https://www.taxtmi.com/caselaws?id=97762 Deletion of the core banking clauses from a company's memorandum was held sufficient to show that it would not remain a banking company in substance, because mere power to lend money did not preserve the essential character of banking. Confirmation of the alteration was also not refused on the ground of alleged non-implementation of the related scheme of arrangement, since the material showed notice, support from concerned constituents and no continuing basis to treat the company as a banking concern under the existing memorandum. A later requirement of a Reserve Bank certificate was not applied retrospectively to defeat a pending appeal in the absence of clear legislative intent. The refusal of confirmation was set aside and the alteration was allowed. en-us Wed, 07 Sep 1960 00:00:00 +0530 Wed, 18 Jan 2012 10:13:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97762 Deletion of the core banking clauses from a company's memorandum was held sufficient to show that it would not remain a banking company in substance, because mere power to lend money did not preserve the essential character of banking. Confirmation of the alteration was also not refused on the ground of alleged non-implementation of the related scheme of arrangement, since the material showed notice, support from concerned constituents and no continuing basis to treat the company as a banking concern under the existing memorandum. A later requirement of a Reserve Bank certificate was not applied retrospectively to defeat a pending appeal in the absence of clear legislative intent. The refusal of confirmation was set aside and the alteration was allowed. Case-Laws Companies Law Wed, 07 Sep 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97762