https://www.taxtmi.com/caselaws?id=107011 Section 5 of the Tamil Nadu Protection of Interest of Depositors in Financial Establishments Act, 1997 was held to apply where deposits were taken before commencement but the default in repayment or payment of interest occurred after commencement, because liability arises on the date of default rather than the date of receipt of deposits. The challenge under Article 20(1) failed since the penal consequence attached only to a post-commencement default. The Special Court was also held competent to take cognizance and try the case without committal, as section 13(1) expressly authorises cognizance without committal and displaces the objection based on Section 193 of the Code of Criminal Procedure. en-us Tue, 03 Apr 2001 00:00:00 +0530 Fri, 16 Mar 2012 19:20:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=107011 Section 5 of the Tamil Nadu Protection of Interest of Depositors in Financial Establishments Act, 1997 was held to apply where deposits were taken before commencement but the default in repayment or payment of interest occurred after commencement, because liability arises on the date of default rather than the date of receipt of deposits. The challenge under Article 20(1) failed since the penal consequence attached only to a post-commencement default. The Special Court was also held competent to take cognizance and try the case without committal, as section 13(1) expressly authorises cognizance without committal and displaces the objection based on Section 193 of the Code of Criminal Procedure. Case-Laws Companies Law Tue, 03 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=107011