Court : Chennai
Reported in : (1984)1MLJ228
..... undertaking, an undertaking of the central government itself. there is no dispute before us that the mills has not come within the mischief of nationalisation under the sick textile undertakings (nationalisation) act lvii of 1974. as taken note of by the allahabad high court in national textile corporation v. industrial tribunal (1979) l.i.c. ..... section 18-e (2) specifies that subject to the exceptions, restrictions and limitations by the central government, as may be specified in the notification, the companies act shall continue to apply to such under-takings. section 18-f speaks about the power of the central government to cancel a notified order under section 18- ..... them only. the bench also took note of the fact their neither the memorandum and articles of association of the mills, nor the provisions of the companies act stood abrogated altogether. finally, the bench held that the industry in respect of the two mills, on account of their management being taken over in accordance .....
Tag this Judgment!Court : Chennai
Reported in : (1984)ILLJ456Mad
..... of industries and institutions ...... the government, its agencies and instrumentalities, the corporations set up by the government under statutes and corporations incorporated under the companies act but owned by the government have thus become the biggest employers in the country. there is no good reason why, if government is bound to observe ..... the category of establishments under the central govt. referred to in s. 4(1) of the shops act. thus, the main question for consideration is whether the nationalised banks, i.e., banks constituted under act 5 of 1970, are establishments under the central govt. as contended for by the petitioner-banks.4. as ..... act with the government and that the nationalised bank as legal person has got a right to hold and acquire property, is liable to income-tax as any other indian citizen and in the manner of day-to-day administration and appointing and dismissing officers and staff, it has full freedom and that as such it is not under the government. a company .....
Tag this Judgment!Court : Chennai
Reported in : [1984]149ITR717(Mad)
..... payment in terms of british sterling calculated at the then prevalent exchange rate between sterling and the u. s. dollar. in pursuance of the said agreement, the italian company drew four bills of exchange on the assessee for a certain amount according to the then prevailing rate of foreign exchange. however, due to fluctuations in the rate ..... court held that the surplus in the hands of the assessee was inextricably connected with its business, that the money lying in the foreign country for the purchase of jute goods was part of the circulating capital of the assessee, that the fund had not changed its character at the material time, that the accretion to the fund ..... mean that any fresh liability arose in the year of accounting. the learned counsel for the revenue draws analogy from cases of compensation paid under the land acquisition act and submits that a right or liability which accrued or arose earlier cannot be tacked on to a subsequent year merely because the quantum of that right or .....
Tag this Judgment!Court : Chennai
Reported in : (1984)ILLJ140Mad
..... itself. there is no dispute before us that the mills has not come within the mischief of nationalization under the sick textile under takings (nationalisation) act 57 of 74. as taken note of by the allahabad high court in national textile corporation v. industrial tribunal (supra) till the industrial undertaking is ..... with them only. the bench also took note of the fact that neither the memorandum and articles of association of the mills, nor the provisions of the companies act stood abrogated altogether. finally, the bench held that the industry in respect of the two mills, on account of their management being taken over in accordance with ..... the central government. section 18e(2) specifies that subject to the exceptions, restrictions and limitations by the central government, as may be specified in the notification the companies act shall continue to apply also such undertakings. section 18e speaks about the power of the central government to cancel a notified order under s. 18a. it is .....
Tag this Judgment!Court : Chennai
Reported in : [1984]56CompCas41(Mad)
..... the rbi from time to time. in addition it was also submitted that the provisions of the usurious loans act did not contemplate a nationalised bank or a banking company regulated by the banking regulations act but only an ordinary creditor who has a freedom of sharing different rates of interest for different types of debtors ..... hundred rupees for every day during the continuance of the contravention. a consideration of the aforesaid provisions of the banking regulation act, 1949, clearly points out that a banking company, more particularly, a nationalised bank like the petitioner, has really no free scope for carrying on the business of banking permitted under the provisions ..... of the banking regulation act in any manner it likes, but every activity is hedged in by and subject to the control of .....
Tag this Judgment!Court : Chennai
Reported in : AIR1982Mad296; (1982)2MLJ238
..... of india from time to time. in addition, it was also submitted that the provisions of the usurious loans act did not contemplate a nationalised bank or a banking company regulated by the banking regulation act, but only an ordinary creditor, who has the freedom of charging different rates of interest for different types of ..... one hundred rupees every day during the continuance of the contravention. a consideration of the aforesaid provisions of the banking regulation act 1949, clearly points out that a banking company, more particularly, a nationalised bank like the petitioner, has really no free scope for carrying on the business of banking permitted under the provisions ..... of the banking regulation act in any manner it likes, but every activity is hedged in by and subjected to the control of .....
Tag this Judgment!Court : Chennai
Reported in : (1980)ILLJ369Mad
..... the supreme court, we proceed to consider the status and character of the appellant-company. 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 ..... central government and entrusted to a custodian. subsequently the general insurance business (nationalisation) act, 57 of 1972, came into force, and under a notification issued thereunder the said society merged with the appellant-company. as a result of section 7 of that act, the first respondent became, from the date of the merger, an employee ..... the schemes framed as contemplated by sub-s. (2) of s. 16 could not be said to be companies owing their existence to central act 57 of 1972, as they were companies registered under the companies act. from one point of view we are unable to accept this argument. as far as the general insurance .....
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