Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
Preliminary reassessment proceedings generally require statutory remedies unless jurisdiction is wholly absent or mandatory conditions are patently br...
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The Supreme Court held that amounts repayable after a specified period, with promised quarterly interest, fell within the wide definition of "deposit" under Section 2(c) of the MPID Act. It further held that Section 2(d) uses expansive language and includes private persons receiving such deposits, so respondent Nos. 2 to 6 were financial establishments for MPID Act purposes. Prior failure of IPC-based proceedings and the civil character of the transaction did not bar recourse under Section 3, because the MPID Act provides an independent statutory remedy operating in a distinct field. The High Court's contrary view was set aside.
The Supreme Court held that amounts repayable after a specified period, with promised quarterly interest, fell within the wide definition of "deposit" under Section 2(c) of the MPID Act. It further held that Section 2(d) uses expansive language and includes private persons receiving such deposits, so respondent Nos. 2 to 6 were financial establishments for MPID Act purposes. Prior failure of IPC-based proceedings and the civil character of the transaction did not bar recourse under Section 3, because the MPID Act provides an independent statutory remedy operating in a distinct field. The High Court's contrary view was set aside.
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