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National Textile Corpn. Ltd. Vs. Sitaram Mills Ltd. and ors.

Court : Supreme Court of India

Reported in : AIR1986SC1234; (1986)88BOMLR662; [1987]61CompCas373(SC); (1986)2CompLJ261(SC); 1986(1)SCALE657; 1986Supp(1)SCC117; [1986]2SCR187

..... to assert that merely because the respondents company secured loans by way of equitable mortgage in respect of some of the plots for financing the textile business, it does not follow that the surplus lands were the assets of the company in relation to the textile ..... that the activity of development and disposal of surplus lands or of construction and sale of industrial galas was for purposes of raising finance for the textile business and therefore was ancillary or incidental to the main object with which the company was formed, namely, of ..... at a meeting called by the reserve bank on october 29, 1982 at which were present the deputy governor, reserve bank of india, joint secretary, ministry of finance (banking), chief secretary, government of maharashtra, industries secretary, government of maharashtra, executive director and senior representatives of idbi and senior representatives of concerned banks, textile mills affected by the strike ..... sale of plots with industrial galas was an adventure in the nature of trade which was wholly independent of the textile business and merely because the company was raising finance by selling industrial galas constructed on the lands, did not necessarily imply that the lands formed part of the textile undertaking. 32. ..... the preamble to the act brings out the necessity for such legislation : whereas by reason of mismanagement of the affairs of the textile undertakings specified in the first schedule, their financial condition became wholly .....

Mayavaram Financial Corporation Ltd. and ors. Vs. Reserve Bank of Indi ...

Court : Chennai

Reported in : [1971]41CompCas890(Mad)

..... these directions, unless such deposit, on renewal, is repayable not earlier than twelve months from the date of such renewal, and (c) no non-banking financial company not being a hire-purchase finance company or a housing finance company shall receive any deposit which together with any other deposits already received and outstanding on the books of the company is in excess of twenty-five per cent, of the aggregate of its ..... to maxwell on the interpretation of statutes, 12th edition, at pages 224 and 225, where the following passage occurs: ' similarly, section 6 of the finance act, 1898, provided, for the removal of doubts, that the definition of ' conveyance on sale' in the stamp act, 1891, included an order for foreclosure. ..... the functions of the reserve bank were generally indicated in the preamble as the regulation of the issue of bank notes and the keeping of the reserves with a view to securing monetary stability in india and generally to operate the currency and credit ..... 2,81,200 deposit accounts in march, 1965, of which 2,16,800 accounts belonged ..... points : (i) in march, 1964, there were 1789 companies which were accepting deposits while in march, 1965, the number of such companies stood at 1909. ..... to the public deposits with these companies as at the end of march, 1964, and march, 1965, in july, 1965, and november, 1966, respectively. ..... in may, 1965, revised orders were issued in terms of which these institutions were required to submit returns relating to their deposits as at ..... 1965 .....

P. Paliwal and ors. Vs. Hindustan Zinc Limited and ors.

Court : Rajasthan

..... have been made clear in the preamble of the acts of 1965 and 1966 that the company has been formed to fulfill public interest and to sub serve the common good because of the reason that the mci, a company incorporated under the companies act, 1956 was engaged in exploiting lead and zinc from the mines in zawar area in rajasthan and lead and zinc at tundro in bihar and ..... company called the hindustan zinc limited, (respondent), which was formed under the companies act, 1956 in pursuance of section 12 of the metal corporation of india (acquisition of undertaking) act, 1965 which has been declared to be unconstitutional and void, shall be deemed to be and to have been formed under the companies act, 1956, in pursuance of section 12 of the act of 1966 and the undertaking of the metal corporation of india together with all ..... the preamble of the act of 1965 is as under:an act to provide for the acquisition of the undertaking of the metal corporation of india limited for the purpose of enabling the central government in the public interest to exploit, to the fullest ..... the said mci expanded its activities in the field of mines and also constructed zinc smelters near udaipur for producing electrolytic grade zinc and bye-products, but mci for want of finances could not complete the ..... however, for want of finances the corporation was not able .....

Joseph Kuruvilla Vellukunnel Vs. the Reserve Bank of India and ors.

