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Showing contexts for: alandur in Sajjan Bank (Private) Ltd., Alandur vs Reserve Bank Of India, Madras on 1 May, 1959Matching Fragments
1. This is a petition under Article 226 of the Constitution for the issue of a writ of certiorari calling for the records connected with the notice dated 18-3-1957, issued by the Reserve Bank of India, Madras, in DBO (M) No: L. I. 485/Ns-S. 2(L)-57, and quashing the same.
2. The Sajjan Bank (Private) Ltd, which is carrying on business at Alandur, originated from Sajjan and Co. Ltd, which was incorporated in November 1944 with the main object of carrying on money-lending business. In May 1946, the company was converted into a banking company and in November of that year its name was changed into Sajjan Bank (Private). Ltd. All its shares are held by its three directors who are said to be closely related. The Banking Companies Act, 1949, referred to hereafter as the Act, came into force on 16-3-1949.