Court : Kerala
Reported in : AIR1962Ker267
..... section 36 gives certain powers to the reserve bank mentioned in the said section.sub-section (2) of section 36 easts a duty on the reserve bank to make an annual report to the central government on the tread and progress of banking in the country with parti-cular reference to its activities under clause (2) of section 17 of the reserve bank of india ac: 1934, including its suggestions for the streng-thening of banking business in the country.section 35-a which has also been included by a subsequent amendment in the main act, gives pow.er to the reserve bank to issue directions to banking companies generally or to any banking company in particular, if it is satisfied that it is necessary to issue such directions: (a) in the national interest; or(b) to prevent the affairs of any bankingcompany being ..... where the need is deemed to be the clearest;(e) that in order to sustain the presumption of constitutionality, the court may take into consideration makers of common knowledge, matters of common report, the history of the times and may assume every state of facts which can be conceded existing at the time of legislation; and(f) that while good faith and knowledge of the existing conditions on the part of a legisla-ture are to be presumed, if there is nothing on the face of the law or the surrounding circum-stances brought to the notice of the court on which the classification may reasonably be regarded as based, the presumption .....
Tag this Judgment!Court : Kerala
Reported in : AIR2003Ker299; [2003]116CompCas505(Ker); 2003(1)KLT69
..... - (1) the reserve bank may - (a) caution or prohibit banking companies generally or any banking company in particular against entering into any particular transaction or class of transactions, and generally give advice to any banking company; (b) on a request by the company concerned and subject to the provisions of section 44-a, assist, as intermediary or otherwise, in proposals for the amalgamation of such banking companies; (c) give assistance to any banking company by means of the grant of a loan or advance to it under clause (3) of sub-section (1) of section 18 of the reserve bank of india act, 1934; (d) at any time, if it is satisfied that in the public interest or in the interest of banking policy or for preventing the affairs of the banking company being conducted in a manner detrimental to the interests ..... it is provided under sub-section (3) of section 36a that subject to the provisions of sub-sections (1) and (2) a co-operative society carrying on banking business as a primary co-operative bank on 1.3.1966 or a co-operative society which becomes a primary co-operative bank after 1.3.1966, notwithstanding the fact that such & society does not satisfy the requirements of a primary co-operative bank, continues to be a primary co-operative bank under the provisions of the banking regulation act, 1949 and carry on the business of banking with the approval of the reserve bank of india and subject to the conditions of the reserve bank of india may specify in that behalf. .....
Tag this Judgment!Court : Kerala
Reported in : [1994]81CompCas490(Ker)
..... the question which arises for consideration is whether the petitioner, a scheduled bank as defined in the reserve bank of india act, 1934, is 'a corporation' or 'any other financial agency not being a private agency' within the meaning of clause (c) of section 3 of the kerala scheduled tribes (restriction on transfer of lands and restoration of alienated lands) act, 1975 (hereinafter referred to as 'the act'). ..... this object of the law must inform a true interpretation of clause (c) of section 3 of the act which is the foundation of the petitioner's case.11. iv. ..... the word 'corporation', if understood in its literal sense and placed amidst the entities set out at (a), (b) and (c) above, appears incongruous by reason of the nature of its business which is incompatible with the objects and function of the entities at (a), (b) and (c). ..... the third principle of interpretation is that the court may take into account the law as it was before the enactment under consideration and discern (i) the mischief and defect not provided by the previous law, (ii) the remedy provided by the act under consideration, to cure the mischief/ defect, and (iii) the true reasons of the remedy heydon's case [1584] 3 rep 76. ..... seccombe [1911] 2 kb 688, the word 'otherwise' was read ejusdem generis, thereby limiting the meaning of 'otherwise' to transactions like a contract.47. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1950Ker83; 1950CriLJ1536
..... executive action was directed to be taken in the name of the government, section 80 (1)(a) provided that where the maharajah is -satisfied that a situation has arisen in which the government cannot be carried on in accordance with the provisions of the act the maharajah may by proclamation declare that the government shall to such extent aa may be specified in the proclamation be exercised by the maharajah in his discretion. ..... on the uther hand attoh functions 'shall', in the words of section 49 of the act, 'be exercised by the governor either directly or through officers subordinate to him.they further held that ministers chosen from the elected representatives of the people of the frovinoe for the purpose of carrying into effact, if possible and within prescribed limits, their wishes, and acting as advisers to the governor, cannot be described as officers subordinate to the governor within the meaning of section 49, government of india act, 1935 ..... ' are not the expenses met for tours made lot the purpose of opening banks, loss to government even now, we learn that the communal leaders have decided to offer the ministers attractive receptions at ever; pakutbi headquarters during their tours to noith ..... deals with the transaction of one john karuvela with the council of ministers ..... the maharajah does not ostensibly reserve any discretionary power to refuse to listen to an advice tendered by the ministers and as buoh has no power apart from the ministers to exercise executive ..... 1934 lah .....
Tag this Judgment!Court : Kerala
Reported in : 1952CriLJ766
..... out that although the conviction founded upon the testimony of an accomplice supported only by the confession of co-accused may be justified in law in view of the provisions of section 157 of the indian evidence act yet the court should not easily depart from the rule of prudence based on long experience which requires that there must be independent evidence to corroborate the evidence of an accomplice ..... i am to inform you that (1) regarding the fresh list showing the revised rates mentioned in para (1) of your report you are free to fix prices observing generally two directions, namely (1) prices should compare with all india figures (b) there is provision for the welfare fund in the new scheme of distribution now pending consideration and that (2) sanction has been accorded for the purchase of cotton as mentioned in para 2 of ..... to the price a commission at the rate of 1 per cent, of the sales during pre-war days, in order that they may reserve this commission in the accounts of mills and it may be disbursed to the agents who ..... the evidence of a merchant in cochin who approached the third accused with regard to his own business when the third accused assured him that it will be possible for him to intervene and make the ..... the next clause restricts the ?power of operating upon the bank account to the first accused on behalf of himself and the joint receiver the ..... the letter by which 50 bales of cloth were allotted to him from the april production was given to him when the transaction .....
