https://www.taxtmi.com/caselaws?id=287967 Section 38(3)(b)(iii) of the Banking Companies Act, 1949 is discussed as a depositor-protection measure allowing the Reserve Bank to seek winding up where, in its opinion, continuance of a banking company would prejudice depositors. The provision is analysed as involving subjective satisfaction by an expert authority, but with adequate statutory guidance and a rational classification between urgent cases requiring winding up and cases warranting lesser regulatory action. The text also notes that a company incorporated before the Constitution may invoke Article 19 if it satisfies the constitutional criteria for citizenship at commencement, and that corporate bodies can enjoy the rights under Articles 19(1)(f) and (g). en-us Mon, 05 Dec 1960 00:00:00 +0530 Tue, 12 May 2020 17:56:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287967 Section 38(3)(b)(iii) of the Banking Companies Act, 1949 is discussed as a depositor-protection measure allowing the Reserve Bank to seek winding up where, in its opinion, continuance of a banking company would prejudice depositors. The provision is analysed as involving subjective satisfaction by an expert authority, but with adequate statutory guidance and a rational classification between urgent cases requiring winding up and cases warranting lesser regulatory action. The text also notes that a company incorporated before the Constitution may invoke Article 19 if it satisfies the constitutional criteria for citizenship at commencement, and that corporate bodies can enjoy the rights under Articles 19(1)(f) and (g). Case-Laws Companies Law Mon, 05 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287967