Judgment Search Results Home > Cases Phrase: banking regulation act 1949 section 32 copies of balance sheets and accounts to be sent to registrar Page 1 of about 630 results (0.262 seconds)

incan Mutual Fund Benefit Ltd. Vs. Incan Employees Welfare Association

Court : Allahabad

Reported in : [2006]129CompCas977(All); [2004]51SCL438(All)

..... not in relation to the non-banking financial institution but it related to a banking company wherein the kerala high court held that a banking company can be wound up only under the provisions of part iii of the banking regulation act, 1949, and not under section 433 read with the allied sections of the companies act, 1956. ..... that every non-banking organization, if so required by the bank, shall send the annual balance sheet and profit and loss account or other annual accounts to every person.11 ..... ashok harbola, who had filed application in the company law board, raj pati dubey, adarsh chhabra and sewak kumar menon who are directors of the company as per the information furnished by the registrar of companies, shall file an affidavit of undertaking that the aforesaid scheme shall be implemented without fail, to the reserve bank of india, department of supervision (financial companies), new delhi within ten days from the receipt of ..... the company be wound up by the court;(b) if default is made in delivering the statutory report to the registrar or in holding the statutory meeting;(c) if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year;(d) if the number of members is reduced, in the case of public company, below seven, and in the case of a private company, below two;(e) if the company is unable to pay its debts;(f) ..... copy of every application made by the bank under sub-section (1) shall be sent to the registrar .....

Choudhry Traders Rep. by Its Proprietor, Mr. Ramdath Choudhry S/O Late ...

Court : Andhra Pradesh

Reported in : 2008(3)ALD670; 2008(4)ALT193

..... for writ of mandamus declaring the inaction of the first respondent bank on the representation dated 28.3.2006 of the petitioner for grant of ots-2005 being violation of mandatory guidelines under ots 2005 of the second respondent as also discriminatory, indiscrete and contrary to sections 21 and 35a of the banking regulation act, 1949 and also in violation of fundamental rights guaranteed under articles 14 and 21 of the constitution of india and consequently directing the first respondent bank to accept amount from the petitioner as per ots-2005 scheme for ..... but the decision has to be taken without delay, and the reserve bank already knows intimately the affairs of banking companies and has had access to their books and accounts. ..... one time settlement scheme was formulated by the reserve bank on the basis of statement made by the hon'ble finance minister before the parliament on 10.08.2005 in the policy paper submitted for stepping up credit to smes and the reserve bank issued guidelines on one time settlement scheme for sme account vide rpcd.plnfs.bc. no. ..... 15,88,363/- and the debit balance in the loan account (excluding the interest 1.4.2004 to 20.4.2006) was rs. ..... the guidelines dated 3rd september 2005 issued by the second respondent to all public sector banks containing the scheme of one time settlement in respect of npas of sme accounts of public sector banks shall cover npa's in sme sector which have become doubtful or loss as on march 31st 2004 with outstanding balance of rs. .....

State Bank of Hyderabad and Etc. Etc. Vs. Advath Sakru and Another Etc ...

Court : Andhra Pradesh

Reported in : AIR1994AP170; 1993(1)ALT608

..... banking companies, it was contended that after coming into force of section 21-a of the banking regulation act, 1949 (for short 'regulation act, 19490, courts are prohibited/debarred from reopening the transactions entered into between the banking company and its debtor invoking the provisions of usurious loans act, 1918 (for short 'act 10 of 1918') irrespective of the fact whether the transaction was entered into prior to the coming into force of section 21-a of the act ..... are as follows:'we find much substance in this appeal and we hold that section 21-a of the banking act is applicable in this case and, therefore, the learned trial court has committed an error in ordering reopening of the accounts from the beginning of the transaction. ..... the learned judge rejected the contention holding that section 21-a of the regulation act, 1949 which came into force on 15-2-1984 relates to procedure in the matter of re-opening of account and, therefore, will be applicable to the suit transaction which ..... the debtor of all-liability in respect of any excessive interest; (ii) notwithstanding any agreement, purporting to close previous dealings and to create a new obligation, reopen any account already taken between them and relieve the debtor of all liability in respect of any excessive interest, and if anything has been paid or allowed in account in respect of such liability, order the creditor to repay any sum which it considers to be repayable in respect thereof; (iii) set aside either wholly .....

K.T.S. (Singapore) Plc. Ltd. Vs. Associated Forest Products (Pvt.) Ltd ...