Court : Supreme Court of India

Reported in : AIR1962SC1371; [1962]32CompCas514(SC); [1962]Supp3SCR632

..... establishment of the reserve bank, suggestions were made that there should be a central bank in india, and the royal commission on indian currency and finance had recommended in 1926 that the currency and credit of the country could only be put on a firm foundation, if a central bank was ..... an order under clause (1) of sub-section (4) of section 35 or under clause (b) of sub-section 3(a) of section 42 of the reserve bank of india act, 1934 or; (iv) having failed to comply with any requirement of this act other than the requirements laid down in section 11, has continued such failure, or having contravened any provision of this act has continued such contravention beyond such period or periods as may be specified in that behalf by the reserve bank from time to time ..... the state financial corporations, the state bank of india, the industrial finance corporation, the life insurance corporation and finally, the reserve bank itself are to be liquidated under special laws to the exclusion of the companies act, under the statutes creating them. 56. ..... the functions of the reserve bank were generally indicated in the preamble as the regulation of the issue of the bank notes and the keeping the reserves with a view to securing monetary stability in india and generally to operate the currency and credit system of the ..... the preamble of the reserve bank of india act is that is has been constituted with a view to ensure monetary stability in india and to operate the currency and credit system of .....

Oil and Natural Gas Corpn. Ltd. Vs. Jindal Drilling and Industries Ltd ...

Court : Mumbai

Reported in : 2008(6)BomCR546

..... the legislature in repealing the old act and enacting the new act and bearing in mind the object of the new act, the apex court while enumerating the difference between the provisions of law comprised under the new act vis-a-vis the old act clearly held that:a bare comparison of different provisions of the arbitration act of 1940 with the provisions of the arbitration and conciliation act, 1996 would unequivocally indicate that ..... 3 of schedule i which reads that 'plaint, application or petition (including memorandum of appeal), to set aside or modify any award otherwise than under the arbitration act, 1940' should be read as 'plaint, application or petition (including memorandum of appeal), to set aside or modify any award otherwise than under the arbitration and conciliation act, 1996' and having so read, the applicability of the provisions of law comprised under article 1 of schedule i would not arise.9. ..... in sundaram finance' case (supra) clearly observed that prior to the promulgation of the new act, the law on arbitration in india was substantially contained in three enactments, namely, the arbitration act, 1940, the arbitration (protocol and convention) act, 1937 and the foreign awards (recognition and enforcement) act, 1961. ..... in fact, the very preamble of the new act provides that whereas the united nations commission on international trade law has adopted the uncitral model law on international commercial arbitration in 1985 and the general assembly of the united nations .....

Bangalore International Airport Limited Vs. Karnataka Information Comm ...

Court : Karnataka

Reported in : ILR2010KAR3214

..... public authority means any authority or body established or constituted (i) by or under the constitution (ii) by any law made by the appropriate government, and includes any other body owned, controlled or substantially financed by funds provided directly or indirectly by the appropriate government: it is a body which exercises public functions: a public authority may be described as a person or administrative body entrusted with functions to perform for the benefit of the public and not ..... according to them, apart from 26% equity, the state promoters, including the government of karnataka have also provided a large amount of financing, which, when quantified would be more than the estimated thousand crores the financial contribution of the government to bial. ..... h is indicated that the government of india has granted bial exclusive right and privilege to carry out the development, design, financing, construction, completion, maintenance, operation and management of die airport which are required to be provided by the aai. ..... they would justify the order of the commission for importing the definition of substantially financed' as stated in the cag act even otherwise, they would contend that the dictionary meaning of "substantially financed" would clearly indicate that the provisions of the act are attracted. ..... no words in an act can be considered to be superfluous, unless the contradiction is so much as to render a significant part meaningless cr they violate the preamble. .....

Satyam Steels and Alloys Pvt. Ltd. Vs. Union of India (Uoi)

Court : Guwahati

..... considered opinion, the expression 'such conditions and restrictions as it may, impose' in sub-section (3) of section 7 of the bihar finance act will not authorise the state government to negate the incentives and benefits which any industrial unit would be otherwise entitled to under the general ..... in this view of the matter, any notification issued by government order in exercise of power under section 7 of the bihar finance act, if is found to be repugnant to the industrial policy declared in a government resolution, then the said notification must be held to ..... the issuance of the notification under section 7 of the bihar finance act is by the state government in the finance department which notification is issued to carry out the objecives and the policy decisions ..... for the government to issue a notification in exercise of power under section 7 of the bihar finance act, which may override the incentive policy itself. ..... the intention of issuing the office memorandum is to encourage new industries to come up in the north eastern region which was also the intention of the government of india and acting on the basis of this promise made by the government of india, the writ petitioners have established their units and started commercial production with due intimation to the central excise ..... the preamble to the office memorandum clearly indicates that the intention of the government to promulgate the new industrial policy was made after the hon'ble prime minister has made a statement at .....

