Judgment Search Results Home > Cases Phrase: banking regulation act 1949 section 45v references to directors etc shall be construed as including references to past directors etc Court: delhi Page 1 of about 1 results (0.099 seconds)

The Vaish Co-operative Adarsh Bank Ltd. Vs. the Delhi Co-operative Tri ...

Court : Delhi

Reported in : 100(2002)DLT485

..... the main challenge through this petition is that in view of section 21 of the banking regulations act, 1949, the arbitrator and the tribunal have no jurisdiction to re-open the two loan accounts of 1971 and 1972 on the ground that the rate of interest charged by the petitioner bank was excessive as this was a subject matter of written contract between the petitioner ..... as otherwise expressly provided in this act - (a) the provisions of this act shall have effect notwithstanding anything to the contrary contained in the memorandum or articles of a banking company, or in any agreement executed by it, or in any resolution passed by the banking company in general meeting or by its board of directors, whether the same be registered, executed or passed, as the case may be, before or after the commencement of the banking companies (amendment) act, 1959; and(b) any provision contained in the memorandum, articles, agreement or resolution aforesaid shall, to the extent to ..... reading of the aforesaid provision shows that any stipulation for increase of interest from the date of default, or stipulation by way of penalty like the above referred clauses of the mortgage deed in question are penal in nature.13 ..... rate of interest was much below, under the facts and circumstances of the case, the reasonable interpretation seems to be that they intended to prescribe the maximum rate of penal interest (which would include penalty as well as the normal interest). '4. ..... act to override memorandum, articles, .....

Dashrath Singh Vs. Andhra Bank and Others

Court : Delhi

..... it is relevant in this context to refer to section 10 (b) (i) of the banking regulation act, 1949 which provides prohibition of employment of managing agents and restriction on certain forms of ..... , the earlier proceedings were initiated, inter alia, for having involved in a criminal case and the subsequent order of dismissal was passed on the basis of the conviction of the petitioner in the criminal case in view of section 10(1)(b)(i) of the banking regulation act, 1949 which lays down that no banking company shall employ or continue the employment of any person who is or has been convicted by a criminal court of an offence involving moral turpitude. 31. ..... , except in the case provided for by section 335, voluntarily causes grievous hurt, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine. 32. ..... the statutory provisions of the 1949 act, provide that the management shall not permit any person convicted for an offence involving moral turpitude to continue in employment. ..... need be made that punishment of fine up to a certain limit, say up to rs.2000 or so, on a summary/ordinary conviction shall not be treated as conviction at all for any purpose and all the more for entry into and retention in government service. ..... word "disqualification" in section 12 of the 1958 act provides that such a person shall not stand disqualified for the purpose of other acts like the representation of the people act, 1950, etc. .....

Kanta Mehta Vs. Union of India and Others

Court : Delhi

Reported in : [1987]62CompCas769(Delhi)

..... finance companies were already subject to the regulation and supervision of the directions of the reserve bank issued by it in pursuance of powers under chapter iii-b of the reserve bank of india act, and it would have been superfluous to include these financial institutions within section 58a of the act. 23. ..... clause 5(3)(b) provided that on and from april 1, 1981, no loan company shall receive or renew any deposit against an unsecured debenture or from a share-holder, if the amount of any such deposit together with the amount of such other deposits of all or any of the kinds referred to in the sub-clause and outstanding in the books of the company as on the date of the acceptance or renewal of such deposits, exceeds ..... , the banking regulation act, 1949 (to be called 'the 1949 act'), was enacted with the objective, inter alia, of protecting the ..... sub-section (5) of section 10a, further empowers the reserve bank to vary the composition of the board of directors of the banking company, by removing a director from the membership of the board of directors and appointing a suitable person, in place of ..... and that all is well in the world of money-mopping institutions like the petitioners this question can only be answered by looking into the various legislations, reports and studies, that have, in the past, examined the question and offered their solutions. 17. ..... that a depositor can be given advance against a certain percentage of his own deposits for purchase of household goods, etc. .....

