Court : Chennai
Reported in : (1980)ILLJ369Mad
..... the general insurance business (nationalisation) act, 1972, central act 57 of 1972, was passed to provide for the acquisition and transfer of shares of indian insurance companies, and undertaking of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business in the best interests of the community and to ensure that the ..... business (nationalisation) act, 57 of 1972, came into force, and under a notification issued thereunder the said society merged with the appellant-company. ..... 24 which occurs in chapter vii, under the heading 'miscellaneous', is significant from one ..... counsel for the appellant sought to contend that he could sustain the order on the basis that, when there is no specific provision for terminating the service of the first respondent by the appellant-company, the general presumption was that the employer could terminate the service of the employee by giving one month notice and that the order could be justified by holding that the appellant had the right ..... which occurs in this chapter, provides that every officer or other employee of the corporation or of an acquiring company shall be deemed to be a public servant for the purpose of chapter ix of the indian ..... of the act every officer or other employee of the corporation as well as of the acquiring company shall be deemed to be public servant for the purpose of chapter ix of the ..... chapter ..... chapter ..... chapter ..... chapter iii provides for the creation of the general .....
Tag this Judgment!Court : Chennai
Reported in : [1985]57CompCas126(Mad); (1984)IILLJ34Mad
..... learned judge, on an analysis of the shops act and on going through the important provisions of the banking companies (acquisition of undertakings) act, 1970, hereinafter referred to as the nationalisation act, came to the conclusion that the bank of india was an establishment under the government of india and, therefore, section 4(1)(c) of the shops act would apply, which means the bank will fall out of the purview of the shops act. ..... an analysis of the decision of the decision of the supreme court, the learned judge held that two propositions would clearly emerge : (1) a statutory corporation, such as the banks, whose peculiar features can be gathered from the nationalisation act, can be taken to be owned by the central government or at any rate it would be an agency or instrumentality of the central government. ..... a close analysis of the life insurance act of 1956 and the nationalisation act of 1970, leaves no room for doubt that a nationalised bank is an establishment under the government ..... by the nationalisation act (central act 5 of 1970), if a change was brought about in the structure of the bank itself, can it still be said the shops act, 1947, would apply this should be ..... scope of section 11 of the nationalisation act has also been discussed in para. ..... he also cites the decision in [1980] 57 fjr 1, and contends that the interpretation placed by the petitioner cannot be accepted. ..... chapter vi of the act concerns with the business of the state bank of ..... in chapter vi, section 35 is .....
Tag this Judgment!Court : Chennai
Reported in : 2008BusLR908; 2009(1)CTC227; (2008)8MLJ261
..... underlying exposure and hence it was violative of the master circulars; (c) that the defendant bank had an obligation under the master circulars to see that there is a risk management policy in place in the plaintiff company and that they failed to ensure this; and (d) that the payment of usd 100,000 by the bank to the plaintiff amounted to the payment of a premium, which is prohibited by the regulations and ..... circulars and the regulations issued by the reserve bank of india and consequently hit by section 23 of the indian contract act, 1872; (c) that the defendant-bank failed to make a study of the risk management policy of the plaintiff-company and the chief financial officer-cum-company secretary of the plaintiff-company also acted without authority in signing such a contract forbidden by law; and (d) that when the whole contract is vitiated and ..... admittedly, the nationalised banks in our country also offer such products, though their marketing strategy is not ..... 4: the next ground of attack of the plaintiff is based upon a clause in annexure-vii under paragraph-a.6 (a) of the above master circular, whereby customers are permitted to purchase call or put options subject to the condition that ..... on december 6, 1994, orange county declared chapter 9 bankruptcy, after losing about $1.6 billion through derivatives known as 'reverse floaters' whose ..... futures trading in raw jute and jute goods began in calcutta with the ..... the khusro committee (june 1980) recommended reintroduction of futures .....
