Court : Karnataka
Reported in : [1985]57CompCas668(Kar)
..... 1968 which came into force on february 1, 1969. 26. then came the nationalisation of fourteen major banks by act no. 5 of 1970, called 'the banking companies (acquisition and transfer of under takings) act', which came into force on july 19, 1969. 27. again, six more commercial banks were nationalised by act no. 40 of ..... r. act in its entirely does not apply to the nationalised banks since they acquire their corporate character not from any registration under the companies act, but they are established under the banking companies (acquisition and transfer of undertakings) acts, 1970 and 1980. so, only some of the provisions of the b.r. act are made applicable ..... then held that they have powers to reopen extortionate transactions and reduce the rate of interest to what they deem reasonable in the circumstances. (see 'the oxford companies to law' by david m. walker (1980), page 1268). we, therefore, hold that the circulars and directives issued by the reserve bank cannot by themselves furnish .....
Tag this Judgment!Court : Karnataka
Reported in : [1990]67CompCas203(Kar)
..... . the facts in the other writ petitions are not very relevant. it may be noted that the petitioners therein either private limited companies or public limited companies registered under the companies act or proprietary concerns or partnership concerns carrying on chit fund business in this state. some of them have their registered offices outside ..... directions. according to available information, one-third of the outstanding loans and advances as on 31st march, 1967, given by the foremen of 100 chit fund companies were personal loans; 27 per cent. were meant for the commercial sector and 15 per cent. were professional loans. `industry' and `agricultural' got a ..... them or investing in trust securities or in deposits with approved banks. (iii) restriction on the opening of new places of business : chit fund companies should obtain the prior approval of the director of chits within whose jurisdiction their registered offices are situated. the director of chits should take certain criteria .....
Tag this Judgment!Court : Karnataka
Reported in : (1991)99CTR(Kar)269; ILR1991KAR3414; [1992]194ITR584(KAR); [1992]194ITR584(Karn)
..... over the application of this principle of acquiescence, stating that, where the action of the appropriate authority is without jurisdiction, this principle would not apply. reliance is placed on khardah company ltd. v. raymon and co. (india) (p.) ltd., air 1962 sc 1810, and at pages 1815 and 1816, it is stated thus : 'but what confers ..... no. 781 of 1989 dated november 6, 1989, of this court, where it was held under the land acquisition act that, if a party prayed for higher compensation, he would be estopped from questioning the validity of the acquisition proceedings. 17. on the point whether reasons are required to be communicated, learned counsel draws our attention to ..... . 15. the fact that the appellant asked for a higher amount and accepted a lower amount would not mean waiver of a right as laid down in kamalpur (assam) tea estate pvt. ltd. v. superintendent of taxes . 16. mr. h. raghavendra rao, learned counsel for the revenue, resting his case on acquiescence, refers us to the .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1992KAR3148
ORDERShyamasundar, J. 1. These and other connected Writ Petitions running into two or three thousand in number are directed against four common entities who are arrayed as respondents in these Writ Petitions, their commonness extending even to their itemised positions in the Petitions in that the State is arrayed as the first respondent in all these petitions, the Deputy Commissioners as respondent No. 2, the Administrators as respondent No. 3 and the Mandal Panchayats as respondent No. 4. The common characteristic as aforesaid does not stop just there but spreads even to the factual aspects and the legal issues raised in every one of these Writ Petitions challenging the appointment of Administrators to all the Mandal Panchayats existing in the State of Karnataka numbering in all about 2534 according to information furnished at the hearing of the Writ Petitions.2. The petitioners in all these cases are the Pradhans of the Mandal Panchayats. The office of a Pradhan is an electoral one. ...
Tag this Judgment!Court : Karnataka
Reported in : ILR1993KAR2605; 1994(3)KarLJ378
..... , transfer and alienation of agricultural land; land improvement and agricultural loans; colonization.'while in list iii, the concurrent list is found entry 42 which reads 'acquisition and requisitioning of property.'the parliament in exercise of its powers under entry 54 of the union list has enacted mines and minerals (regulation and development) act ..... the scope and ambit of the rules which follows. for that purpose he invited our attention to decisions in the commissioner of income tax v. ahmedbhai umarbhai and company, : [1950]181itr472(sc) & in : air1990kant97 , nanjanayaka v. state, supra at page 113 paragraph 35. no doubt it is true that the heading ..... directorates of mining and geology of any state, government (by whatever name called), and the mineral exploration corporation limited, a government company within the meaning of section 617 of the companies act, 1956.(2) no prospecting licence or mining lease shall be granted otherwise than in accordance with the provisions of this act .....
