Court : Mumbai
Reported in : [1967(14)FLR27]
..... therefore, the calcutta high court held that the non obstante clause in the bengal money-lenders act would not apply to the murshidabad estate at all. ..... but with these decisions there, the legislature in 1960 completely altered the provisions in this respect when it repealed the bombay co-operative societies act, 1925, and re-enacted many of its provisions in the maharashtra co-operative societies act, 1960 (24 of 1961). ..... 91 reads as follows : 'when any question arises whether for the purposes of the foregoing sub-section, a matter referred to for decision is a dispute or not, the question shall be considered by the registrar, whose decision shall be final.' 13. ..... (1) notwithstanding anything contained in the indian limitation act, 1908, but subject to the specific provisions made in this act, the period of limitation in the case of a dispute referred to the registrar under the last preceding section shall - (a) * * * (b) when the disputes between a society or its committee, and any past committee, any past or present officer, or past or present agent, or past or present servant or the nominee, heir or legal representative of a deceased officer, deceased ..... 91 states that when any question arises whether for the purpose of sub-section (1) any matter referred to for decision is a dispute or not, the question shall be considered by the registrar, whose decision shall be final. .....
Tag this Judgment!Court : Mumbai
Reported in : 1994(1)BomCR28
..... that arises in this second appeal is whether the plaintiff could be said to carry on 'the business of money-lending' so as to bring him within the definition of the term 'money-lender' as per section 2(10) of the bombay money-lenders act ('the act'), and whether the transaction amounted to 'loan' as defined under section 2(9).3. ..... defendant, 'loan to trader' was excluded from the definition of the term 'loan' as per section 2(9)(g) of the act;(ii) amount was advanced on the basis of a cheque which is a negotiable instrument other than a promissory note and hence the transaction was not a 'loan' as per section 2(9)(f);(iii) the defendant had failed to prove that the plaintiff was a money-lender as defined under section 2(10).aggrieved by the judgement and decree passed by the first appellate court,the defendant has ..... 1975 (which was brought into force from 25th july 1976), when the suit was filed, and legal position as it stood on the date of the suit should decide the issue;(ii) section 2(9)(f) could not be pressed in the service because the transaction could not be said to be an advance on the basis of a negotiable instrument;(iii) the finding that the plantiff was not a 'money-lender' as contemplated under section 2(10) of the act, was preserved.5. ..... learned counsel for the appellants has raised before me three points:(i) though 'loan to trader' was excluded from the definition of the term 'loan' on the date of advances the said provision stood deleted by maharashtra act. no. .....
Tag this Judgment!Court : Mumbai
Reported in : [2008]143CompCas122(Bom)
..... that was with reference to section 35 of bengal money lenders act, 1940 and concluded that an objection that the sale proclamation did not conform to section 35 of the said act cannot avail a judgment-debtor in an application under order 21, rule 90, if he was present at the drawing up of the sale proclamation and did not raise any such objection at the time, nor can it avail a judgment-debtor ..... )imlj232 it was held that unless the statutory notice served on a company under section 434 of the companies act is in conformity with the mandatory requirements of section 434(1) (a) of the act, the presumption under the section as to the company's inability to pay its debts cannot be raised. ..... the petitioner served the notice dated january 31, 2000, as a notice under section 434(1) (a) of the act at the respondent's factory address at taloja, district raigad of maharashtra and the respondent sent a reply to it dated february 7, 2000, notwithstanding that the said notice was addressed by the petitioner at the respondent's factory ..... 'the jurisdiction of the court under section 433 of the companies act, 1956, is not that of a court which is essentially meant for settling money disputes between parties, but is to subserve the object of winding up of companies which have not paid their debts or which are unable to pay ..... government of the province bombay : air1943bom138 , held that one must construe section 80 with some regard to common sense and to the object with which it appears to have been .....
