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 .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1971Bom365
..... under 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 under chapter xi. ..... society, or in any agreement executed by it, or in any resolution passed by it in general meeting, or by its board of directors or other body entrusted with the management of its affairs, whether the same be registered, executed or passed, as the case may be, before or after the commencement of the banking laws (application to co-operative societies) act, 1965 and any provisions contained in the bye-laws, agreement or resolution aforesaid shall to the extent to which it is repugnant to the provision of this part become or be void as the case ..... we agree with the learned counsel for the petitioners that the entries in the list should be construed broadly and not in a narrow pedantic sense. ..... similar observations are to be found in waverly's case : [1963]3scr209 where it is observed that where there are two entries, one general in its character and the other specific, the former must be construed as excluding the latter. .....
Tag this Judgment!Court : Mumbai
Reported in : 1992(1)BomCR610
..... 1 co-operative bank, and the provisions of the banking regulations act, 1949, referred to above that ..... 2 has identified himself to such an extent with the conduct of the departmental enquiry before the enquiry officer by presenting written briefs and by examining witnesses for the enquiry including himself that he has incapacitated himself from acting as disciplinary authority without prejudice or partisanship against the petitioner, in this regard there is a reasonable suspicion in the mind if the enquiry officer also who has suggested that ..... see that section 5-a as substituted by section 56 of the act provides that the provisions of the said act shall have effect, notwithstanding anything to the contrary contained in the bye- laws of a co-operative society, or in any agreement executed by it, or in any resolution passed by it in its general meeting or by its board of directors or other body entrusted with the management of its affairs, whether the same be registered, executed or passed, as the case may be, before or after the commencement of the banking laws (applicable to co-operative societies) act, 1956. ..... of this court is of great relevance when we construe the relevant provisions of the act conferring powers and duties upon the board of directors and the chief executive of a multi state co-operative ..... consideration the relevant factors in that regard such as aggravating or extenuating circumstances, if any, past record of the delinquent employee long length of service etc. .....
Tag this Judgment!Court : Karnataka
Reported in : ILR2003KAR4977; [2004]267ITR742(KAR); [2004]267ITR742(Karn)
..... it is useful to refer to the observation made by the hon'ble supreme court at page 524 of the judgment, which reads as follows:'....it is clear that the provision of safe deposit vaults is part of the ordinary banking business of a bank; this is shown by section 6(1)(a) of the banking regulation act, 1949. ..... with regard to the second contention of sri sesachala, they pointed out that in view of clauses (k) and (i) of sub-section (1) of section 6 of the regulation act, 1949 which provides that the acquisition, construction of a building and leasing of building belonging to a banking company as a banking business, the income received by the assessee by way of rent in respect of premises let out by it must be treated as an income received by the assessee by way of profit and gains and the business attributable to the banking activities of the assessee. ..... the housing society referred to in clause (f) of the said section must be understood as the society which is not carrying on banking business or providing credit facilities which is included under section 80p(2)(a)(i) of the act. ..... in a commercial sense the directors of the company owe it to the bank to make investments which earn them interest instead of letting moneys lie idle. ..... it involves exchange functions such as buying and selling, physical functions such as storage, transportation, processing and other commercial activities such as standardization, financing, marketing intelligence, etc. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2005(4)ALD582; 2005(4)ALT327; [2005]126CompCas708(AP); [2005]63SCL339(AP)
..... but emphatically by others that inasmuch as section 2(e) of the 1993 act defines the expression 'banking company' with reference to its definition in section 5(c) of the 1949 act and without clearly enacting that the said expression shall have the meaning assigned to it in section 5(c) of the 1949 act as amended by act 23 of 1965 or read with section 56, the provisions of the 1993 act should properly be construed as confined to a banking company which is a 'company' as defined in section 5(d) of the 1949 act, meaning a company as defined in section 3 of the companies act, 1956 (the 1956 act) and including a foreign company within the meaning of section 591 of the ..... . act to override bye-laws, etc-(1) the provisions of this act shall have effect, notwithstanding anything to the contrary contained in the bye-laws of a co-operative society, or in any agreement executed by it, or in any resolution passed by it in general meeting, or by its board of directors or other body entrusted with the management of its affairs, whether the same be registered, executed or passed as the case may be, before or after the commencement of the banking laws (application to co-operative societies) act, 1965 .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2000(3)ALD134; 2000(2)ALT511
..... yasangi venkateswara rao, : [1999]1scr213 , contended that the supreme court in these two cases held that in view of section 21-a of the banking regulations act, 1949, the courts cannot reopen any account maintained by the banks relating to transactions with its customers on the ground that the rate of interest charged, in the opinion of the courts, is excessive or unreasonable. ..... the question that arose for consideration in the said decision was whether in view of the insertion of section 21-a in the banking regulations act by banking loans (amendment) act, 1983 (act 1 of 1984), whether the courts are precluded from subjecting transactions entered into between the banksand borrowers from scrutiny under the provisions of the usurious loans act, 1918 or any other similar state law, with a view to giving relief thereunder, and, if yes, whether relief under such laws is wholly impermissible. ..... the said judgment does not come to the aid of the bank as the questions that arose for consideration in the said decision were that whether the circulars and directives issued by the reserve bank oflndia are binding on the banks and if the banks ignore the said circulars and directives, whether the courts could reopen the transaction as to rate of interest notwithstanding section 21-a of the banking regulation act and also the question whether the discretion vested in the ..... ' referring to the judgment in d.s. ..... civil judge, : air1991all114 , etc).15. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2003(6)ALD307; 2003(6)ALT199; II(2004)BC512; [2004]118CompCas707(AP); [2004]51SCL754(AP)