Court : Kolkata

Reported in : (1993)1CALLT382(HC),[1996]85CompCas190(Cal),1996(55)ECC12

..... even if the agreement between the petitioning creditor and the company did not explicitly provide for the obtaining of the permission from the reserve bank, section 47(2) of the foreign exchange regulation act provides that every contract governed by the laws of india would have an implied term to the effect that anything agreed to be done which was prohibited to be done, except with the permission of the reserve bank, shall not be done unless such permission ..... 1961]3scr1029 , the supreme court was called upon to consider whether an application under section 20 of the arbitration act, 1940 (by which a foreign seller sought to have a dispute in respect of its claim on account of contract by a indian buyer referred to arbitration), was violative of section 5 of the foreign exchange regulation act, 1947 (equivalent to section 9 of the foreign exchange regulation act, 1973).41. ..... to my mind it is quite impossible to regard such a finding by the registrar as a bar in itself to a finding of fact by the county court judge that there was no bona fide dispute as to this debt ..... the petitioning creditor has produced a copy of a telex also dated october 2, 1986, bearing the serial number mentioned in the telecom bill of the petitioning creditor, the contents of which are very different from the contents of the telex produced ..... the telex dated october 2,1986, alleged to have been sent by the petitioning creditor to the company admitting that the timber was defective and conceding a 25 per cent. .....

State of M.P. and Others Vs. Sanjay Nagayach and Others

Court : Supreme Court of India

..... the order of supersession has to be tested under the legal framework in which the co-operative bank and its controlling authorities have to function under the act read with the provisions of the reserve bank of india act, 1934 (for short rbi act), the banking regulation act, 1949 (for short regulation act), the banking law (application to co-operative societies) act, 1965 (23 of 1976), the deposit insurance and credit guarantee corporation act, 1961 (for short dicgc act), the national bank for agricultural and rural development act, 1981 (for short nabard ..... was further stated that in the case of district co-operative bank, the powers under section 53(2) of the act are vested with the regional joint registrar and notice issued by the joint registrar was not sent for the opinion of the state government. ..... certain deficiencies in the banks functioning, like non-adherence to the provisions of the income tax act, lack of internal checks and control systems and unsatisfactory compliance to their previous inspection report, had also found a place in their inspection report, the copy of which was forwarded to the rbi vide their communication dated ..... terms of audit para 23 of audit report for the fy ended 2000-01, reconciliation of entries in the books of accounts of dccb panna was pending and it has not been resolved.non-reconciliation of books by dccb panna is an operational risk which has also been pointed out by nabard in its inspection reports for the fy 2008-2009 and 2010-2011. .....

State of M.P.and ors. Vs. Sanjay Nagayach and ors.

Court : Supreme Court of India

..... of the order of supersession has to be tested under the legal framework in which the cooperative bank and its controlling authorities have to function under the act read with the provisions of the reserve bank of india act, 1934 (for short rbi act ), the banking regulation act, 1949 (for short regulation act ), the banking law (application to cooperative societies) act, 1965 (23 of 1976), the deposit insurance and credit guarantee corporation act, 1961 (for short dicgc act ), the national bank for agricultural and rural development act, 1981 (for short nabard ..... it was further stated that in the case of district co-operative bank, the powers under section 53(2) of the act are vested with the regional joint registrar and notice issued by the joint registrar was not sent for the opinion of the state government. ..... is not clear from observation of jrcs, panna that the interest accrued and paid was time deposit or saving bank deposit account made after 01.07.1995. ..... certain deficiencies in the bank s functioning, like non-adherence to the provisions of the income tax act, lack of internal checks and control systems and unsatisfactory compliance to their previous inspection report, had also found a place in their inspection report, the copy of which was forwarded to the rbi vide their communication dated 1.2.2008.19 ..... in terms of audit para 23 of audit report for the fy ended 2000- 01, reconciliation of entries in the books of accounts of dccb panna was pending and it has not been resolved. .....

Nagavarapu Krishna Prasad and anr. Vs. Andhra Bank Ltd.

Court : Andhra Pradesh

Reported in : [1983]53CompCas73(AP)

..... when the company was nationalised under the ordinance of 1980, the predominant and paramount object of the company, was banking business and the company was banking company, as defined by the provisions of the banking (regulation) act, 1949. ..... 6(1) of the banking regulation act, 1949, till today ..... the coming into force of the banking regulation act, 1949, by virtue of ss. ..... the coming into force of the banking regulation act, 1949, under s. ..... as the following substantial questions of law of general importance are involved which require consideration by the supreme court : '(1) whether the main object of the company is banking business and whether in view of the fact that it is no longer able to carry on the said object can it be said that the substratum of the company has disappeared in order to justify winding-up order under section 433(f) of the companies act (2) even if the substratum cannot be said to have disappeared whether it is otherwise just ..... was further denied that the receipt of seventy-five lakhs of rupees out of the compensation in cash, and the balance in long-term securities, was not prejudicial to the company and the board of directors acted in the interests of the company. ..... which it was stated that the letters of consent said to have been obtained from the other shareholders, did not disclose that the members concerned had applied their minds before subscribing their signatures and that what was given was a blank paper sent for filing a petition on their behalf under ss. .....