Kishore Chandra Patel and Etc. Etc. Vs. State of Orissa and ors.

Court : Orissa

Reported in : AIR1993Ori259; 76(1993)CLT720

..... inter alia, about the mischief which is sought to be remedied; and if the language of the section be plain and unambiguous, its scope cannot be limited or cut down by reference to the preamble except to prevent an obvious absurdity; and that the occasion for passing an enactment cannot be a ground to put limitations on the provisions of the statute, though while trying to find out the reason ..... if they were ambiguous; (d) there is no reason why, in a fundamental law or constitution of government, an equal attention should not be given to the intention of the framers, as stated in the preamble; (e) the preamble can never be resorted to, to enlarge the powers expressly given, nor to substantively create any power or to imply a power which is otherwise withdrawn from the constitution; (f) its true function is to expound ..... also been made for 'more speedy trial' as would appear from the long title of the criminal law amendment act, 1952, whose section 6(l)(a) includes trial of offences under the prevention of corruption act, 1988, has failed to deliver the goods, as would appear from what has been stated in paragraph 5 of the preamble, the act was enacted to try a special class of offenders with 'utmost dispatch'. ..... azad bharat finance company, air 1967 sc 276, wherein while dealing with the word 'shall' as appearing in section ll(d) of the opium act, 1878 as applicable to madhya pradesh, it was held that this word does not always signify an obligation to do a thing and the same would .....

Commnr. of Income Tax-i, Ahmedabad Vs. Gold CoIn Health Food Pvt. Ltd.

Court : Supreme Court of India

Reported in : (2008)218CTR(SC)359; [2008]304ITR308(SC); JT2008(9)SC312; 2008(11)SCALE492; (2008)9SCC622; 2008(2)LC1144(SC); 2008AIRSCW5841; 2008(6)Supreme1; 2008(11)SCALE492.

..... the relevant portion in the finance act relating to amendment reads as follows:section 271 of the income tax act provides that the assessing officer or the commissioner (appeals) shall levy penalty in cases of failure to comply with certain notices issued in the course of assessment proceedings and cases in which particulars of income have been ..... we were taken through the relevant portions of notes and clauses [vide 93 itr 125 (statutes)] and the speech of the hon'ble finance minister while introducing the bill [vide 93 itr 74 (statutes)] and in our view far from supporting the contention of counsel for the revenue these lend support to the view which we have ..... that there is nothing in section 271(1)(c) as amended by finance act to suggest that the amendment is retrospective. ..... it appears that what the finance act intended was to make the position explicit which ..... to be considered in the background of the amendment made by finance act, 2002 (in short `finance act') w.e.f. ..... the amendment by the finance act as specifically noted in the notes on clauses makes the position clear that the amendment was clarificatory in nature and would apply to all assessments even prior to assessment ..... as stated in craies and approved by the supreme court: for modern purposes a declaratory act may be defined as an act to remove doubts existing as to the common law, or the meaning or effect of ..... usually, if not invariably, such an act contains a preamble, and also the word `declared' as well as the word .....

Bimla Devi Vs. Union of India and Another

Court : Delhi

Reported in : [1985]58CompCas361(Delhi); 1983(4)DRJ236

..... the object is clearly specified in the preamble of the act which reads as follows : 'whereas the availability of high denomination banknotes facilitates the illicit transfer of money for financing transactions which are harmful to the national economy or which are for illegal purposes and it is, thereforee, necessary in the public interest to demonetise high denomination banknotes.' 18 ..... (2) the bank shall, in exchange for currency notes or banknotes of two rupees or upwards, supply currency notes or banknotes of lower value or other coins which are legal tender under the indian coinage act, 1906, in such quantities as may, in the opinion of the bank, be required for circulation; and the central government shall supply such coins to the bank on demand. ..... the first contention raised by shri bobde was that, notwithstanding the provisions of the demonetisation act, the holders of the high denomination notes were entitled to obtain exchange value of those notes from the reserve bank of india ..... the preamble of the act shows that it was with a view to bring such transactions to an end that the high denomination notes, which facilitated such transactions, were demonetized ..... it was contended that the provisions of the reserve bank of india act, 1934 (hereinafter referred to as 'the rbi act'), made it obligatory for the reserve bank to give the exchange value in respect of the banknotes which had been issued by it notwithstanding the fact that the said notes may have ceased to be legal tender .....