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Sree Bank Ltd. Vs. Sarkar Dutt Roy and Co.

Court : Supreme Court of India

Reported in : AIR1966SC1953; [1965]35CompCas881(SC); [1965]3SCR708

..... said: "on this point it is significant to note that sub-section 3 of section 45-o makes the provisions of the section applicable only to a banking company in respect of which a petition for winding-up has been presented before the commencement of the banking companies (amendment) act of 1953; but does not make the provisions of the section applicable to debts due to the banking company which had become barred ..... the petition for winding-up of the company, the court gets control over the affairs of the company and supervises the acts of the liquidator, in accordance with the provisions of the act which, to secure necessary action in all matters within a reasonable time, provide certain periods for certain actions to be ..... a suit or application by a banking company which is being wound up, or in respect of which a petition for the winding-up has been presented before the commencement of the banking " companies (amendment) act, 1953, the period commencing from the date of the presentation of the petition for winding-up of the banking company shall be excluded. ..... (2) notwithstanding anything to the contrary contained in the indian limitation act, 1908 or section 543 of the companies act, 1956 or in any other law for the time being in force, there shall be no period of limitation for the recovery of arrears of calls from any director of a banking company ..... minister of labour and national service(2) it was observed, "the fact that a prospective benefit is in certain cases to be measured .....

itty Kurian and anr. Vs. Union of India (Uoi) and ors.

Court : Kerala

Reported in : AIR1962Ker267

..... requires to be adverted to in this connection is the sub-stitution of new sub-section (4) to the original sub-section (4) of section 46.section 48 provides for penalties.sub-section (2) of section 33 of the amendment act provided:'for sub-section (4) the following subsection shall be substituted namely, (4) if any other provision of this act is contravened or it any default is made in complying with any requirement of this act or any order, rule or direction made or condition imposed thereunder, every director, ..... of the constitution, this provision cannot even pass such tests laid down by various decisions;(3) the private banks have been discriminated against by the provisions of section 49-a of the act and the exclusion of the institution mentioned therein, from the operation of the said section cannot be considered to be, in any way, to have a reasonable nexus to the objects sought to be achieved by the said legislation; and(4) ..... advances to be followed by banking companies generally or by any banking company in particular, when the reserve bank is satisfied that it is necessary or expedient in the public inter-est so to do.section 22 deals with licensing of banking companies by the reserve bank.section 23 placas restrictions on opening of new, and transfer of existing places of business.seetion 24 makes it obligatory on every banking company after the expiry of the 2 years from the commencement of ..... generally regarded as a public service necessitating legislative saleguards in .....

The Securities and Exchange Board of India (Sebi) Vs. Sterlite Industr ...

Court : Mumbai

Reported in : [2003]113CompCas273(Bom); [2003]45SCL475(Bom)

..... the scheme thus violate, section 108 of the companies act, depositories act, 1996, sebi (depositories and participants) regulations, 1996, and bye-laws framed by the nsdl under the depositories act the scheme would also violate sebi (disclosure and investor protection) guidelines 2000. ..... it is also contended that this violates various provisions of various laws such as companies act, depositories act, and sebi and nsql regulations. ..... however, it is contended that the optional sale by the shareholders would not amount to arrangement or reorganisation of the capital and would not therefore cover section 391 read with section 100 of the companies act we are unable to accede to this contention as even in cases where capital is reduced by optional sale reduction results after the option is exercised to the extent of the shares cancelled. ..... as it is material for our purpose reads as follows :'77a(1) notwithstanding anything contained in this act, but subject to the provisions of sub-section (2) of this section and section 77b, a company may purchase its own shares or other specified securities (hereinafter referred to as 'buy-back') out of - i) its free reserve ; or ii) the securities premium account; or iii) the proceeds of any shares or other specified securities ; .....

Mrs. S. Bagavathy Vs. State of Tamil Nadu, Rep. by Its Secretary, Law ...