Tag this Judgment!Court : Gujarat
Reported in : AIR2006Guj157
..... state of maharashtra reported in : air2005sc635 , wherein hon'ble supreme court was pleased to uphold the revision of licence fees to be charged from money-lenders.12. ..... if we apply the test as laid down by this court in the abovesaid judgment to the facts of the case in hand, it can be seen that the statute under section 11 of the act requires the board to undertake various activities to regulate the business of the securities market which requires constant and continuing supervision including investigation and instituting legal proceedings against the offending traders, whereever necessary. ..... merely bearing lables showing the names of the article or of its manufacturer or of both, and;(ii) is made by lighting which is not, in the opinion of the commissioner, more than is necessary to make the goods and labels visible at night].21.3 section 386 of the act provides for general provisions regarding grant, suspension or revocation of licences and written permissions and levy of fee etc. ..... that on account of passage of time, on account of increase in infrastructure cost and on account of increase in commercial activities, it was necessary to revise the rates for licence fees.6.2 it is pointed out that under sections 244 and 245 of the bombay provisional municipal corporations act (hereinafter referred as sb.p.m.c. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1978Bom119; (1977)79BOMLR499
..... privy council held that the bengal money-lenders act, 1940 was not void either in whole or in part as being ultra vires the provincial legislature on the ground that it incidentally trenched upon matters reserved to the federal legislature; the court held that as the pith and substance of the act was mone lending it fell within item 27 of list ii of the seventh schedule to the government of india act, 1935 and was therefore within ..... encroachment and since in the instant case all the forest produce, which, so to speak constitutes the stock-in-trade of the owners of private forests or their contractors, stands compulsorily acquired under section 3 of the acquisition act, the said section has the effect of directly interfering with the freedom of trade and commerce assured to such owners of private forests and their contractors under article 301, inasmuch as, the petitioners have been ..... section 23 confers rule making power upon the state government for carrying out the purposes of the act while section 24 repeals some of the sections including sections 34a and 35 of the indian forest act, 1927 as it is made applicable to the state of maharashtra with effect from the ..... the said jahagir stood abolished under section 3 of the bombay merged territories and areas (jagirs abolition) act, 1953 (bombay act 39 of 1954) and thereafter the let petitioner continued to be the owner and occupant of the ..... of the state of bombay v. f.n ..... . bombay education society ..... of bombay ..... state of bombay v. f. .....
Tag this Judgment!Court : Mumbai
Reported in : 1990(2)BomCR105
..... that report mentions that the bifr has appointed punjab national bank as an operating agency under section 17(3) of the sica to prepare 'rehabilitation package in consultation with the company, the bank of maharashtra, the sicom and the state government' and submit it to the bifr within twelve weeks.5. ..... when financial institutions such as nationalised banks, finance corporations or sicom file suits as against industries, companies and their directors for recovery of the amounts advanced by them, the courts cannot just treat them as simple money suits by money-lender as against their borrowers. ..... in that meeting the defendants, the representatives of various financial institutions such as punjab national bank, the present plaintiffs, bank of maharashtra, and the representatives of the government of maharashtra were present. ..... if ultimately the bifr thinks that this company cannot be revived and the company has to be wound up as provided in the act itself, it is open to this court or any other court as directed by the bifr to do so. ..... it is precisely, for these reasons, the legislatures in their wisdom have brought in such statutory measures as the sica and the bombay relief undertakings (special provisions) act, 1958, etc. ..... the company has become a sick industry within the meaning of the sick industrial companies (special provisions) act, 1985 (hereinafter referred to as the sica). .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2000SC2689; [2000]102CompCas134(SC); JT2000(9)SC17; 2000(5)SCALE577; (2000)7SCC93; [2000]Supp2SCR310; 2000(2)LC1423(SC); (2000)3UPLBEC2191
..... in bombay money-lenders act, 1946 section 2 clause (10) provides that money-lender means (i) an individual, or (ii) an undivided hindu family; or (iii) a company or (iv) an unincorporated body of individuals, who or which (a) carries on the business of money-lending in the state or (b) has his or its principle place of such business in the state and includes a pawn-broker but does not include - (i) government (ii) a local authority (iii) a bank (iv) the agricultural refinance corporation constituted under the agricultural refinance corporation act, 1963; or (v) any other banking, ..... money-lenders act, 1934, in the preamble of the act it is stated 'whereas it is expedient to make better provision for the control of money-lending and to give additional powers to courts to deal with money lenders in assam; and whereas the previous sanction of the governor general has been obtained under sub-section (3) of section 80-a of the government of india act. ..... in tamil nadu money-lenders act, 1957 the expression 'money lender' is defined in section 2(8) to mean a person whose main or subsidiary occupation is the business of advancing and realizing loans, but excludes a bank ..... state of maharashtra : [1977]2scr828 the constitution bench of this court considering the constitutional validity of the maharashtra debt relief act, 1976 observed:a meaningful, yet minimal, analysis of the debt act, read in the light of the times and circumstances which compelled its enactment, will bring out the humane .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1997)63ITD404(All.)
