 5 of the banking companies act, 1949, and includes any society which is functioning or is to function as (an agriculture and rural development bank) under chapter (i);' 3. ..... the only banking society which was intended to be covered appears to be the 'district central co-operative bank' which creates the funds for being loaned to other societies and which does not include the urban co-operative bank like the present ..... ' in order that section 73-b should apply to the present case, it is essential for the petitioners to show that in the case of the ..... view of the matter, it will not be possible for us to accept the argument of the learned counsel that the notification dated 6th july, 1971, also applies to the respondent no. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1993Bom252; 1993(2)BomCR615; [1995]82CompCas707(Bom)
..... 1 co-operative bank being a society registered under the maharashtra co-operative societies act was governed as such by the said maharashtra co-operative societies act and the reserve bank of india exercising its powers under the banking regulation act, 1949 could not have issued a circular giving directions and putting restrictions on the disbursement of profits for charitable and public purposes superseding those as prescribed under s. ..... they are part iia relating to control over management, part iic relating to acquisition of the undertakings of banking companies, part iii relating to suspension of business and winding up of banking companies and part iiia relating to procedure for speedy disposal of winding up proceedings. ..... 35a of the banking regulation act where the reserve bank is satisfied that in the public interest or in the interest of banking policy or to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors or in a manner prejudicial to the interests of the banking company or to secure the proper management of any banking company generally it is necessary to issue directions to banking companies generally or to any banking company in particular, it may from time to time issue such directions as it deems fit, and the banking companies or the banking company, as the case may be, shall be bound to comply with such .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1971Bom365
..... not within the power of the registrar to interfere under section 78 of the societies act with a banking institution which is governed by the banking regulation act, 1949 and not by the maharashtra co-operative societies act ..... section 2(7) 'committee' means the committee of management or other directing body, to which the management of the affairs of a society is entrusted, under section 2(10) 'co-operative bank' means a society which is doing the business of banking as defined in clause (b) of sub-section (1) of section 5 of the banking companies act, 1949 (now it is amended as banking regulation act, 1949) and includes any society, which is functioning or is to function as a land development bank ..... questions raised to the petition were of such importance and the state did not object to the substitution being made and accordingly though the matter did not fall strictly under order 22 of the code of civil procedure, the substitution ..... it was contended there that the bihar land reforms act encroached upon the union list because the act was sought to apply to government ghatwal tenures which are of quasi military nature and, therefore, deal with the ..... on 7-7-1970 detailing the several acts of omission and commission by the society and showing the several defects and irregularities on the part of the management and required the board of directors of the petitioner-society as to why the chairman and the directors of the board of directors of the said bank should not be removed and one or .....
Tag this Judgment!Court : Mumbai
Reported in : AIR2009Bom138; 2009(4)BomCR734; 2009(111)BomLR1863; 2009(4)MhLj183
