Court : Madhya Pradesh
Decided on : Feb-02-1988
Reported in : AIR1989MP122
..... and the question of legality of interest is open for consideration and decision in this appeal.(ii) in view of the provisions of section 3 of the usurious loans act, 1918 read with second proviso of the state amendment, the defendant/respondent shall be entitled to payment of interest at the rate of 12 per cent. per ..... its notice. in s.r. naidu v. bank of karaikudi, air 1971 sc 884 having resorted to the provisions of section 3 of the usurious loans act, 1918, their lordships held that 12 per cent interest was unfair and penal and allowed interest at the rate of 10 1/2 per cent from ..... which may now be examined, as to what interest the defendant/respondent is entitled to claim on the loan advanced and secured by the mortgage in the instant case. it is not disputed that the usurious loans act, 1918 could be applicable to the transaction in the instant case and, therefore, it is submitted that in view ..... of the provisions of section 3 of the said act it was incumbent on the trial court to re-open the transaction when ..... of the property in c. khisty v. k. b. subbarao, air 1941 nag 294, it was held that as regards jurisdiction of the courts, the usurious loans act makes no distinction between types of courts to which it is to apply. it applies to all suits which fulfil the conditions set out in section 2(3 .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-14-1988
Reported in : (1988)2CALLT281(HC),92CWN1092
..... aside the final decree passed in the suit and send the case back to the court below with a direction to dispose of the application under section 3 of the usurious loans act, 1918 in accordance with law on the materials on record and such further evidence as the parties may choose to adduce. we also direct the parties to appear before the trial ..... 'as preliminary decree has already been passed in the suit, the court can not do anything which affects the decree' as the proviso (11) to section 3(1) of the usurious loans act, 1918 mandates that 'the court shall not.... do anything which affects any decree of a court'. we are of opinion that the learned judge went wrong and arrived at an erroneous ..... the appeal is that the trial judge was wrong in making the preliminary decree final rejecting the defendant-appellant's application under section 3 of the usurious loans act, 1918 on the erroneous impression that the provisions of that act can not be invoked after the passage of the preliminary decree.2. the defendant-appellant attempted to resist the passing of the final decree by ..... wonded up in appeal, was still to be regarded as pending during the pendency of the appeal for the purpose of the usurious loans act, 1918, as amended by the punjab relief of indebtedness act, 1934. section 6 of the punjab act made the usurious loans act, as amended by section 5 of the punjab act, applicable to all suits pending on or instituted after the commencement of the punjab .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Apr-12-1988
Reported in : 70CompCas840(AP)
..... the next question is whether the appellant is liable to pay interest at 12% with quarterly rests. section 3 of the usurious loans act, 1918 (act no. 10 of 1918), provides that notwithstanding anything in the usury laws repeal act, 1855, where, in any suit to which this act applies, whether heard ex parte or otherwise, the court has reason to believe that the interest is excessive .... the court ..... appellant, has contended that by operation of section 21a of the recent amendment of the banking regulation act, the loans covered under the provisions of the act are excluded and that, therefore, the appellant is not entitled to the benefit. 1 ..... been drawn that any interest charged with compound interest shall be presumed to be usurious in the case of loans granted to an agriculturist. therefore, when 12% interest with quarterly rests has been charged and the appellant admittedly is an agriculturist and the loan was advanced as a crop loan, by operation of the proviso, the rate of interest must be deemed to ..... be excessive. the question then is whether the transaction is liable to be reopened and whether the appellant is entitled to be relieved of the usury. sri trivikrama rao, learned counsel for the .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Jun-28-1988
Reported in : 65CompCas451(AP)
..... of 1984 had been enacted by parliament as an amendment to the banking registration act (act no. 10 of 1949) with effect from february 15, 1984. section 21a of the banking regulation act read as follows : 'notwithstanding anything contained in the usurious loans act, 1918 (10 of 1918), or any other law relating to indebtedness in force in any state, a transaction between a banking company ..... cas 405 had, however, cast a doubt on the decision in satyanarayana's case : air1985ap77 , to the extent that the latter held that the filed of operation of the usurious loans act and act 1 of 1984 are totally different. in yogendranath raj's case  1 aplj 316; 63 comp cas 405, the division bench observed (at page 418 of 63 ..... division benches. 34. i am of the opinion that what i said of the rajaji act cannot be said about the usurious loans act under which there is no legal impediment for charging compound interest. under the usurious loans act charging of compound interest would not initially become void. the usurious loans act examines the matter on the assumption that the interest had already accrued lawfully, but in an ..... air1987mad248 . 36. in yogendranath's case  1 aplj 316;  63 comp cas 405 (ap), the division bench observed 'having regard to the object and the purpose underlying the usurious loans act and the madras amendment thereto, we are of the opinion that the court should be inclined to sustain and continue the said relief, unless the statute says to the contrary .....Tag this Judgment!