Amarjit Singh Vs. Punjab National Bank and Others

Court : Delhi

Reported in : [1987]61CompCas153(Delhi); [1987(54)FLR261]; (1986)IILLJ354Del

..... section 19 of the banking companies (acquisition and transfer of undertakings) act, 1970, the board of directors made in consultation with the reserve bank of india and with the previous sanction of the central government, punjab national bank (officers) service regulations, 1979, punjab national bank officer employees and (conduct) regulations, 1977, and punjab national bank officer employees (discipline & appeal) regulations ..... a grey area, partly because service in the public sector is outside article 311 of the constitution, even though it is quite possible to construe the scheme and the provisions of the various service regulations in the bank, as indeed, in other public sector organisations, as conferring virtually a right to the post on confirmation, even independently of article 311 of the constitution. ..... establishment of the public sector and determine its true role and importance as also the scheme and some of the provisions of the banking regulation act, 1949, the banking companies (acquisition and transfer of undertakings) act, 1970, and the relevant service regulations applicable to the petitioner. 16. ..... context, there is hardly any doubt left that the order is condemnatory of the petitioner, either with reference to his integrity or his conduct in relation to his duties or his ability to carry out his ..... respect of matters, other than those included in the schedule shall continue to be exercised by the ..... past ..... regulation 7 deals with contribution to newspapers, radio, etc .....

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

Court : Delhi

Reported in : ILR1973Delhi392; (1973)IILLJ204Del

..... under sub-section (2) of section 25 of the regulation act, every banking company shall submit to the reserve bank a return in the prescribed form and manner of the assets and liabilities referred to in sub-section (1) of that section and under section 26, every banking company shall within thirty days after the close of each calendar year, submit a return in the prescribed form and manner to the reserve bank as at the end of such calendar year of all accounts in ..... section 12a of the regulation act, the reserve bank has the power to require any banking company to call a general meeting of the shareholders within a specified time to elect in accordance with the voting rights permissible under the regulation act fresh directors and the banking company shall be bound to comply with the order of the bank ..... 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 ..... bank under the act, other functions were entrusted to the bank under other laws like the foreign exchange regulation act, the banking regulation act etc ..... , there are provisions in the electricity supply act which clearly show that the powers conferred on the board include power to give directions, the disobedience of which ..... regulations referred to above are to be construed strictly as a contract, then no rights at all are secured under the contract in favor of an employee and he would be completely at the mercy of the bank .....

In Re: Jvg Leasing (Securities and Finance) Ltd. and ors.

Court : Delhi

Reported in : [2008]144CompCas780(Delhi); (2006)2CompLJ242(Del); [2007]79SCL541(Delhi)

..... in the year 1959, the banking regulation act was amended to include sections 17 and 18 thereby requiring banking companies to create reserve funds and maintain ..... subsequently, it was notice that the non-banking companies, which were not covered by the banking regulations act, 1949, started accepting deposits from the public in a ..... is looked into in the aforesaid perspective, i am not convinced with the interpretation given by him to sub-section (4) of section 45mc of the act and to suggest that since all the provisions of the companies act apply to such winding up petitions, provisions of sections 391 to 394 shall automatically apply, more so when any of the grounds stated in clauses (b) to (d) of sub-section (i) of section 45mc is satisfied. ..... been vested with powers to issue guidelines encompassing aspects such as income recognition, accounting standards, provision for bad and doubtful debts, capital adequacy, etc, which are intended to ensure sound and healthy operations and the quality of assets of these companies. ..... found that the scheme was not genuine but patently fraudulent as it had been evolved as a cloak to cover the misdeeds of the directors to avoid misfeasance proceedings against them.25. ..... three companies (hereafter referred to as the 'companies') were classified as non-banking finance companies (nbfc ..... the public at large and have committed gross violations in the matter of repayment of their deposits;(e) all the three companies are defunct for the past several years. .....

Bari Doab Bank Ltd. Vs. Union of India and Others

Court : Delhi

Reported in : AIR1998Delhi95; [1997]89CompCas438(Delhi)

..... section 11(3) of the banking regulation act, 1949 (hereinafter referred to as 'the act'), are cited in the petition to reiterate that the bank is fully entitled to continue its business and there is no justification for issuance of the impugned order dated september 30, 1996, under section 45 of the act ..... bank under this section in relation to regional rural banks may (without prejudice to the exercise of such powers by the reserve bank in relation to any regional rural bank whenever it considers necessary so to do) be exercised by the national bank in relation to the regional rural banks, and, accordingly, sub-sections (1) to (5) shall apply in relation to regional rural banks as if every reference therein to the reserve bank included also a reference to the national ..... which, and the other terms and conditions on which, such change or appointment shall be made and in the case of appointment of a new board of directors or of any director, the period for which such appointment shall be made; (d) the alteration of the memorandum and articles of association of the banking company on its reconstruction or, as the case may be, of the transferee bank for the purpose of altering the capital thereof or for such other purposes ..... court held as follows (at page 18) : 'turning now to the language used we are clear that by no stretch of imagination can this be construed to be an order which in effect says - 'i, so and so, by virtue of the authority vested in me, do hereby order and direct .....

ideal Bank Ltd. (In Liquidation) Vs. Pride of India Pictures Ltd. (In ...