..... the securitisation act to the multi state cooperative societies is concerned, placed reliance on the provision of section 2(c)(v) of the securitisation act and notification dated 28th january, 2003 issued in exercise of that power and section 56 of the banking regulation act,1949 in general and sub clauses (cci) and (cciiia) thereof in particular to contend that the provisions of the securitisation act are very ..... act to apply to co-operative societies subject to modifications:the provisions of this act, as in force for the time being, shall apply to, or in relation to, co-operative societies as they apply to or in relation to, banking companies subject to the following modifications, namely;(c) in section 5 -----(i) after clause (cc), the following clauses shall be inserted, namely'-(cci) 'co-operative bank means a state co-operative bank, a central cooperative bank and a primary co-operative bank ..... of which is the transaction of banking business;(2) the paid-up share capital and reserves of which are not less than one lakh of rupees; and(3) the bye-laws of which do not permit admission of any other co-operative society as a member:provided that this sub-clause shall not apply to the admission of a co-operative bank subscribing to the share capital of ..... banks established under maharashtra cooperative societies act come within the sweep of securitisation act, then on the same footing, multi state cooperative bank will be well within the sweep of the securitisation act ..... the part of .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2007SC2320; 2007(4)ALLMR(SC)749; 2007(3)BomCR673; [2007(114)FLR155]; (2007)IILLJ825SC; 2007(4)MhLj506; 2007(5)SCALE57; (2007)4SCC685; 2007AIRSCW4020; JT2007(4)SC572; 2007(3)KCCRSN178(SC).;
..... opinion that introduction of the banking companies act, 1949 in clause (bb) of section 2 of the id act is a case of incorporation by reference; it has become its integral part and therefore, subsequent amendments in the br act would not have any effect on the expression 'banking company' as defined in the said section.25. ..... such multi-state banking company referred to in the br act of being bodily lifted in the id act by legislative incorporation of the br act, 1949 and, therefore, when the expression 'banking company' was expanded in 1965 to include co-operative banks, such co-operative banks also became banking companies under the br act and if any of these newly included banking companies operate in more than one state, then they also become multi-state banking companies for the purpose of section 2(bb) of the id act. ..... inter-alia, holding that the definition of banking company would not include a co-operative bank, which would be regulated under the provisions of the maharashtra state co-operative societies act, the learned judge set aside the order of the industrial court and remanded the matter back to that ..... that the parliament expressly amended section 2(bb) to include state bank of india, notwithstanding amendments to the br act on 22nd october, 1956 to apply that act to the state bank of india and corresponding new banks is a strong indicator of the legislative intent that amendments to the br act were not intended to apply automatically to section 2(bb) of the id act.10. .....
Tag this Judgment!Court : Mumbai
Reported in : (1992)94BOMLR454; [1994]80CompCas212(Bom)
..... this context, useful reference may be made to section 56 of the banking regulation act which makes certain provisions of the said act applicable even to co-operative banks. ..... attention was invited to several provisions of the banking regulation act, 1949, to indicate how pervasive and exhaustive is the control of the reserve bank of india over the banking institutions. ..... is obliged to pass an order for winding up of the bank if so required by the reserve bank of india in the circumstances referred to in section 13(d) of the deposit insurance corporation act ('the dic act'); (iii) the registrar is obliged to order supersession or removal of the committee and appointment of an administrator therefor for such period or periods not exceeding five years in the aggregate if so required to do so by the reserve bank of india; (a) in public interest, or (b) for preventing the affairs of the bank being conducted in a manner detrimental to the interests of the depositors ..... the registrar, co-operative societies, has issued notices under section 78 of the maharashtra co-operative societies act to all the 28 members of the committee of the said bank calling upon them to show cause as to why the committee should not be removed for the several charges mostly pertaining to mismanagement mentioned in the ..... deshmukh, learned counsel for the petitioners, orally applied for leave to appeal to the supreme court ..... section 36aa which is contained in part ii-a is not made applicable to co-operative banks .....
