https://www.taxtmi.com/caselaws?id=189517 The Tamil Nadu Protection of Interests of Depositors in Financial Establishments Act, 1997 was treated as a State law in pith and substance, aimed at unincorporated establishments that receive deposits and default on repayment, so incidental overlap with Union legislation and the Reserve Bank of India Act did not invalidate it. The Court also upheld Sections 3 and 5 because the attachment and penal provisions were supported by safeguards, including complaints or reasons to believe, competent authority action, Special Court adjudication, and High Court appeal. The classification targeting unincorporated financial establishments was found to rest on a rational basis connected with depositor protection, with no violation of Articles 14, 19(1)(g), or 21. en-us Fri, 08 Sep 2000 00:00:00 +0530 Wed, 11 Jan 2017 17:12:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189517 The Tamil Nadu Protection of Interests of Depositors in Financial Establishments Act, 1997 was treated as a State law in pith and substance, aimed at unincorporated establishments that receive deposits and default on repayment, so incidental overlap with Union legislation and the Reserve Bank of India Act did not invalidate it. The Court also upheld Sections 3 and 5 because the attachment and penal provisions were supported by safeguards, including complaints or reasons to believe, competent authority action, Special Court adjudication, and High Court appeal. The classification targeting unincorporated financial establishments was found to rest on a rational basis connected with depositor protection, with no violation of Articles 14, 19(1)(g), or 21. Case-Laws Companies Law Fri, 08 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189517