Judgment Search Results Home > Cases Phrase: banking regulation act 1949 section 36ae power of central government to acquire undertakings of banking companies in certain cases Page 1 of about 9 results (0.186 seconds)

Dharani Sugars and Chemicals Ltd Vs. Union of India

Court : Supreme Court of India

..... similarly, under sections 36ae and 36af, the central government alone has the power to acquire undertakings of banking companies in certain cases, on receipt of a report from ..... 35aa and 35ab) after section 35a of the banking regulation act, 1949 enables the union government to authorise the reserve bank of india (rbi) to direct banking companies to resolve specific stressed assets by resolution process, ..... are issued in exercise of powers conferred under section 35a, 35aa (read with s.o.1435 (e) dated may 5, 2017 the government of the banking regulation act, 1949; and, section 45l of the reserve bank of india act, 1934. ..... of petitions and transferred cases raise questions as to the constitutional validity of sections 35aa and 35ab of the banking regulation act, 1949 [ banking regulation act ]. ..... therefore, it was considered necessary to make provisions in the banking regulation act, 1949 for authorising the reserve bank of india to issue directions to any banking company or banking companies to effectively use the provisions of the insolvency and bankruptcy code, 2016 for timely resolution of ..... in exercise of the powers conferred by section 35aa of the banking regulation act, 1949 (10 of 1949), the central government hereby authorises the reserve bank of india to issue such directions to any banking company or banking companies which may be considered necessary to initiate insolvency resolution process in respect of a default, under the provisions of the insolvency and bankruptcy .....

K.P. Chackochan and anr. Vs. Federal Bank and ors.

Court : Kerala

Reported in : [1989]66CompCas953(Ker)

..... special powers of the central government to acquire undertakings of banking company when it is satisfied on a report from the reserve bank that the banking company has committed certain defaults and that it is necessary to do so (part 11c, sections 36ae to 36aj of the act) (see tannan on bunking law and practice). 12. ..... the preamble to the amending act 58 of 1968 reads: 'an act further to amend the banking regulation act, 1949, so as to provide for the extension of social control over banks and for matters connected therewith or incidental thereto, and also further to amend the reserve bank of india act, 1934, and the state bank of india act, 1955.' 11. ..... the case set up by the respondents in this regard has two aspects, (1) the company, being a banking company, any question pertaining to its management requires to be considered under the provisions contained in the banking regulation act, 1949, for short, 'the act', (2) to maintain a petition under section 397 of the companies act, the petitioners are bound to obtain the consent in writing of those 100 members/shareholders mentioned in sub-section 1(a) of section 399 and who have not figured as petitioners, so that the petition could be said to be one on their behalf and .....

J.S. Sachdev and ors. Vs. Reserve Bank of India, New Delhi and anr.

Court : Delhi

Reported in : ILR1973Delhi392; (1973)IILLJ204Del

..... under section 36ae, the reserve bank may report to the central government that a banking company may be taken over by the central government and upon such report, the central government may acquire the undertaking of such banking company. ..... section 46 provides for the levy of penalties on the banking companies and the officers of such companies for contravention of the provisions of the regulation act or of the orders or directions issued by the bank to the said companies and under certain circumstances, the bank itself has the power under section 47a to impose penalties on erring banking companies. ..... (18) under the banking regulation act, 1949 (hereinafter referred to as the regulation act) the bank is vested with considerable powers of superintendence and control over other banks. ..... after reviewing the provisions of the act, the full bench observed as follows :- 'theabove review of the provision in the act shows that some of them treat the corporation as any other financial institution, while some provisions give certain special rights or powers in the matter of recovery of its dues or reliefs in case of default on the part of its debtors or loanees, which provision do not militate against the corporation being a trading corporation or a banking corporation. .....

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

Court : Andhra Pradesh

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

..... 7994 of 2005 filed by tuticorin town merchants central association in bombay high court was considered by a division bench vide order dated february 2, 2006 wherein, the high court has observed, inter alia, as under:.it is set out that the circular dated 3rd september 2005 is in the nature of guidelines to public sector banks at the instance of government of india and are issued under section 36 of banking regulation act, 1949, which are directory in nature. ..... power of reserve bank to control advances by banking companies:(1) where the reserve bank is satisfied that it is necessary or expedient in the public interest (or in the interests of depositors) (or banking policy) so to do, it may determine the policy in relation to advances to be followed by banking companies generally or by any banking company in particular, and when the policy has been so determined, all banking companies or the banking company concerned, as the case may be, shall be bound to follow the policy as so determined ..... in terms of section 18 of state bank of india act, 1955 and section 8 of banking companies (acquisition and transfer of undertakings) act, 1970/1980, sbi, its subsidiary banks and other nationalized banks are governed by the directions issued by the central government in consultation with governor, reserve bank of india.30. ..... the doctrine of 'legitimate expectation' had been pressed into service and certain other grounds also had been raised in the affidavit filed in support of the writ petition .....