Tag this Judgment!Court : Mumbai
Reported in : 2007(5)ALLMR540; 2008(1)BomCR485
..... banking society and is under the control of the reserve bank of india as well as national bank for agricultural and rural development (nabard), in so far as the regulation of banking operations are concerned in accordance with the banking regulation act, 1949 ..... banking regulation act, 1949 was also amended and such co-operative banking societies were brought under the control of the said act by inserting part - v in the said act ..... 4 - bank being a co-operative society the circular dated 19.11.2003 issued by general administration department of government of maharashtra cannot be said to have been issued under section 79a of the maharashtra co-operative societies act, 1960 and, therefore, the same is not binding on ..... to finance the agriculturists as well as societies, a provision under section 73g of the maharashtra co-operative societies act was made for statutory recognition of the district central co-operative banks in the state of maharashtra and such these class of societies were classified as 'specified societies' ..... (2) circular dated 19.11.2003 has a statutory force since the same can be read as the one under section 79a of the maharashtra co-operative societies act, 1960 and even otherwise in its executive power the government can issue the said circular which has the binding effect ..... apply only to the employment under the state and the public undertakings and not to the co-operative banks ..... the said government circular specifically applies to all co-operative societies including .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2004SC141; 2004(5)ALLMR(SC)26; [2003]117CompCas618(SC); JT2003(8)SC170; 2003(9)SCALE84; (2003)11SCC66; [2003]48SCL319(SC); 2004(1)LC441(SC); (2004)1UPLBEC341
..... that section 2 of the banking regulation act, 1949 lays down that, 'the provisions of this act shall be in addition to and not, save as hereinafter expressly provided, in derogation of, any other law for the time being in ..... this business was different from 'other forms of business' in which banking companies [or co-operative banks as per amendment in section 56] may engage in and which are specifically stated in section 6 of the banking regulation act, 1949. ..... provided, no co-operative society shall carry on banking business in india unless - (a) it is a primary credit society, or(b) it is co-operative bank and holds a license issued in that behalf by the reserve bank, subject to such conditions, if any, as the reserve bank may deem fit to impose : provided that nothing in this sub-section shall apply to a co-operative society, not being a primary credit society or a co-operative bank carrying on banking business at the commencement of the banking laws (application to co-operative societies) act, 1965, for a period of one year ..... 30th december, 1995, issued by the state of maharashtra the appellants were declared as a state co-operative bank within the meaning of section 2(u) of the national bank for agriculture and rural development act, 1981 (hereinafter referred to as the nabard act). ..... by the impugned judgment the writ petition has been partly allowed inasmuch as the notification dated 30th december, 1995, as well as orders/directions dated 25th january, 1996 and 14th may, 1996, .....
Tag this Judgment!Court : Mumbai
Reported in : [2005(106)FLR52]
..... section 6 of the banking regulations act, 1949, the provisions of the banking regulation act as in force for the time being are made applicable to co-operative societies as they apply to 'or in relation to banking companies. ..... force immediately before the commencement of this act, this act shall apply to the industries to which the said act applied:provided that this act shall cease to apply with effect from the date on which the bombay industrial relations (amendment) act, 1949, comes into force, to the imperial bank of india and any banking company as defined in section 5 of the banking companies act, 1949, having branches or other establishments in more than one state.there is yet another legislation known as maharashtra recognition of trade unions and prevention of ..... of banking company would not include a co-operative bank winch is regularised under the provisions of the maharashtra state co-operative societies act or for that matter a bank registered under the provisions of the multi state co-operative societies act.7. ..... of the above provisions, on behalf of the petitioner their learned counsel submits that the reference to banking company as made applicable to cooperative banks with effect from 1.3.1966 by part v of the banking regulation act will not apply to the definition of banking company under the provisions of the industrial disputes act, 1947. ..... 769 of 2002 before the industrial court, maharashtra, under item 5 of schedule ii and items 3, 5, 9 and 10 of schedule iv of .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1983Bom317; (1983)85BOMLR134
..... section 73bb in so far as it relates to co-operative banks does not conflict with the banking regulation act, 1949 ..... the state government has applied the provisions of section 73bb to (1) the maharashtra state co-operative bank limited, bombay, (2) the maharashtra state co-operative land development bank limited, bombay, (3) the maharashtra state cooperative marketing federation limited, bombay, (4) all district central cooperative banks, (5) all co-operative sugar factories, (6) all co-operative spinning mills, and (7) the maharashtra co-operative housing finance ..... contained in section 11 of the industrial disputes act, 1947 (14 of 1947), or any other law for the time being in force, no banking company shall, in any proceeding under the said act or in any appeal or other proceeding arising therefrom or connected therewith, be compelled by any authority before which such proceeding is pending to produce, or give inspection of, any of its books of account or other document or furnish or disclose any statement or information, when the banking company claims that such ..... any of the items of the agricultural produce specified in the schedule in accordance with the local conditions prevailing in different parts of the state in pursuance to the legislative policy which was apparent on the face of that act and that by doing so the legislature had not stripped itself of its essential powers or assigned to the administrative authority anything but an ancillary or subordinate power which was .....
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