Banking law -- Bank guarantee - Invocation of - Court should not interfere with invocation or encashment of a bank guarantee so long as invocation was in terms of bank guarantee, particularly in absence of case of fraud, irretrievable injustice and special equities...........
Banking law -- Bank guarantee - Invocation of - A demand once made would oblige bank to pay under terms of bank guarantee - It is not for bank to determine as to whether invocation of bank guarantees was justified so long as invocation was in terms of bank guarantee...........
Banking law -- Bank guarantee - Invocation of - Appellant invoked bank guarantees issued by respondent because of failure of respondent to discharge obligations imposed upon it by Task Force Committee - Following invocation of bank guarantees, respondent itself addressed a communication to Member Secretary of appellant - Even appellant issued a notice to show cause to..........
Banking Regulation Act, 1949, Section 6, Indian Contract Act, 1872, Section 126, Constitution of India, 1950, Article 14 -- Bank Guarantee - Levy of commission charges for the unexpired period of a bank guarantee - Refund of the said amount - When the guarantees are cancelled at the request of the constituents, the period of unexpired guarantee collected thereon can be..........
Banking law -- Willful defaulter under circular of RBI - Right of representation by a lawyer - Borrower who was declared to be willful defaulter has no right to be represented by a lawyer in the i, house proceedings, as events of willful defaulter would only relate to individual facts of each case...........
Banking law -- Willful defaulter under circular of RBI - Oral hearing is not mandatory under Revised Circular...........
Banking law -- Willful defaulter under circular of RBI - The moment a person is declared to be a willful defaulter, impact on its fundamental right to carry on business is direct and immediate...........
Constitution of India, 1950, Article 226 -- Writ petition - Maintainability - Conducting recruitment tests for appointment in banking and other financial institutions is not a public duty, as activity of respondent is voluntary in nature, it cannot be said that there is any public function discharged by respondent - There is no positive obligation either statutory or..........
Banking service -- Misconduct - Removal from service - Modification of punishment to that of compulsory retirement on parity basis - Case of appellant is not different with that of other two officers, who also caused similar losses on account of same party and they visited with punishment of compulsory retirement - Respondents even agreed to grant compassionate allowance..........
Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, Section 9 -- Nomination of Board of Directors - Qualification and disqualification - Board of directors consists of persons coming from different fields - There cannot, therefore be a uniform qualification or/and disqualification for such persons - Both the categories as provided u/s 9(3) of the Act..........
