https://www.taxtmi.com/caselaws?id=304236 The Supreme Court upheld the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999, applying the pith and substance doctrine and holding that the law, aimed at protecting depositors from fraudulent financial establishments, fell within State legislative competence. The challenge under Articles 14 and 21 also failed, so Sections 3, 5, 8 and 9 were sustained as constitutionally valid. The Court further held that a cooperative bank not covered by the statutory exclusion for government-owned or government-controlled entities remained within the definition of "financial establishment" under Section 2(c) and was subject to the Act. The constitutional and statutory challenges were dismissed. en-us Thu, 12 Sep 2013 00:00:00 +0530 Wed, 14 Sep 2022 13:25:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304236 The Supreme Court upheld the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999, applying the pith and substance doctrine and holding that the law, aimed at protecting depositors from fraudulent financial establishments, fell within State legislative competence. The challenge under Articles 14 and 21 also failed, so Sections 3, 5, 8 and 9 were sustained as constitutionally valid. The Court further held that a cooperative bank not covered by the statutory exclusion for government-owned or government-controlled entities remained within the definition of "financial establishment" under Section 2(c) and was subject to the Act. The constitutional and statutory challenges were dismissed. Case-Laws Indian Laws Thu, 12 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304236