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State Legislative Power Limited by Companies Act; MPID Act Can't Cover Areas Governed by Central Law.

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Full Text of the Document

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....Legislative power of state government - Matter covered within the scope of Companies Act - aharashtra Protection of Interest of Depositors (In Financial Establishments) Act 1999 (MPID Act) - The State Legislature could never have framed an enactment or a legislation on any entry that falls within List I. There was simply no legislative competence for it. If this be so, the MPID Act cannot possibly be said to cover any portion of the field that is fully occupied by the Companies Act - HC....

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