https://www.taxtmi.com/caselaws?id=336920 The court found the accused company guilty of advancing loans without a valid license, breaching the Bombay Money Lenders Act, 1946. The application to quash the criminal complaint was denied, and any interim relief was lifted. The court determined that the transactions constituted loans for personal use, not falling under the exemption for Non-Banking Financial Companies (NBFCs). The accused's claim of the loan agreement being a hire purchase agreement was dismissed, affirming that the agreements were indeed loans under the Act. 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 The court found the accused company guilty of advancing loans without a valid license, breaching the Bombay Money Lenders Act, 1946. The application to quash the criminal complaint was denied, and any interim relief was lifted. The court determined that the transactions constituted loans for personal use, not falling under the exemption for Non-Banking Financial Companies (NBFCs). The accused's claim of the loan agreement being a hire purchase agreement was dismissed, affirming that the agreements were indeed loans under the Act. Case-Laws Companies Law Wed, 28 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336920