Tag this Judgment!Court : Kerala
Reported in : 1954CriLJ274
..... before the commencement of this constitution may within three months from such commencement be submitted to the president for his certification; and thereupon, if the president by public notification so certifies, it shall not be called in question in any court on the ground that it contravenes the provisions of clause (2) of this article or has contravened the provisions of sub-section (2) of section 299, government of india act, 1935.the second clause of article 31 prohibits the requisitioning or acquisition of property except under a law which either fixes the amount of compensation or specifies the principles on which and the manner in which compensation ..... one of the courses is to reserve the bill for the consideration of the president, the question therefore is what is the true construction of clause 3 of article 31, if the impugned part of the act (5 of 1950) is one that should have been reserved for the consideration of the president and would have effect only on his assent being received, then there not having been that reservation and that assent, sections 4, 5 and 15 under which the orders of the respondents complained of in this case have been passed, would be void and the orders themselves 'ultra vires'.9. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1957Ker109
..... nor am i able to appreciate why, if a transaction was in the nature of a mortgage and leaseback (in this particular case the lease, which was years after the mortgage, cannot be properly described as a lease-back) it cannot create the relationship of landlord and tenant or why it should not come within the purview of the rent control order so long as the lease is of a building as defined in clause 2 (1) of the order.if i may presume to speculate as to what really the government would have meant i think that they probably had in mind two things. ..... in paragraph 9 of its counter-affidavit the bank states:'thus it can be seen that the lease deed in question on the basis of which the application for the fixation of fair rent was made by the petitioner relates to the lease of the land included in survey nos. ..... gopalan, 1954 ker lt 706 (e), where it was held that sections 15 and 22 of the public safety measures act read together enabled the government to confer the right of appeal on any authority reserving a right of revision for themselves. ..... before stating the facts it might be as well to consider a preliminary objection taken on behalf of the 1st respondent to this petition, the catholic bank of india, changanacherry, the order complained against was passed on 4-1-1956. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1957Ker124
..... deduction made and paid to the account of the central government in accordance with the provisions of this section and any sum by which a dividend has been increased under sub-section (2) of section 16 shall be treated as a payment of income-tax or super-tax on behalf of the person from whose income the deduction was made, or of the owner of the security or of the share-holder, as the case may be, and credit shall be given to him therefor on the production of the certificate furnished under sub-section (9) or section 20, as the case may be, in the assessment, if any made for the following year under this act'.7. ..... that the dividend was declared out of profits of the company of earlier years which were subjected to tax that the provisions of section 16(2) laid down that the grossing up of the dividend should be done at the rate applicable to a company & that the income-tax officer was not correct in interpreting the provisions of the section in such a manner that the dividend income should not be grossed up merely because the company was not assessed to tax for the financial year in which the dividend is paid, credied or distributed.i am unable to agree with the argument of the chartered ..... thus, it may be that the dividend is declared out of reserve funds which have borne tax in the previous years, or from out of a portion of the taxed profits of a company which was set aside for a time to meet some contingencies and later the contingencies not arising, is distributed as dividend. .....
Tag this Judgment!Court : Kerala
Reported in : [1957]32ITR306(Ker)
..... :'any deduction made and paid to the account of the central government in accordance with the provision of this section and any sum by which a dividend has been increased under sub-section (2) of section 16 shall be treated as a payment of income-tax or super-tax on behalf of the person from whose income the deduction was made, or of the owner of the security or of the shareholder, as the case may be, and credit shall be given to him therefor on the production of the certificate furnished under sub-section (9) or section 20, as the case may be, in the assessment, if any, made for the following year under this act.'6. ..... that the dividend was declared out of profits of the company of earlier years which were subjected to tax, that the provisions of section 16(2) laid down that the grossing up of the dividend should be done at the rate applicable to a company and that the income-tax officer was not correct in interpreting the provisions of the section in such a manner that the dividend income should not be grossed up merely because the company was not assessed to tax for the financial year in which the dividend is paid, credited or distributed.i am unable to agree with the argument of the ..... thus, it may be that the dividend is declared out of reserve funds which have borne tax in the previous years, or from out of a portion of the taxed profits of a company which was set aside for a time to meet some contingencies and later the contingencies not arising, is distributed as dividend. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1958Ker51
..... paragraph 12 of the exchange control manual -- 3rd edition -- which deals with the subject reads as follows:''section 4(2) of the foreign exchange regulation act, 1947, lays down that all transactions in foreign exchange in india shall be done at rates authorised by the reserve bank of india. ..... we have referred to section 4(2) of the act only because it was agreed that the rate of conversion contemplated by the parties at the time they entered into the contract on 19-9-1949 was the rate authorised by the reserve bank of india under that section and in force on that date.13. ..... the fact that the devaluation was announced prior to the contract on 19-9-1949, however, has nothing to do with the case as presented before us, the only question we have been called upon to decide being the rate of conversion authorised by the reserve bank of india under section 4(2) of the foreign exchange regulation act, 1947, and in force on 19-9-1949. ..... we may add, however, that even if we are to decide the case without any reference to the foreign exchange regulation act, 1947, our conclusion will still be the same, namely, that the rate of conversion contemplated by the parties when they entered into the contract on 19-9-1949 was rs. .....
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