Court : Karnataka
Reported in : ILR1989KAR2506
..... provisions of the state bank of india (subsidiary banks) act 1959. the preamble to the act reads:'an act to provide for the formation of certain government or government associated banks as subsidiaries of the state bank of india and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto.'section 3 empowers the central government to establish the state bank of mysore and a few other state banks. that section reads:establishment ..... the place where the head office has to situate (section 5). the central government has the power to constitute a tribunal for the purpose of the act (section 15). the state bank has the power to give directions and instructions to a subsidiary bank which are binding on them (section 24). the composition of the board of directors is specified in section 25 itself, among whom one is to be nominated ..... by the reserve bank, not more than five by the state bank of india and one by the central government (section 25). the central government .....Tag this Judgment!
Court : Karnataka
Reported in : ILR2007KAR2439; 2007(4)KarLJ700; 2007(3)KCCR1709; 2007(3)AIRKarR495.
..... of india ..... succession. the body corporate constituting each of the new state banks established, including state bank of mysore, shall consist of state bank ..... therewith, or incidental thereto. under section 3 of the said act, the state bank of mysore is also established, apart from certain other state banks. thus, it is clear that the state bank of mysore is the subsidiary bank of state bank of india section 4(2) of the said act makes it further clear that the state banks established under the provisions of state bank of india (subsidiary banks) act, 1959, are the body corporates with perpetual .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1979Bom250; (1980)82BOMLR318
..... appellants are the state bank of india. they have branches all over india and all the former indian states' banks have been taken over by them as subsidiary banks. the state bank has been created under the state bank of india act of 1955 (no. 23 of 1955) and all the former states' banks and government associated banks were taken over by the state bank of india (subsidiary banks) act, 1959. various kinds of banking business are being carried out by the state bank of india, which include ..... matter, but the question which directly arose for consideration before this court, was whether the state bank of india was a 'state'. though the division bench relied upon certain other judgments, the main judgment that fell for consideration was the judgment of the supreme court in the case of electricity board, rajasthan v. mohanlal : (1968)illj257sc . the main passage that was sought to be construed was ..... the kerala transport which is denying the liability. two of the partners of kerala transport were directors of the respondents-company, when the liability arose. simply because they involve the manager of the state bank of mysore, the bank could not countenance such a defence. if the two directors of the present respondents are parties to such a defence, the mere fact that they subsequently .....Tag this Judgment!
Court : Supreme Court of India
Reported in : [1998(79)FLR576]; JT1997(8)SC422; 1997(6)SCALE394; (1998)1SCC428; Supp4SCR475; 1998(1)LC107(SC); (1997)3UPLBEC2145
..... bank. undoubtedly it is a subsidiary of the state bank of india and the state bank of india owns almost the entire shareholding of the subsidiary banks. it also exercises certain control over the subsidiary banks as provided in the said act. but the state bank of india was constituted much earlier under a different act. the other banks have not amalgamated with the state bank of india. these other banks or each of them remain a distinct entity with their own board of directors ..... the state bank of india and each of the subsidiary banks, can the employees of the subsidiary banks be considered as employees of the state bank of india? in view of the clear provisions of section 50, it is not possible to come to a conclusion that the employees of the subsidiary banks are, for all practical purposes, employees of the state bank of india. even dehors section 50, looking to the scheme of the state bank of india (subsidiary banks) act, 1959, it ..... these provisions, it is submitted before us that the business of each of the subsidiary banks is under the control and management of the state bank of india and, therefore, the employees of the subsidiary banks should be considered as, in effect, employees of the state bank of india. sub-section (2) of section 50, however, of the state bank of india (subsidiary banks) act, 1959 provides as follows:'50. (2) for the removal of doubts, it is hereby .....Tag this Judgment!
Court : Mumbai
Reported in : (1974)76BOMLR552; (1974)IILLJ441Bom; 1974MhLJ845
..... central board has been given the power to make regulations not inconsistent with the act and the rules made thereunder, to provide for all matters for which provision is expedient for the purpose of giving effect to the provisions of the act, after consultation with the reserve bank and with the previous sanction of the central government. 20. as regards 1959 act being the state bank of india (subsidiary banks) act, 1959, he ..... in consultation with the governor of the reserve bank and the chairman of the state bank, give to it. he further pointed out that even the composition of the central board to whom general superintendence and direction of the business of the state bank has been entrusted has been so made under s. 19 of the act that certain members thereon would be either under the control ..... relationship of a master and a servant, for, while entering into contract of service it is open to the master to tell the servant that he is being appointed upon certain terms and conditions indicated to him including the terms that the terms and conditions are liable to be altered, from time to time, and if the servant accepts the ..... that it is the central government who can, after consulting the reserve bank, remove from office the chairman or the vice-chairman and so far as removal of a managing director from office is concerned, the central board can do so but after taking approval of the central government. section 25 indicates that even in the matter of filling casual vacancies in the .....Tag this Judgment!