Court : Delhi

Reported in : AIR1983Delhi546; [1985]57CompCas546(Delhi); ILR1983Delhi919

..... 45d of the banking regulation act, 1949, by a bank, in liquidation, against a joint stock company, also in liquidation, and another joint stock company which claims to be its creditor, are based on disputes between the bank, on the one hand, and the company in liquidation and its creditor on the other, as to the nature of the indebtedness of the company in liquidation to the bank, the identity of the assets by which the debt purported to be secured, and raise some ..... settle in the manner provided the list of debtors of a banking company which is being wound up sub-section (4) of this section further provides that at the time of such settlement, 'the high court shall pass an order for the payment of the amount due by each debtor and make such further orders as may be necessary in respect of the relief claimed, including reliefs against any guarantor or in respect of the realisation of ..... are also references in the agreement that the company would render a true and proper account of virtually all its dealings to the bank and that the company would hold these assets as the trustee of the bank during the operation ..... khurana, a former managing director of the bank, and its voluntary liquidator, and a number of documents executed by the company, the execution and genuineness of ..... relief to be granted against the creditor of the company, who had the custody and control of at least two cinema houses which were on lease with the company, including their fittings, fixtures, machinery etc. .....

Punjab National Bank Vs. S.K. Poddar

Court : Delhi

Reported in : (2003)ILLJ757Del

..... of the learned counsel for the parties it will be necessary to refer to paras (2) and (10) of the scheme of amalgamation notified by the central government under section 45 of the banking regulations act, 1949. ..... of stationery, other stocks and stores, all investments in stocks, shares and securities, all bills receivable in hand and in transit, all cash in hand and on current or deposit account (including money at call or short notice) with banks, bullion, all book debts, mortgage debts and other debts with the benefit of securities, or any guarantee thereforee, all other, if any, property rights and assets benefit of all guarantees in ..... connection with the business of the transferor bank shall, subject to the other provisions of this scheme, stand transferred to, and become the properties and assets of, the transferee bank; and as from the prescribed date all the liabilities, duties and obligations of the transferor bank shall be and shall become the liabilities, duties and obligations of the transferee bank to the extent and in the manner provided hereinafter. ..... xx xx xx' '(10) all the employees of the transferor bank other than those specified in the schedule referred to in the succeeding paragraph shall continue in service and be deemed to have been appointed by the transferee bank at the same remuneration and on the same terms and conditions of service as were applicable to such employees immediately before the close of business on 24th .....

Mrs. Leelawati Singh and anr. Vs. State and ors.

Court : Delhi

Reported in : 4(1998)CLT165; 75(1998)DLT694

..... referred to the above nomination rules under the banking regulations act, 1949 ..... the relevant provision is section 45za of the banking regulation act, 1949, and the same is as under:'nomination for payment ..... agarwala, the learned counsel for the third respondent submitted that having regard to the provisions of the banking regulations act, 1949, the effect of nomination is that the nominee becomes the absolute owner and it would amount to a testamentary disposition and the third respondent is fully justified in drawing ..... the categorical pronouncements by the supreme court about the nomination and in the light of the provisions of the banking regulations act, 1949, which have been extracted above, i do not find any merit in the submission made by mr. ..... a banking company in accordance with the provisions of this section shall constitute a full discharge to the banking company of its liability in respect of the deposit: provided that nothing contained in this sub-section shall affect the right or claim which any person may have against the person to whom any payment is made under this section. 9 ..... will had been taken from channamma when she was not in a disposing state of mind, and that the testatrix had no right to execute the will as she had no title to the properties included therein,. ..... mentioned therein should be dedicated to thakurji and the income there from should be utilised towards the expenses relating to the rag, bhog, puja and construction and repairs of the thakur bari, etc. .....