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Search Results Judgments > Act:karnataka stamp act Section 45A Year:2013

Jul 16 2013

M/S INTEGRATED FINANCE CO.LTD. Vs. RESERVE BANK OF INDIA ETC.ETC.

  • Decided on : 16-Jul-2013

Court : Supreme Court of India

... for the appellant that the non-obstante clause contained in Section 45A ought to be given a limited application. Even applying the ratio of the judgments cited by the learned senior counsel, there is no justification for lessening the scope of the applicability of the non- obstante clause in Section 45Q of the RBI Act. It states in categoric terms that provisions of Chapter ... Scheme under Sections 391-394 of the Companies Act. Mr. Datar relied upon the case of JIK Industries Limited & Ors. Vs. Amarlal V. Jumani & Anr,[8]. wherein it was held that under the scheme of the modern legislation, non-obstante clause has a contextual and limited application. Reliance was also placed upon the case of R.S. Raghunath Vs. State of Karnataka & Anr ... in Chapter IIIB of the RBI Act.43. We are unable to accept the submission of the learned counsel that Section 45QA of the RBI Act is not a bar to a scheme under Sections 391-394 of the Companies Act. Under Section 391 of the Companies Act, whilst approving the scheme, the Company Court does not act as a rubber stamp. The Companies Act has to be satisfied that ... submission of Mr. Chagla that if overriding effect is given to Section 45QA, the provisions contained in Section 391 would be rendered nugatory so far as NBFCs are concerned. We are not persuaded to accept the submissions of the learned senior counsel for the appellant that the non-obstante clause contained in Section 45A ought to be given a limited application. Even applying the ...

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