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of <h1>Nationalized Bank Misuses Compensation Funds for Loans, Violates Section 370; Exemption Claims Rejected Upon Review.</h1> A nationalized banking company utilized compensation funds to advance substantial loans to affiliated companies, raising questions about compliance with section 370 limits. The company argued that its establishment aimed at financing industrial enterprises, claiming exemption from section 370 restrictions. However, after review, it was determined that the company was primarily set up for banking, with industrial financing as an incidental activity. Thus, it does not qualify for the exemption under section 370(2). This circular informs officers to ensure compliance with section 370 for money-lending and financing activities conducted post-nationalization.
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