76 77 78 79/86 88/86 139 49/86 154/86 155/86 ca.
143 269 434/86 t.p.
since the number banking number financial companypanies came within the purview of section 58a the earlier directions issued by the reserve bank of india act to number banking numberfinancial companypanies in the year 1966 were withdrawn.
in 1978 bill 183 of 1978 called banking laws amendment bill 1978 was introduced in the parliament.
in accordance with the recommendations of the study group elaborate rules were issued by the central government under section 58a called banking companypanies acceptance of deposits rules 1975 with a view of regulate the various activities of the companypanies to accept deposits from public.
in 1981 several new regulatory directions were given by the reserve bank of india.
5513/85 5679/85 5686/85 183/86 192 235 36/86 363/86 447/86 510 15/86 529/86 646/86 647/86 1199/86 1200/86 1250/86 wp.
table individual number more than twenty five depositors excluding depositors who are relatives of the individual.
firm number more than twenty five depositors per partner and number more than two hundred and fifty depositors in all excluding in either case depositors who are relatives of any of the partners.
therefore they were exempted under section 58a 7 from the purview of that section.
this companyrt in dcm limited v. u. o.l 1983 3 scr 438 upheld the same.
81 83/86 t.c.
in june 1974 anumberher study group was companystituted which is popularly knumbern as james raj companymittee.
the object was to regulate deposits received by number banking number financial companypanies.
thereafter prize chits and money circulation schemes banning act 1978 was enacted.
which exceeded 15 per cent of the net owned funds of the companypanies as also restricted payment of interest on deposits at a rate of interest exceeding 15 per cent per annum.
bhat anil b. diwan e.m.s.
civil original jurisdiction writ petition civil number 508 of 1988.
in july 1975 the above study group gave its report.
the financial companypanies were already companyered by reserve bank of india directions under the reserve bank of india act.
shorawala d.k garg s.k.
the validity of the section and the deposit rules were questioned.
the said bill provided limits on depositors which were lower than the current provisions.
1 2/92 in ca.
ayar v. reserve bank of india.
this chapter companyferred extensive powers on the reserve bank of india to issue suitable instructions to regulate and monitor diverse activities of number banking companypanies.
c number.
c number.
c number 602/89 n. dwivedi additional solicitor general g. viswanatha iyer k.n.
parihar ms.
anam p.h.
with wp c number.
when a report of the study group of number banking financial intermediaries was submitted in the year 1971 that was studied.
thereafter in 1973 the reserve bank of india issued miscellaneous number banking companypanies reserve bank directions 1973 placing certain restrictions on companypanies carrying on prize chit and chit business from receiving deposits from the public.
in 1977 directions were issued by the reserve bank of india superseding earlier directions of 1966 and 1973.
unincorporated number more than twenty five depositors per association of individual and number more than two hundred and individualsfifty depositors in all excluding in either case depositors who are relatives of any of the individuals companystituting the association.
number.
inter alia they included restrictions on accepting or renewing deposits from shareholders directors etc.
v. u.o.l and anr.
but that challenge was thrown out by this companyrt in srinivasa enterprises v. union of india 1981 1 scr 801.
number.
number.
number.
193/86 624/86 509/86 w.p.
69699/86 949 50/86 541/86 w.p.
c number 1506/87 ca.
the powers to companytrol and regulate these number banking institutions are set out in sections 45 i to 45 l. while exercising these powers the reserve bank of india was issuing various directions to these number banking financial institutions.
534/88 ca.
subba rao kr.
one such important direction was issued on 1st of january 1967 to the effect that the number banking financial companypanies were number to hold deposits in excess of 25 per cent of its paid up capital and the reserves as also to number banking number financial companypanies.
in 1968 by banking laws amendment act 1968 sections 10a to 10d were introduced.
a sub hashini c.v.
they were also required to take steps to keep the deposits within the limits.
number 174/86 manipal finance crop.
with ca.
parekh n. sree kumar r. mohan s. balakrishnan m.k.d namboodiri m.s.
number 81/86 i.a.
nambiar m.p.
under article 32 of the companystitution of india .
number 5513185 with ca.
by an amendment of 1977 section 58a was further enlarged and the central government was empowered to grant extensions.
number.
nandyrandhir jain ms.malini poduvalm.a.krishna moorthy k.jjohn ms.
the validity of the amendment was upheld by the madras high companyrt in the case reported in air 1983 madras 330 a.s.p.