Tag this Judgment!Court : Chennai
Reported in : (1984)ILLJ140Mad
..... that the mills has not come within the mischief of nationalization under the sick textile under takings (nationalisation) act 57 of 74. ..... we are obliged to take note of paragraph 8 of the judgment since the view of the learned judge practically synchronizes with our view and it reads as follows : 'the provision of chapter-3a of industries (development and regulation) act, 1951 which have been maintained in the preceding paragraph, in my view, do not indicate sufficiently 'deep and pervasive state control' so as to constitute an under taking whose control and management ..... an attempt to distinguish its earlier ratio on the ground that the earlier case dealt with a government company carrying on an industry where private sector undertakings were also operating and in the case of hindustan aeronautics ..... 2(a)(i) of the act to find if as it whether provident fund organisation constituted under the employees' provident funds and miscellaneous provisions act 19 of 52 would become an industry carried on by or ..... conciliation before the third respondent in the course of which the settlement dated 18th november, 1980 was arrived at between the mills and its workmen, represented by various unions, is not ..... concilation officer appointed by the central government, was incompetent to conciliate the dispute and as such the settlement arrived at in the course of the conciliation before the third respondent on 18th november, 1980 is null and void and it cannot be enforced against the workmen of the mills. .....
Tag this Judgment!Court : Chennai
Reported in : (1985)2MLJ439
..... the learned judge, on an analysis of the provisions of the shops act and on going through the important provisions of banking companies (acquisition of undertakings) act, 1970 hereinafter referred to as the nationalisation act, came to the conclusion that the bank of india was an establishment under the government of india, and therefore section 4 (1)(c) of the shops act would apply, which means the bank will fall out of the purview, of the shops act. ..... : (1975)illj399sc on an analysis of the decision of the supreme court, the learned judge held that two propositions would clearly emerge:(1) a statutory corporation, such as the bank, whose peculiar features can be gathered from the nationalisation act, can be taken to be owned by the central government or at any rate it would be an 'agency' or 'instrumentality' of the central government. ..... a close analysis of the life insurance act of 1956 and the nationalisation act of 1970, leaves no room for doubt that the nationalised bank is an establishment under the government of india. ..... another objection was raised that the work of the respondents herein involved travelling and therefore, chapter iii of the said act, which deals with hours of work, holdings and payment of overtime wages would not apply to them. ..... vijayanarain : (1980)illj222sc , and the observations made by the learned judge (chinnappa reddy, j. ..... vijayanarain : (1980)illj222sc and contends that the interpretation placed by the petitioner cannot be accepted.40. .....
Tag this Judgment!Court : Chennai
Reported in : (1984)1MLJ228
..... the industrial undertaking is being carried on under the authority of the central government.it was brought to the notice of the bench that under sub-section (2) of section 18-e of central act lxv of 1951 the application of the indian companies act to such undertakings in the same manner as it applied before the issue of the notifications was preserved the bench characterised this as more or less chimerical and held that the ..... mills has not come within the mischief of nationalisation under the sick textile undertakings (nationalisation) act lvii of 1974 ..... the karnataka high court had to construe the expressions occurring in section 2(a)(i) of the act to find out as to whether provident fund organisation constituted under the employees' provident funds and miscellaneous provisions act xix of 1952 would become an industry carried on by or under the authority ..... conciliate the dispute and as such the settlement arrived at in the course of the conciliation before the third respondent on 18th november, 1980 is null and void and it cannot be enforced against the workmen of the mills this contention put forth on behalf of the petitioner was counter-acted by the mills by stating that the second respondent is not an industry either carried on by or under the authority of the central ..... is revoked, such management and control would revert back.by retorting to the process under chapter iii-a of central act lxv of 1951, the central government does not acquire the ownership of the industrial .....
Tag this Judgment!Court : Chennai
Reported in : AIR2009Mad196
..... to the filing of this writ petition are hereunder: the petitioner and the respondent - 3 herein are both companies engaged in the manufacture and marketing of alcoholic beverages including indian made foreign liquor (imfl). ..... sanjay jain, learned senior counsel appearing on behalf of the respondent - 3 submitted that the trade marks act is a special act, the opposition to registration is in fact a kind of a plaint, it has to be filed within the period of limitation provided under the special act in the manner prescribed and on payment of the prescribed fee as provided thereunder, and if that was not so done there was no power with the registrar to extend time and ..... (as he then was) held that where legislature intended to prescribe a fixed time, it has specifically so done under section 21(1) and 21(2) of the act, but it has not so done under section 21(4), and the benefit of rule 53 would be available for registrar to give extended time to the parties ..... popular construction company reported in : (2001) 8 scc 470 while considering the limitation under section 34(3) and its proviso as occurring in the arbitration and conciliation act, 1996, the apex court held that the express exclusion can also be inferred from the scheme and objectives of the act, one of which was to restrict judicial intervention in arbitral matters as much ..... , connected miscellaneous petition is ..... chapter - 3 of this act provides for the procedure for and ..... case under the old rules and was decided on 27th march, 1980. .....
