Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
The HC upheld the Punjab and Maharashtra Co-Operative Bank Ltd. amalgamation scheme with Unity Small Finance Bank, finding no constitutional, statutory or procedural infirmity in the approval under the Banking Regulation Act. It held that judicial review of banking and economic policy is limited, and the RBI's decision was a public-interest measure justified by the bank's severe erosion of net worth and need to protect depositors. The Court also rejected challenges to depositor classification, staggered repayment and reduced interest, holding that retail and institutional depositors formed a valid distinction and that Section 45 permitted modification of depositor rights. Procedural objections on consultation, hearing and supersession of the board were also rejected.
The HC upheld the Punjab and Maharashtra Co-Operative Bank Ltd. amalgamation scheme with Unity Small Finance Bank, finding no constitutional, statutory or procedural infirmity in the approval under the Banking Regulation Act. It held that judicial review of banking and economic policy is limited, and the RBI's decision was a public-interest measure justified by the bank's severe erosion of net worth and need to protect depositors. The Court also rejected challenges to depositor classification, staggered repayment and reduced interest, holding that retail and institutional depositors formed a valid distinction and that Section 45 permitted modification of depositor rights. Procedural objections on consultation, hearing and supersession of the board were also rejected.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