Court : Chennai

Reported in : 2007(2)CTC207

..... advocate general contends that the state government never intended to enact any legislation, the subject matter of which is governed under the existing laws, namely section 58a of the companies act, 1956, which only regulates the acceptance of the deposits and section 45s of reserve bank of india act, 1934 which prohibits the acceptance of the deposits, but only intended to protect the interest of the depositors for realization of the dues, which they are ..... and incidental trenching and the doctrine of eclipse(e) the impugned tamil nadu act and the relevant entries in lists i, ii and iii of the vii schedule to the constitution of india(f) the impugned tamil nadu act with reference to section 58a of companies act, 1956 and sections 45s and 58b(5a) and 58b(5b) of reserve bank of india act, 1934(g) the impugned tamil nadu act and sections 45s and 58b(5a) of reserve bank of india act, with reference to the decision in kanta mehta v. ..... union of india, referred supra, that the acceptance of deposits amounts to banking, while upholding the constitutional validity of section 45s of chapter iiic read with section 58b(5a) of reserve bank of india act, 1934, has already been confirmed by the apex court in velayuidhan achari, t. v. ..... union of india case(h) the impugned tamil nadu act and section 58a of the companies act, 1956 with reference to the delhi cloth and general mills co. .....

Kannur District Co-operative Bank Ltd, Kannur and Others Vs. P. Padman ...

Court : Kerala

..... probably, the delay in auditing itself prevents disclosure of financial plight of several societies and if an enquiry is conducted under section 65, as was done in this case under our orders, probably, many societies would be in the same plight or in worse position than the society in this ..... we also do not think there is any need for every depositor to approach the arbitrator under section 69 because so long as society does not deny liability there is no need for any arbitration and the deposit receipt itself is the admission of liability by the society based on which the liquidator can enlist ..... we, therefore, direct the registrar to conduct enquiries under section 65 of the act in case of all co-operative societies offering high rate of interest on its deposits which is the intrinsic evidence of financial difficulties for such societies and also ensure that auditing is done up-to-date. ..... the joint registrar along with audit report and final report prepared by assistant registrar and if he finds that the society has suffered loss beyond rehabilitation, then he will order winding up the society under section 71 of the act and proceed to appoint liquidator at the earliest. ..... the society failed to repay the deposit amounts, many depositors filed arbitration claims under section 69 of the co-operative ocieties act which led to awards in their favour. ..... far as the acceptance and repayment of deposits are concerned, section 74e was introduced in chapter xb of the statute by act 7 of 2010. .....

ibrahim Ali Khan Vs. Registrar of Co-op. Societies, Government of A.P. ...

Court : Andhra Pradesh

Reported in : 1998(6)ALD791

..... the learned counsel invites the attention of the court to section 59 of the act which again authorises the registrar to direct the committee to place or cause to be placed such paid officer or servant under suspension, when it is brought to his notice during the course of inquiry under section 50, 51 or 52 that such paid officer or servant is responsible for mis-appropriation, breach of trust or the ..... section 4(2) of the act which declares that every society registered under the act shall function subject to such directions as may be issued by the registrar from time to time and would like to read it along with the power conferred upon the registrar under section 77 of the act. ..... section 77 of the act confers revisional jurisdiction upon the registrar to call for the records from any officer subordinate to him and examine the same to satisfy himself as to the regularity of such proceedings or the correctness, legality orpropriety of any decision passed or order made therein; but, not in respect of a proceeding in respect of which an appeal to the tribunal is provided by sub-section (1) of section 76 of the act ..... in my considered opinion, even section 4(2) of the act to be read along with section 77 also does not confer any jurisdiction upon the registrar to pass any order in an individual case and to interfere with ..... the petitioner joined the services of the second respondent-bank as manager (accounts) in august, 1990 and later on promoted as deputy managing director and as at .....

Pushpanjali Tip Up Pvt.Ltd. Vs. Renudevi Choudhary and Others

Court : Mumbai

..... section 10 of the depositories act, 1996 (the act ..... the other hand, submitted that the suit shares were not in physical form, but were dematerialized; that any pledge of such shares had to be in conformity with the provisions of the depositories act, 1996; that the pledge claimed by the plaintiff not being in such conformity, the pledge was not binding on defendant no. ..... case, since it is not possible to physically deliver demated shares and therefore pledge them in accordance with the indian contract act, 1872, it must be held that a pledge of such shares can only be validly created in accordance with the provisions of the depositories act, 1996.? ..... and exchange board of india has in exercise of the powers under section 25 of the depositories act made the securities and exchange board of india (depositories and participants) regulations, 1996. ..... of sub-regulations (1) to (9) shall mutates mutandis apply in such cases of hypothecation: provided that the depository before registering the hypothecatee as a beneficial owner shall obtain the prior concurrence of the hypothecator. ..... the provisions of the pledged document, the pledgee may invoke the pledge and on such invocation, the depository shall register the pledgee as beneficial owner of such securities and amend its records accordingly. ..... it is the case of the plaintiff that defendant no.3 refused to accept the service under the pretext of acknowledging it and after making the clerk of the plaintiffs advocate wait at ..... services ltd .....