Tag this Judgment!Court : Chennai
Reported in : AIR1993Mad190; [1995]82CompCas302(Mad)
..... . to examine the relative provisions of the reserve bank of india act, 1934, the non-banking financial companies (reserve 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 ..... are all special species of contracts and what is sought to be dealt with would squarely fall within entry 7 of list iii of the vii schedule to the constitution of india and merely because some of the provisions in the act may have some incidental impact on some other subject in the state list does not disable the parliament from enacting the law of the ..... it would be necessary to refer to the report of the select committee which considered the chit funds bill, 1980, as found summarised by the learned judges of the division bench of the karnataka high court in sri ..... . 4 and 7 of the act to the authorities in such a manner that least inconvenience is caused in securing orders or complying with the requirements of those provisions expeditiously and within a time bound schedule, if necessary; (ii) to specifically provide for interest on the cash deposit of security in the name of the registrar at rates normally allowed by the scheduled or nationalised banks and their payment periodically to ..... chapters ix and xiii of the maharashtra state co-operative societies .....
Tag this Judgment!Court : Chennai
Reported in : AIR1991Mad323; 1991CriLJ2722
..... step to apply the law of contempt to a person who is not a party to the order in question he said,'it is when he comes to the third step in his reasoning that i begin with great respect, to part company from sir nicolas browne-wilkinson v.c.i accpet, of course, that it is a fundamental principle with certain very limited exception, of which the best established is wardship, that our courts ..... matters in relation to which the directors are not competent to act on behalf of the company, the relevant authority being 'the company in general meeting', that is to say, a meeting of ..... govind singh rawat : 1986crilj41 said,'in the absence of any express prohibition it is appropriate to construe the provisions in chapter ix as conferring an implied power on the magistrate to direct the person against whom an application is made under section 125 of the code to pay some reasonable sum by way of maintenance to the appellant ..... the breach and on the facts of the case, held (para 10):'admittedly, the appellant sarpanch was not a party to the order of injunction passed by the subordinate judge on april 8, 1962 in miscellaneous case no. ..... 1988 at park sheraton hotel, madras, the first defendant was elected as the president and the second defendant was elected as the secretary general and in addition as provided under article vii above, executive council members were also selected and,'including the two i.o.c. ..... thiru murugan were part of the general body in 1980 which amended the constitution of i.o.a. .....
Tag this Judgment!Court : Chennai
Reported in : [1995]215ITR800(Mad)
..... according to the facts arisen in that case, pursuant to schemes approved by the state government under chapter iv-a of the motor vehicles act, 1939, the assessee-corporation got the monopoly of the road transport business in the area over the routes to which the schemes relate. ..... of whose shares were being held by the state of orissa and the central government, to private concerns whose routes were taken over by the assessee, is of a capital nature, as the assessee-company acquired the unexpired permits of the private concerns and, therefore, got rid of competition from private operators. 11. ..... so also in the balance-sheet for the year ended march 31, 1974, the miscellaneous expenditure to the extent not written off included permit compensation to the extent of rs. ..... 5,13,700 loss shown as compensation for permits under the miscellaneous expenditure on the assets side of the balance-sheet. ..... in its assessment to income-tax, the assessee claimed that that amount was a permissible deduction under section 10(2)(xv) of the indian income-tax act, 1922, and in the alternative, that depreciation should be allowed on that amount under section 10(2)(vi) if it were capital expenditure. ..... cit : [1980]124itr1(sc) . ..... on the other hand, learned counsel appearing for the assessee, in order to support his contention that the compensation paid by the assessee was of revenue nature, relied upon a decision of the supreme court in empire jute co. .....
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