..... the avowed object of the banking regulation act, 1949 is to consolidate and amend the law relating to banking and thereunder provision is made for the regulation and control by the reserve bank of india of the carrying on of the business of banking by banking companies including the rates of interest on advances by banks. ..... be made by that banking company to any one company, firm, association of persons or individual, (d) the maximum amount up to which, having regard to the considerations referred to in clause (e), guarantees may be given by a banking company on behalf of any one company, firm, association of persons or individual, and (e) the rate of interest and other terms and conditions on which advances or other financial accommodation may be made or guarantees may be given;] (3) every banking company shall be bound to comply with any directions given to it under this section. ..... it is to be only construed that it is a deposit made by the plaintiff-society to obtain various other financial benefits including the capital assistance for a sum of rs. 20 to rs. ..... vakharia, so also there does not appear to be any substance, prima facie, in the contention that the power to supersede the board of directors and appoint an administrator has been exercised in this case mala fide. ..... co-operative societies shall not be construed as commercial concerns in the larger interest of state policy of co-operative movement. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2007(6)ALT563
..... act, 1968;(b) the corporation shall register as an insured bank-(i) every new co-operative bank [other than a primary credit society becoming a primary co-operative bank after the commencement of the deposit insurance corporation (amendment) act, 1968] as soon as may be after it is granted a licence under section 22 of the banking regulation act, 1949;(ii) a primary credit society becoming a primary co-operative bank after such commencement within three months of its having made an application for a licence under the said section.provided that a bank referred to in clause (b) shall ..... so deputed to be heard at such meetings and also require such officers to send a report of such proceedings to the reserve bank;(iii) require the board of directors of the banking company or any committee or any other body constituted by it to give in writing to any officer specified by the reserve bank in this behalf at his usual address all notices of, and other communications relating to, any meeting of the board, committee or ..... 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 bank .....
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
..... the ban are contained in section 8 of the banking regulation act, 1949 which restrain the banks from carrying on any other ..... these companies through their subsidiaries can or should be controlled; (f) the need for the imposition of a ceiling on risk assets to be acquired or loans to be granted by the companies; (g) the restrictions, if any, on the grant of loans to directors and their friends and relations and companies in which they are interested; (h) the manner in which the loopholes, if any, in the existing directions taken advantage of by private limited companies in the context of certain concessions enjoyed ..... the amount of discount referred to in clause (i) of sub-section (1) shall not exceed thirty per cent ..... that a provision for punishing the commission of second and subsequent offences should be included and the penalty of imprisonment and fine should be provided for. ..... bank) directions, 1966 and the miscellaneous non-banking companies (reserve bank) directions, 1973, with a view to assessing their adequacy in regulating the conduct of business by non-banking companies covered by the said directions in the context of the monetary and credit policies laid down by the reserve bank from time to time; to suggest measures for further tightening up the provisions so as to ensure that the activities of such companies, in so far as they pertain to the acceptance of deposits, investments, lending operations etc ..... it cannot also be construed that the person who gets chit later should .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2003SC4325; 97(2004)CLT363(SC); [2004]120CompCas63(SC); 2003(4)CTC418; JT2003(Suppl1)SC470; 2003(3)KLT876(SC); (2004)ILLJ161SC; 2003(8)SCALE143; (2003)10SCC733; 2004(1)S
..... or a company incorporated by or under any law in force in any place[outside india];(b) direct the exclusion from that schedule of any scheduled bank, - (i) the aggregate value of whose paid-up capital and reserves becomes at any time less than five lakhs of rupees, or(ii) which is, in the opinion of the bank after making an inspection under section 35 of the banking regulation act, 1949 (10 of 1949), conducting its affairs to the detriment of the interests of its depositors, or(iii) which goes into liquidation or otherwise ceases to carry ..... the appellant is one of the scheduled banks, definition of which as provided in the reserve bank of india act, has been referred to which says:'2(e) scheduled bank' means a bank included in the second schedule;'sub-section (6) of section 42 of the rbi act has been .referred to indicate the control which is exercised by the reserve bank of india on the banking companies. ..... -[every chairman who is appointed on a whole-time basis, managing director, director, auditor] liquidator, manager and any other employee of a banking company shall be deemed to be a public servant for the purposes of chapter ix of the indian penal code (45 of 1860). ..... chairman, director, etc. ..... for example, there are certain legislations like the industrial disputes act, the minimum wages act the factories act or for maintaining proper environment say air (prevention and control of pollution) act, 1981 or water (prevention and control of pollution) act, 1974 etc. .....
Tag this Judgment!