C.B.I.,Bank Securities & Fraud Cell vs Ramesh Gelli . on 23 February, 2016
In Federal Bank Ltd. v. Sagar Thomas and
others (supra) this Court has held that a private
company carrying banking business as a scheduled bank
cannot be termed as a company carrying any statutory or
public duty. However, in said case the Court was
examining as to whether writ can be issued under Article
226 of the Constitution of India against a scheduled bank
or not. There was no issue before the Court relating to
deeming fiction contained in Section 46A of Banking
Regulation Act, 1949 in respect of a chairman/managing
director or director of a banking company against whom
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a crime relating to anti-corruption was registered.