https://www.taxtmi.com/caselaws?id=336920 Finance advanced to individual borrowers for purchase of auto rickshaws and motorcycles was treated as a loan under the Bombay Money Lenders Act, 1946 because the borrowers were not shown to be traders carrying on regular buying and selling activity, and the loan-cum-hypothecation documents with instalment repayment supported a lending transaction with interest. The trader exception therefore did not apply. The court also found no basis to treat the applicant as an NBFC or otherwise exempt from the Act, as the pleadings did not establish requisite RBI licensing or statutory exclusion. On that footing, threshold quashing under Section 482 CrPC was refused and the complaint was allowed to proceed. en-us Wed, 28 Dec 2016 00:00:00 +0530 Sat, 31 Dec 2016 13:49:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336920 Finance advanced to individual borrowers for purchase of auto rickshaws and motorcycles was treated as a loan under the Bombay Money Lenders Act, 1946 because the borrowers were not shown to be traders carrying on regular buying and selling activity, and the loan-cum-hypothecation documents with instalment repayment supported a lending transaction with interest. The trader exception therefore did not apply. The court also found no basis to treat the applicant as an NBFC or otherwise exempt from the Act, as the pleadings did not establish requisite RBI licensing or statutory exclusion. On that footing, threshold quashing under Section 482 CrPC was refused and the complaint was allowed to proceed. Case-Laws Companies Law Wed, 28 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336920