https://www.taxtmi.com/caselaws?id=100261 Section 108B of the Companies Act, 1956 was held to govern transfers by a body corporate and not by a banking company, which is treated as a distinct category. A bank's sale of pledged shares was treated as an exercise of its powers under the Banking Regulation Act, 1949, so section 108B did not apply to that transfer. The Court further held that, even if section 108B were otherwise relevant, the Banking Regulation Act would prevail where the two enactments are inconsistent. The private complaint therefore disclosed no offence and the criminal proceedings were liable to be quashed as an abuse of process. en-us Wed, 23 Feb 1983 00:00:00 +0530 Tue, 31 Jan 2012 17:30:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100261 Section 108B of the Companies Act, 1956 was held to govern transfers by a body corporate and not by a banking company, which is treated as a distinct category. A bank's sale of pledged shares was treated as an exercise of its powers under the Banking Regulation Act, 1949, so section 108B did not apply to that transfer. The Court further held that, even if section 108B were otherwise relevant, the Banking Regulation Act would prevail where the two enactments are inconsistent. The private complaint therefore disclosed no offence and the criminal proceedings were liable to be quashed as an abuse of process. Case-Laws Companies Law Wed, 23 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100261