Search Results Page

Search Results

1 - 2 of 2 (0.32 seconds)
Documents citing K.P. Chackochan And Anr. vs Federal Bank And Ors. on 27 March, 1989

Incan Mutual Fund Benefit Ltd. vs Incan Employees Welfare Association on 19 December, 2003

12. On the strength of the aforesaid non obstante clause in Section 45-Q, a submission has been made that provisions of winding up of a Company by the Court as given in Section 433 of the Companies Act, would stand abrogated as they stand superseded by virtue of the aforesaid provision of Section 45-Q as against the provisions of Chapter III-B of the Act. According to the appellant, the winding up petition, in the matter of the non-banking financial institution can be filed only by the Reserve Bank of India as given under Section 45-MC on the grounds mentioned therein and not under Section 433. Reliance has been placed upon the case of K.P. Chackochan v. Federal Bank [1989] Comp. Cas. 953 in support of the submission. The aforesaid case was not in relation to the non-banking financial institution but it related to a banking Company wherein the Kerala High Court held that a banking company can be wound up only under the provisions of Part III of the Banking Regulation Act, 1949, and not under Section 433 read with the allied sections of the Companies Act, 1956. It was also observed that in the case of a banking company, it is the Reserve Bank which factually controls the Company, and therefore, the question of the minority shareholders being oppressed does not arise. A proceeding under Section 397, therefore, cannot be taken cognizance of by the court if the company involved is a banking company. The aforesaid case, thus, does not assist the appellant in any manner.
Allahabad High Court Cites 38 - Cited by 0 - Full Document
1