Court : Mumbai
Reported in : (2003)181CTR(Bom)59; 261ITR82(Bom)
..... said act of 1959 indicates reconstitution of the state bank of patiala, the state bank of saurashtra, the state bank of travancore, etc., which were earlier state associated banks owned in part by the state governments. these banks were reconstituted as subsidiaries of the state bank of india. the state bank of india was constituted under the state bank of india act of 1955. under section 32 of the said act of 1955, the state bank of india was required to act statutorily as agent of the reserve bank of india. section ..... submitted that the state bank of india was not eligible to claim weighted deduction under section 35b as the state bank of india was not an exporter of goods or services. secondly, he contended that even assuming for the sake of arguments that the state bank of india was eligible for weighted deduction under section 35b of the act, even then weighted deduction under section 35b was admissible only on certain types of expenditure ..... state bank of india has branches all over the world outside india. it certainly facilitates and promotes export markets, both in india and outside india. therefore, we hold that the state bank of india is eligible for this allowance under section 35b of the income-tax act. however, as stated above, it was argued on behalf of the department that even if the state bank of india was eligible for allowance under section 35b, still the state bank of india .....Tag this Judgment!
Court : Karnataka
Reported in : 2009(1)AIRKarR90
..... the meaning of section 591 of that act;(da) 'corresponding new bank' means a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 (5 of 1970), or under section 3 of the companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980);(nd) 'subsidiary bank' has the meaning assigned to it in the state bank of india (subsidiary banks) act, 1959;11. when these ..... liable to pay any tax under the act reference is also made to section 51 of the regulation act, under which certain provisions of the regulation act are made applicable not only to the subsidiary act, but also to govern by any other statutory enactment notified and also notified banks particularly with reference to section 7 of the act, which reads as under:7. assessment of ..... now squarely covered by the decision of the supreme court in the case of karnataka bank ltd. [supra] and in fact this court had once earlier on such premise disposed of the writ petitions as covered, the matter was restored to the board of this court on mentioning that there are other independent questions which require examination and ..... also the question as to the liability on the petitioners in terms of the charging section.29. though normally this court will not embark on finding out as to .....Tag this Judgment!
Court : Chennai
Reported in : (1982)ILLJ413Mad
..... exercise of the powers conferred by s. 63 of the state bank of india (subsidiary banks) act, 1959 (no. 38 of 1959), the state bank of india, with the approval of the reserve bank of india and in consultation with the board of directors of the state bank of bikaner and jaipur hereby makes, in supersession of the bank of bikaner ltd, staff provident fund regulations and the bank of jaipur ltd., employees provident fund rules the following regulations, which ..... to carry out such duties and honour such obligations. 11. the second respondent is a subsidiary of the first respondent. section 63(1) of the act empowers the state bank of india, with the approval of the reserve bank of india, to make in respect of a subsidiary bank the regulations not inconsistent with the act and the rules made thereunder, providing for all matters for which provision is necessary or ..... the view of the learned counsel is that on the facts of the case, a suit alone is competent. he draws may attention to certain averments in the affidavit filed in support of the writ petition, and states that the petitioners themselves are aware that the entries have been carried out and the prayer in the writ petition, if granted, would amount .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 1991(2)ALT600; (1992)ILLJ802AP
..... scrutiny should not result in the court substituting the views for those of the selection committee. 7. the state bank of hyderabad (officers') service regulations, 1979 made in exercise of the power conferred by section 63 of the state bank of india (subsidiary banks) act, 1959 came into force with effect from october 1, 1979. the promotions in question were effected prior to that date. the basis ..... of promotions from grade-i to grade-a is at issue in this appeal preferred by the unsuccessful petitioner in w.p. no. 986 of 1980. 2. the state bank of hyderabad effected certain promotions between december 2, 1978 and september 24, 1979 to grade-a based upon the promotion policy evolved on january 7, 1976 and march 9, 1977. challenging ..... acceptance standard of efficiency' and who possess adequate potential to occupy senior management positions. thereafter the selection committee comprising the managing director of the bank, one of the non-official directors of the bank and the head of the subsidiary banks department will interview the officers and give individual ratings. finally the performance data and the ratings in the personal interview are integrated ..... s capabilities is the service record which must have assessed his worth for higher assignments as we have seen in this case. those materials shall not be thrown over-board for the only reason that he did not impress the interviewers. in this case we are concerned with a middle management employee's promotion to a higher position. .....Tag this Judgment!
Court : Kerala
Reported in : AIR1992Ker351
..... third respondent. 7. questioning the said reply, the present writ petition was filed in this court.8. the learned single judge referred to the provisions of section 52 of the state bank of india (subsidiary banks) act, 1959 and held that the bank was under a duty to maintain confidentiality. the learned judge also held that the power of this court cannot be invoked for the purpose of collection ..... to a legal proceeding the court or a judge could order such inspection as provided by section 6 of the bankers' books evidence act, 1891. but the court has to take certain, precautions as laid down by a full bench of the bombay high court in central bank of india v. shamdasani, air 1938 bom 33. in that case, beaumont, c.j. observed that the ..... six weeks. we are now informed that the said time limit has since been extended by the madras high court. thereafter, the third respondent filed an affidavit before the managing director of the appellant-transport corporation on 28-1-1991 as per ext. p2. the third respondent received monetary benefits amounting to rs. 1,53,567.16 and has been reinstated ..... and usages customary' among bankers, the position appears to be as follows : in paget's 'law of banking', tenth edition, 1989 (chapter 15, pages 254 to 257), it is stated that there is a general duty of secrecy on the part of the bank subject to certain exceptions. the leading case is the one decided by the court of appeal in tournier v. national .....Tag this Judgment!