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

Court : Andhra Pradesh

Reported in : AIR1994AP170; 1993(1)ALT608

..... in the said case, on behalf of the banking company, which was the respondent therein, it was contended that section 21-a of the regulation act, 1949 overrides any other law relating to indebtedness in force in the state and also overrides the provisions of usurious loans act, 1918 as well. ..... likewise, the judgment in central bank of india's case (1991 (1) andh lt 455) referred to supra to the extent it stated that section 21-a of banking regulation act is only prospective and will not apply to suits instituted prior to 15-2-1985, is overruled.78. ..... having regard to the above discussion, it is clear that a distinction must be drawn between the cases where the provision contained a mandate to the court not to give relief and divests the court of its jurisdiction to give relief and the cases where no such mandate is imposed against the court, but a power to re-open on satisfaction of certain conditions is conferred on the court. ..... it is well settled that the provisions which take away or impair vested rights acquired under existing laws, must be presumed to be intended not to have retrospective effect unless, as aforesaid, it is made retrospective expressly or by necessary implication.18. ..... the learned judges relied on the principle that 'an appeal was a continuation of the suit and that the appeal would be governed by the newly enacted clause (a) of sub-s. (1) of s. .....

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 is granted. ..... it is also urged that it was not the petitioning creditor's case fhat the company had not applied to the reserve bank of india for permission. ..... section 47(2) read with the form for the application for remittance of foreign exchange in respect of imports made or to be made, (form a-1) would show that the application for permission has to be made by the importer which in this case was the company. ..... let a xerox copy of this judgment be given to the parties upon their undertaking to apply for the certified copy of the judgment and on payment of usual charges.55 ..... in that case, the petitioning creditor had filed a suit against the company itself and had applied for summary ..... the petitioning creditor filed its affidavit-in-reply in february, 1991, on september 30, 1991, the company prayed for leave to file a supplementary affidavit to bring certain subsequent facts on record. ..... 14,17,554.50 as the price for the sawn timber balau sold and delivered to the undersigned in case of default together with interest at 18 per cent. .....

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

Court : Supreme Court of India

..... 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 ..... joint registrar in his letter dated 19.8.2009 to rbi stated that in the case of district co-operative bank, the powers under section 53(2) of the act are vested with regional joint registrar and the notice issued by the joint registrar is not meant for the opinion of the state government. ..... section 35 of the regulation act empowers the rbi to conduct inspection of the affairs of a banking company. ..... section 3 of the act has empowered the central government to establish such a national bank, i.e. ..... we may, in this connection, refer to certain provisions of the dicgc act which also confers certain powers to the rbi to supersede the committee of the management of the co-operative bank in public interest. .....

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

Court : Supreme Court of India

..... 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 ..... registrar in his letter dated 19.8.2009 to rbi stated that in the case of district co-operative bank, the powers under section 53(2) of the act are vested with regional joint registrar and the notice issued by the joint registrar is not meant for the opinion of the state government. ..... also that if a non-official is appointed in the board of directors of a primary society, he shall be from amongst the members of that society, entitled for such representation and in case of central or apex society, if a person is appointed in the board of directors of such society, he shall be a member of one of its affiliated societies entitled for such representation. ..... section 35 of the regulation act empowers the rbi to conduct inspection of the affairs of a banking company ..... may, in this connection, refer to certain provisions of the dicgc act which also confers certain powers to the rbi to supersede the committee of the management of the co-operative bank in public interest. .....

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

Court : Andhra Pradesh

Reported in : [1983]53CompCas73(AP)

..... 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 ..... that the objects for which the company was established were to carry on the business and undertaking of an electric energy supply company in all its branches and departments including all industries primary or subsidiary to the said business and to work with the previous consent of the government of the central provinces, the akola electric licence granted by the government of the central provinces and any other like electric ..... case for granting leave to appeal 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 ..... this court is, that where an association is formed for a particular purpose, it does not matter that it has large powers in addition to that particular purpose; if that particular purpose fails, any shareholder has a right to say, 'put an ..... company was formed for the purpose of acquiring and working this mine, and upon the representation that they could acquire this upon certain .....

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 ..... repelling the argument their lordships observed thus :'standing orders of a company only describe certain cases of misconduct and the same cannot be exhaustive of all the species of ..... it was argued that since the functions discharged by him were quasi-judicial in nature the same could be questioned in appeal or revision under the act, and therefore the government was precluded, from taking, disciplinary action in regard to such actions. ..... central railway (divisional superintendent, nagpur) (1960) 1 llj 167 a division bench of the bombay high court held that the implied conditions of service in which an employee works include conditions that the servant should be trustworthy that his acts should justify the confidence of the employer, that the employee will not so act as to prejudice or damage the interests of the employer, that the employee would not act or conduct or behave himself in a ..... order on 21st of april 1992 accepting the findings returned by the inquiring authority that the petitioner had allowed temporary over-drafts and clear loans far beyond his discretionary powers, and had acted in total disregard of the prescribed procedure for the grant of open cash credits and allowed the borrowers to divert the bank's funds for acquiring fixed assets. .....