N. Vanjimuthu Vs. The Competent Authority and Commissioner of Land Adm ...

Court : Chennai Madurai

..... out of the sale; provided that the special court shall not release from attachment any interest which it is satisfied that the financial establishment or the person referred to in sub-section (1) has in the property unless it is also satisfied that there will remain under attachment an amount or property of value not less than the value that is required for re-payment ..... the sale proceeds; provided that the special court shall not release from attachment any interest which it is satisfied that the financial establishment or the person referred to in sub-section (1) has in the property unless it is also satisfied that three will remain under attachment an amount or property of value not less than the value that is required for ..... that any financial establishment defaults the return of deposits after maturity, or fails to pay interest on deposit or fails to provide the service for which deposit has been made, or (ii) where the government have reason to believe that any financial establishment is acting in a calculated manner with an intention to defraud the depositors, and if the government are satisfied that such financial establishment is not likely ..... special court shall pass an order within a period of one hundred and eighty days from the date of receipt of an application under sub-section (3) of section 4 either making the ad-interim order of attachment absolute or varying it by releasing a portion of the property from attachment or cancelling the ad-interim order of .....

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

Court : Delhi

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

..... final); (ii) the transferee bank shall pay or grant not later than the expiry of the aforesaid period of three years, to the said employees the same remuneration and the same terms and conditions of service as are, at the time of such payment or grant, applicable to the other employees of corresponding rank or status of the transferee bank subject to the qualifications and experience of the said ..... than the expiry of the period of three years from the date on which the scheme is sanctioned by the central government, to the said employees the same remuneration and the same terms and conditions of service as are, at the time of such payment or grant, applicable to employees of corresponding rank or status of a comparable banking company to be determined for this purpose by the reserve bank ( ..... ; or (ii) where such interest has been reduced under clause (f) in respect of their interest in shares as so reduced; (i) the continuance of the services of all the employees of the banking company (excepting such of them as not being workmen within the meaning of the industrial disputes act, 1947 (14 of 1947), are specifically mentioned in the scheme) in the banking company itself on its reconstruction or, as the case may be, ..... , it has been pleaded that, (a) the reserve bank of india submitted an application under section 45(1) of the act to the ministry of finance on july 15, 1996; (b) in the application the reserve bank of india clearly explained about the shortcomings in .....

P.Ponnusamy Vs. the District Consumer Disputes Redressal Forum and ors ...

Court : Chennai

..... redressal forum, theni, dated 03.08.2008, but, after setting aside the same, seeks for a direction to transfer the complaint to the special court constituted under the tamil nadu protection of investment depositors act (for short tnpid act) at madurai in terms of section 6(3) of the act.4.the contention raised by the petitioner was that already the matter has been seized by the authorities under the tnpid ..... added)7.in the present case the question now raised is whether the tnpid act 1997 excludes the jurisdiction of the consumer forums constituted under the consumer protection act, and by virtue of section 6(3) of the act cases pending in any other court to which the provisions of tnpid act applies will have to be transferred to the special court has to be ..... any real conflict exists between the consumer protection act, 1986 and the tamil nadu protection of interest of depositors and financial establishment act, 1997.16.further, in the present case since notice only been ordered in the execution petitions and nothing prevents the petitioner from contesting the execution application failing which, avail the remedies by way of appeal under section 27-a of the consumer protection act.17.in view of the above, there is no ..... reliance was also placed upon the overriding provisions found under section 14 of tnpid act.8.before going into the jurisdiction of the consumer forum, it must be noted that in the present case the order dated 03.08.2008 passed by the 1st respondent district consumer .....