Subramanya Vs. Chairman and Managing Director

Court : Karnataka

Reported in : ILR1995KAR3434

..... regulations it is apparent have a statutory flavour, for the same have been framed in exercise of the powers vested in the respondent-bank under section 19 of the banking companies (acquisition and transfer of undertakings) act, ..... calcutta 1 963 (1) llj 679 the delinquent employee was found to have committed two mistakes while checking load sheets and the balance-charts which mistakes could involve possible accident to the air craft and possible loss of human life. ..... has not been given any precise definition by the conduct regulations, or the discipline and appeal regulations of the bank which regulate the procedure for the conduct of disciplinary enquiries against the employees; the penalties that can be imposed and the provisions regarding appeals against such penalties. ..... counsel appearing for the bank was given an opportunity to produce a copy of the resolution of the board of directors if any by which the joint general manager was appointed as the 'competent authority' under regulation 3(1) of the regulations. ..... do not provide that defalcation of accounts would also amount to a 'misconduct' or that fraud and forgeries committed by an employee could be made a basis for disciplinary proceedings and eventual removal of the employee concerned. ..... counsel appearing for the bank was given an opportunity to produce a copy of the resolution of the board of directors if any by which the joint general manager was appointed as the 'competent authority' under regulation 3(f) of the regulations. .....

Hans George Vs. State

Court : Mumbai

Reported in : AIR1964Bom274; (1964)66BOMLR262; 1964CriLJ650; ILR1964Bom319; 1964MhLJ441

..... that the policy of law, as, disclosed by the scheme of section 8 of the foreign exchange regulation act, is to impose a ban on the import of gold and silver except under the permission of the reserve bank, so that he who brings gold or silver into india, actually or fictionally, must be able to justify his act on the permission of the reserve bank or else must submit to the consequences of having brought the ..... to time, the reserve bark of india hereby gives general permission to the bringing or sending of any of the following articles, namely, (a) any gold coin, gold bullion, gold sheets or gold ingot, whether refined or not; or (b) any silver bullion, any silver sheets or plates which have undergone no process of manufacture subsequent to rolling, or any silver coin not current in the country of issue; or (c) any jewellery or articles made wholly ..... considering the question whether the normal presumption is rebutted we must take into account the words of the statute creating the offence as also the subject-matter with ..... orders must be promulgated or published because, unlike the acts of parliament, they do not receive publicity and are not publicly enacted, it seems to us startling that a notification issued by the reserve bank imposing conditions, subject to which alone articles mentioned therein may he brought or sent into india, could attract serious penal consequences even if the notification was never promulgated or published and resided in the secret drawer of an executive. .....

Veeramachaneni Subba Rao (Died) and ors. Vs. Indian Bank, Rep. by the ...

Court : Andhra Pradesh

Reported in : 1997(4)ALT112

..... , act and by virtue of section 21a of the banking regulation act, 1949 the transaction between the appellant-defendant and the respondent-bank under the usurious loans act cannot be opened. ..... as follows:'the language of section 21a of tanking regulation act indicates clearly that intention of the parliament that whatever may be the stage of the suit or even the date of the transaction, the moment the aid of the court is sought to reopen the transaction between the banking company and its debtor under the provisions of section 3 of the usurious loans act, the injunctions/prohibition against reopening contained in section 21a of regulation act, 1949 comes into play. ..... it, therefore, follows that the injunction/prohibition or the bar directed by section 21a to any court comes into play irrespective of the fact that the transaction between the banking company and its debtor is prior to the coming into force of section 21a of regulation act, 1949. ..... so long as the proceeding is pending in any court as on the date of coming into force of section 21a of regulation act, 1949, the prohibition automatically comes into pay and the court is bound to apply the same and refuse to reopen the transaction in view of the mandate contained in section 21a. ..... on the same day, he opened his account with the respondent-bank and borrowed a sum of rs.10,000/-. ..... the interest charged is usurious and, therefore, the appellant-defendant is entitled for reopening the account and scaling down the quantum of interest. .....