Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, Section 9 -- Nomination of Board of Directors - Workman/employee category - Appellants sought quashing of communication of respondent which rejected panel of three names sent by them for nomination of Directors from workman/employee category - However, employees/workers whose names were recommended by..........
Service -- Banking service - Re-fixing of salary - Decision making process - Decision of Standing Committee is a part of decision making in respect of salary payable to employees of Banks - Employee of a Bank has no right that he should be associated with decision making process in respect of fixation of salary - However, if question of reasonableness of salary arise, then..........
Service -- Banking service - Re-fixing of salary - Salary fixed of all officers of Public Sector Banks in a no, discriminatory manner keeping in view cost of living Index - High Court committed error in law by setting aside reduction in salary of respondent under re-fixation of salary - There is reasonable basis of reduction of salary - Moreover, there was no promise ever..........
Banking Regulation Act, 1949, Section 6 -- Unauthorised withdrawal from accounts of customers - Liability of bank - SMS alerts cannot be the basis for determining the liability of the customer unless there exists a specific term in the contract between a bank and its customer to the effect that the bank would be exonerated from the liability in connection with the..........
Banking Regulation Act, 1949, Section 6 -- Unauthorised withdrawal from accounts of customers - Liability of bank - If a customer suffers loss on account of the transactions not authorised by customers, bank is liable to customer for the said loss...........
Banking Regulation Act, 1949, Section 6, 8, 46(4) -- Banking regulation - Assignment deed of trademark - Trademark cannot said to be property which has come into possession of bank in satisfaction or part satisfaction of any claims of bank, as trademarks are not part of security of loans or advances or connected with the same - Assignment deed is hit by Ss.6, 8, 46(4) of..........
Chit Funds Act, 1982, Section 2(b), 65(12)(v), 45I(c), Reserve Bank of India Act, 1934 -- Chit fund - Levy service tax - Levy of service tax on chit fund business as chit fund activity can be treated as business of cash management - Cash management is understood as managing surplus cash of a person or a company - Thus, whenever a person is having idle cash or unrealised..........
Negotiable Instruments Act, 1881, Section 138 -- Dishonour of cheque - Object - To inculcate faith in efficacy of banking operations and creditability in transacting `Business on Negotiable Instruments' - Moreover, dishonour of cheque is regulatory offence/civil liability which is created to serve public in ensuring reliability of instrument...........
Banking law -- Release of deposits - Objection to the release of deposit by CBI - Said request withdrawn by CBI - Bank directed to release the deposit...........
Civil Procedure Code, 1908, Section 34, Interest Act, 1978, Section 3(3)(a)(i) -- Interest - Loan agreement - Stipulation as to interest on periodical rests and their capitalization being incorporated in contract is legitimate and prevalent in banking practice, but that does not affect the jurisdiction of Court to award a lesser rate of interest when it is found that..........
