Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
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 4823 
Join Channel 
