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Axis bank contravened S. 19(1)(a) of the Banking Regulation Act as one of its wholly owned subsidiaries was engaged in an impermissible business as per S. 6 of the Act.
The instant appeals had challenged the orders passed by Kerala High Court, Commissioner of Income Tax (Appeals) (‘CIT(A)’) and Income Tax Appellate Tribunal (‘ITAT’).
Supreme Court clarified that Clause 3(3) of amalgamation scheme does mention regarding continuation of legal proceedings by or against a transferee bank, but such amalgamation is aimed at securing larger public interest.
by Swarnendu Chatterjee+ and Anwesha Pal++
Cite as: 2022 SCC OnLine Blog Exp 75
In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central
Supreme Court: Holding the Reserve Bank of India [RBI] Circular issued on 12.02.2018 ultra vires Section 35AA of the Banking Regulation Act,
Reserve Bank has repeatedly through its public notices on December 24, 2013, February 01, 2017 and December 05, 2017, cautioned users, holders
Supreme Court: Upholding the constitutional validity of Section 21A of the Banking Regulation Act, 1949, the Bench of RF Nariman and Navin
It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word “Bank” in
The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA and 35AB) after Section 35A of the