Tag this Judgment!Court : Karnataka
Reported in : AIR1994Kant256; ILR1994KAR687
..... bank asdefined in the state bank of india (subsidiary banks) act, 1959, or a corresponding new bank constituted under the banking companies (acquisition and transfer of undertakings) act, 1970 or a banking company as defined in the banking regulation act, 1949, or the industrial credit and investment corporation ltd., or the industrial finance corporation of ..... distribute the urban land equitably; and (iii) to regulate the construction of buildings on the urban lands. consistent with these objectives, the act provides for acquisition of all urban vacant land in excess of the ceiling limit and prohibits its transfer in any form absolutely. all that the act permits in the case ..... thecompensation. sections 12, 13, 14, 15, 16, 17 and 18 provide for constitution of tribunals second appeal to the high court and consequences of future acquisition, power of competent authority to enter upon any vacant land, consequences of concealment, and the application of the act to certain lands, etc., s. 20 .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1997KAR1573
..... it is the very negation of the effectuating the public purpose. payment of market value in lieu of acquired property is not sine qua non for acquisition. acquisition and payment of amount are part of the scheme and they cannot be dissected. however, fixation of the amount or specification of the principles and the ..... writ petitions, stayed further proceedings vide order dated 15.9.1989, initiated pursuant to the aforesaid notification and declaration. thereafter, an ordinance by name, 'bangalore palace acquisition and transfer ordinance, 1992 (hereinafter called 'the ordinance') was promulgated, which was, however, not assented to by the president.7. after the arguments of the ..... the legal heirs of the former ruler of mysore and the petitioner-company filed writ petitions, in which rule was issued on 25.1.1996 and further proceeding stayed. the government is also alleged to have initiated proceedings under the land acquisition act, by issuing a notification dated 12.8.1996, regarding which .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1999KAR1715; 1999(5)KarLJ193
..... , the body held to be state was a statutory corporation, and in the case of som prakash, supra, the company held to be state was formed after statutory acquisition of a private company, the body held to be state was only a society registered under the societies registration act. it was held to ..... of the powers conferred by sub-section (1) of section 7 of the burmah shell (acquisition of undertakings in india) act, 1976 (2 of 1976), the central government, being satisfied that burmah shell refineries limited, a government company is willing to comply with such terms and conditions as may be imposed by the central government ..... telephone industries limited which is another public sector undertaking engaged in the manufacture of defence and telecommunication equipment, is similar.33. these two organisations are government companies subject to pervasive control of the central government. therefore, these organisations are 'other authorities' under article 12 of the constitution of india. in fact, .....
Tag this Judgment!Court : Karnataka
Reported in : ILR2001KAR1809; 2001(2)KarLJ534
..... levy, assessment, collection and enforcement of any tax; (b) foreign exchange, import and export across customs frontiers; (c) industrial and labour disputes; (d) land reforms by way of acquisition by the state or any estate as defined in article 31-a or of any rights therein or the extinguishment or modification of any such rights or by way of ..... the trappings of a court, they are not courts in the sense of exercising judicial power (vide halsbury's laws of england, 2nd edition, page 535 and shell company of australia u federal commissioner of taxation at page 297(h). (1) a tribunal is not necessarily a court in the strict sense because it gives a final ..... 63 of 1951), the unit trust of india act, 1963 (52 of 1963), the industrial reconstruction bank of india act, 1984 (62 of 1984) and the sick industrial companies (special provisions) act, 1985 (1 of 1986)'. section 35 of the act confers power on the central government to remove the difficulties arising in giving effect to the provisions .....
Tag this Judgment!Court : Karnataka
Reported in : ILR2005KAR608; 2004(7)KarLJ677
..... is fatal to the validity of the proceedings particularly when the acquisition is for a company and the purpose has to be investigated under section 5a or section 40 necessarily after the notification under section 4 of the act'.in the light of the ..... land with proper description and area so as to be identifiable is needed for a public purpose or for a company. what was a mere proposal under section 4 becomes the subject matter of a definite proceeding for acquisition under the act. hence, it is not correct to say that any defect in the notification under section 4 ..... 1) of the land acquisition act. section 4(1) of the land acquisition act reads as under;-'4. publication of preliminary notification and powers of officers thereupon.- (1) whenever it appears to the appropriate government that land in any locality is needed or is likely to be needed for any public purpose or for a company, a notification to that .....
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