..... that the whole of the interest received by the assessee was liable to be set off against the interest paid by the assessee, the latter amount being much higher, there is no question of any interest either under section 139(8) or 217 of the act, to which the assessee could be made liable.there is no need to answer this issue, the same being consequential and rendered academic on the facts and in the circumstances of the case.32. ..... with reference to the aforesaid stipulations urged that the drawals made by the assessee from out of the amount of loans sanctioned by the financial institution, namely, idbi had necessarily to be kept in a bank account to be approved by the lenders and in the backdrop of these stipulations interest amount by the bank on certain unutilised portion of the loan could not be treated in isolation with the interest paid by the assessee on this very fund which got credited ..... in this case, the high court held as under :- "where the object of the assessee is to do business and in the course of set off the balance, since all borrowed money is not required at once, it keeps such surplus funds in short-term deposits, the interest earned on such short-term deposits should be set off against interest paid by the assessee on the loans obtained by it and the ..... on a careful consideration of these facts, we are of the view that the ratio of bombay high court decision in the case of maharashtra electromelt ltd. .....
Tag this Judgment!Court : Mumbai
Reported in : (2008)110BOMLR1221; 2008(3)MhLj732
..... including a member-society) for a period not exceeding 15 years, whether the loan was given before or is given after the commencement of the maharashtra cooperative societies (second amendment) act, 1985, recover, in any manner whatsoever, on account of interest, a sum greater than the amount of the principal of the loan} provided that, nothing in this section shall apply to a loan exceeding one lakh rupees given by a co-operative agriculture and rural multipurpose development bank to any member.7. ..... a balanced view of the development in the national economy requires to be taken into consideration to protect the interests of the farmers and to shield them from the exploitation by money-lenders, bankers and even the co-operative societies doing banking business with the farmers. ..... it is further not in dispute that the applicant/appellant society is registered under the provisions of the maharashtra co-operative societies act, 1960 (for short societies act) as resource society vide item 8(a) in rule 10 of the maharashtra cooperative societies rules, 1961 (for short the societies rules). ..... paragraph 53 thereof states:interest on money, received at once, not year by year, month by month, or day by day, as it ought, must never be more than enough to double the debt, that is, more than the amount of the principal paid at the same time.this is what is known by the rule of damdupat and has been rightly construed, as long ago as 1863, by the bombay high court in dhondu jagannath v. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2013SC584; 2012(10)SCC575; AIR2012SCW5164
..... the appeal from the decision of the full bench of the bombay high court came to be considered subsequently on 29th september, 2011, when the constitutional validity of the maharashtra act was upheld with the rider that if any party wished to submit that it was not covered by the maharashtra act or the tamil nadu act, it would be open to them to take appropriate ..... who by his order dated 12th july, 2005, in pnl investors welfare association versus union of india, with reference to the sarfaesi act, the sick industrial companies (special provision) act, 1958, act 1 of 2005 and the provisions of the industrial disputes act, 1947, and in particular, section 25ff thereof, disposed of the writ petitions upon holding that the members of the workers association/workers, either individually or through their ..... money-lending and money- ..... . ganguli submitted that it had been clearly indicated therein that the mere absence of exercise of such power conferred under section 58b (5a) or 58g of the reserve bank of india act, could not by itself validate the impugned legislation where the government had proposed to protect the interests of depositors, in the public interest and in order to regulate the activities of ..... default even in payment of the first instalment, the bank proceeded further and under the provisions of sub-sections (2) and (4) of section 13 of the sarfaesi act took possession of the property offered as security and also initiated steps for sale of the same by .....
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