Court : Madhya Pradesh
Reported in : [1999]95CompCas490(MP); 1996(0)MPLJ155
..... , cannot be reopened and the appellants can be given no relief on that account.'3. section 24 of the banking laws (amendment) act, 1983, inserting section 21a in the banking regulation act, 1949, which came into force on february 15, 1984, is quoted below :'21a. rates of interest charged by banking companies not to be subject to scrutiny by courts.--notwithstanding anything contained in the usurious loans ..... act, 1918 (10 of 1918), or any other law relating to indebtedness in force in any state, a transaction between a banking .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1997)117PLR571
..... rate of interest should be allowed.4. apart from above, in view of the provisions of theprovisions of section 21a of the banking regulation act, 1949 as inserted by amending act 1 of 1984, a trassaction between a banking company and its debtor is not liable to be reopened by any court on the ground that the rate of interest chareged by ..... the banking company in repect of that transaction is excessive. thus in view of the provisions afroresaid, the plaintiff-bank, i.e. the ..... 11.1985 till the date of the decree and future interest at the same rate from the date of decree till realisation of the decreetal amount. the petitioner-bank sought execution of the decree by filing an execution application. before the executing court, learned counsel for the judgment-debtors made a submission that despite the decree .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : AIR2001J& K56
..... court's interference on the premises that the interest charged is in contravention of the circulars/directions issued by the reserve bank. these circulars/directions having been issued under sections 21/35a of the banking regulation act would have statutory flavour. in the judgment impugned in this case the division bench of the high court summed up ..... courts, in other words, cannot exercise jurisdiction under the usurious loans act or any other law relating to indebtedness for the purpose of giving relief to any party. this appears to be the intent of the legislature in enacting the banking laws (amendment) act, 1983. section 21a has however, no bearing on the jurisdiction of ..... courts to give reliefs to an aggrieved party when it is established that the bank in a particular case has charged interest in excess of the limit prescribed .....
Tag this Judgment!Court : Mumbai
Reported in : [2005]127CompCas472(Bom); 2005(3)MhLj1026
..... benefit of the said so called circular of reduction in the interest which has been granted by the reserve bank of india. the said circulars are issued under the banking regulation act and apply only to the banks and not to the financial institutions.9. the learned counsel for the respondent has relied upon a judgment ..... section 39 of the state financial corporation act before enactment of the public financial (amendment) act, 1975, a direction issued by the reserve bank of india was binding on the state financial corporation. however, by the above referred amendment act the words 'reserve bank' were deleted and instead the words 'development bank' were substituted. the intention of the ..... court has held that the proceedings under section 31(1) is not in the nature of a suit. thus, obviously, limited protection granted by the amending act no. 12 of 1994 under the provisions of section 22 would not apply to the proceedings in the nature of miscellaneous petition under section 31 which .....
Tag this Judgment!Court : DRAT Madras
Reported in : I(2003)BC79
..... 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 (33 of 1959); and (b) any provision contained in the memorandum, articles, agreement or resolution aforesaid shall, to the extent to which it is repugnant to the provisions of ..... section 19 for recovery of the amount.9. section 5 a of the banking regulation act states that "act to override memorandum, articles, etc.--save 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 .....
Tag this Judgment!Court : Orissa
Reported in : 99(2005)CLT324; [2005]128CompCas412(Orissa); [2005]64SCL212(NULL)
..... lending' means the highest of the minimum lending rates charged by scheduled banks (not being co-operative banks) on credit limits in accordance with the directions given or issued to banking companies generally by the reserve bank of india under the banking regulation act, 1949.'after the amendment act of 1998'4. substitution of new section for section 4 : for ..... section 4 of the principal act, the following section shall be substituted, namely :'4. date from which and ..... lending rate' means the prime lending rate of the state bank of india which is available to the best borrowers of the bank.'it will be clear from the language used in section 4 of the act, 1993 both before and after its amendment in the year 1998 that where a buyer fails to make .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1976P& H238
..... (58), of the general clauses act, 1897, is reproduced below for ready reference;'3. in this act, and in all central acts and regulations made after the commencement of this act, unless there is anything repugnant in the subject or context,--*****(58) 'state'-(a) as respects any period before the commencement of the constitution (seventh amendment) act, 1956, shall mean a part ..... this section, the expression 'land' includes immovable property of every kind and any rights in or over such property, and the expression 'goods' does not include coins, bank notes and currency notes. 88. the provisions of part ii shall not be deemed to have effected any change in the territories to which any law in force immediately ..... to whether the local administration of the union territory of tripura was competent to present an application for the liquidation of the tripura state bank. submission therein was that after the merger of the erstwhile tripura state into the union, all its shares etc. in the said .....
Tag this Judgment!Court : Chennai
Reported in : AIR2005Mad287; (2005)2MLJ369
..... held that limiting the number of depositors that can be accepted by an individual, firm or unincorporated associations under section 45-s(1) of the banking laws (amendment) act, 1983 is not violative of article 19(1)(g) of the constitution as it protects the larger interests of the depositors. in our opinion, ..... council of the said institute constituted under section 9 of the act carries out the various functions mentioned in section 15 and other provisions of the act.4. various enactments such as the companies act, 1956, income-tax act, 1961 and the banking companies regulations act provide that only chartered accountants have a specified role to play ..... kind of the impugned restrictions cannot be accepted in these professional occupations. 12. in our opinion this is not simply a matter of written rules and regulations. every profession has its own historical and traditional unwritten conventions, norms and work culture, and when deciding whether the restrictions are reasonable or not under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2007)108TTJ(Mum.)321
..... other companies, for the purpose of avoiding or reducing their tax liabilities. we have taken note of the fact that section 8 of the banking regulations act prohibits banking companies from buying or selling, directly or indirectly, in any goods, including in shares or stocks, except in realization of securities given to or held ..... to indulge in manipulations as their predominant business was that of money lending" and that "these companies were under the control of the banking regulation act and strict supervision was exercised by the rbi over dealings of such companies, and any manipulation by them by indulging in speculation could be separately dealt with". once again, the ..... in which it was introduced. it was noted that the explanation to section 73 was introduced, w.e.f. 1st april, 1977, by the taxation laws (amendment) act, 1975, and that applicability of this explanation is confined to the companies, and, even amongst companies, it is not applicable to the companies whose gross total .....
Tag this Judgment!Court : Allahabad
Reported in : [2001]79ITD56(NULL)
..... judgment of the madras high court. even otherwise, the madras high court judgment, though rendered prior to the amendment by the finance act of 1991, has clearly held that debentures which were acquired by the bank as investment in accordance with the requirements of banking regulation act could not be considered to be loans and advances within the meaning of section 2(7) of the interest ..... was a judgment rendered prior to the amendment by the finance act of 1991, the ratio of this judgment is still relevant for the purpose of determining whether interest earned on investment in securities/debentures would fall within the meaning of loans and advances. the madras high court held that where.'banks are bound by the banking regulation act, 1949, in the matter of maintaining the .....
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