Court : Kerala
Decided on : Jul-18-1988
Reported in : AIR1989Ker239; 70CompCas284(Ker)
..... .3. the defendant admitted the execution of the promissory note. the only defence to the suit is that no compound interest is leviable by virtue of the provisions of the usurious loans act, 1918. the court below, following the decision of a division bench of this court in state bank of travancore v. c. t. george, 1975 ker lt 416 : (air 1975 kerala 169 ..... usurious loans act, 1918 (central act x of 1918) the government of kerala hereby direct that the said act shall not apply to the loans given by all categories of banks.'this notification, according to the court below, will not apply to past transactions and those transactions ..... % per annum thereafter.5. subsequent to the decision of the division bench in george's case the government of kerala had issued a notification under section 1(3) of the usurious loans act. 1918 and published the same in the gazette dt. 22-5-1979. the notification reads ;'in exercise of the powers conferred by sub-section (3) of section 1 of the ..... bank has come up in appeal.4. the division bench in george's case has held that the usurious loans act, 1918 as amended by the madras act 8/1937 applies to loans advanced by banks to agriculturists in the malabar area and under section 3 of the act there is a presumption that the transaction is substantially unfair if the interest is excessive. there is a .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Nov-17-1988
Reported in : 72CompCas325(AP)
..... of the learned subordinate judge, vijayawada, in o.s. no. 236 of 1979, raises the question as to the applicability of the proviso to section 3 of the usurious loans act, 1918, as amended by act viii of 1937. 2. the parties in this appeal are referred to in their original character as they appeared in the court below. the first defendant borrowed a sum ..... by the court below. sri. t.s. harinath, learned counsel for the plaintiff-appellant, contends that the statutory presumption under the proviso to section 3 of the usurious loans act, 1918, hereinafter referred to as 'the act,' is not attracted to the case on hand and, even if that presumption is attracted, the benefit should be confined to the first defendant only and the other ..... take away the benefit already granted by courts before that provision came into force. the division bench held (page 426) : 'having regard to the object and the purpose underlying the usurious loans act and the madras amendment thereto, we are of the opinion that the court should be inclined to sustain and continue the said relief, unless that statute says to the contrary ..... . the second defendant filed a written statement specifically contending that the interest charged with quarterly rests was usurious and 'opposed to public policy'. he also pleaded that all the defendants are agriculturists and 'they are entitled to the benefits of act iv of 1938 and act vii of 1977'. 4. the third defendant in his written statement stated that he is an agriculturist .....Tag this Judgment!
Court : Delhi
Decided on : Jan-19-1988
Reported in : AIR1988Delhi282; 1988(1)ARBLR150(Delhi); 34(1988)DLT235; 1988(15)DRJ47
..... vehicles), centrifugal pumps, electric motors and parts thereof. it is also alleged that the trade mark 'field marshal' has been registered under the provisions of the trade and merchandise marks act 1958. the registration number and the clause under which it has been registered has been indicated in the plaint. it is further alleged that the defendants have started manufacturing and ..... of narayanan's trade marks and passing off, page 6 :- '(c)property rights in a trade mark acquired by use are superior to similar rights obtained by registration under the act. this is clear from the preamble which refers to 'better protection of trade marks', thereby necessarily implying the existence and availability of some protection under common law. it, thereforee, follows ..... be the prima facie evidence of validity. section 31(1) which is relevant reads as under :- '31(1)in all legal proceedings relating to a trade mark registered under this act (including applications under section 56), the original registration of the trade mark and of all subsequent assignments and transmissions of the trade mark shall be 'prima facie' evidence of the ..... subject to these conditions :- (a)defendants will not use the logo/style of the word 'field marshal' of which logo and style the plaintiff is the proprietor under the copyright act. (b)defendants shall mention the name of the defendant firm, thukral mechanical works, sirhind on each and every centrifugal pump manufactured by them and sold in the name of 'field .....Tag this Judgment!
Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Decided on : Mar-09-1988
Reported in : (1988)(17)LC267Tri(Delhi)
..... in ordering confiscation or imposing fine.8. shri arora, learned advocate for the two of the appellants has further drawn attention to the analogy of section 24 of the customs act. this section enables the customs authorities to order mutilation if the mutilation is not to the satisfaction of the authorities to serve the desired purpose and to charge duty accordingly ..... .17. even if it is felt that the mutilation is not sufficient, customs authorities at delhi could have ordered further mutilation on the analogy of section 7k of the customs act and on the basis of similar practice prevalent in the bombay customs referred to in the w.r.b's appeal order no. 997-998/86-wrb dated 22.8 .....Tag this Judgment!
Court : US Supreme Court
Decided on : Mar-22-1988
..... jesse c. bollinger, jr." at an annual interest rate of eight percent, secured by a mortgage on the property and a personal guarantee from bollinger. the loan commitment was structured in this fashion because kentucky's usury law at the time limited the annual interest rate for noncorporate borrowers to seven percent. ky.rev.stat. 360.010, 360.025 (1972). lenders willing ..... (2) family dwelling," ky.rev.stat. 360.025(2) (1987) -- which would seem to prevent use of the nominee device for ordinary home mortgage loans. in any event, even if the transaction did run afoul of the usury law, kentucky, like most states, regards only the lender as the usurer, and the borrower as the victim. see ky.rev.stat. 360.020 ..... as the agent, but rather as the owner of the property for purposes of kentucky's usury law. we do not agree. it assuredly was not acting as the owner in fact, since respondents represented themselves as the principals to all parties concerned with the loans. indeed, it was the lenders themselves who required the use of a corporate nominee. nor does it ..... of the kentucky law, much less its letter. it might well be thought that the borrower does not generally require usury protection in a transaction sophisticated enough to employ a corporate agent -- assuredly not the normal modus operandi of the loan shark. that the statute positively envisioned corporate nominees is suggested by a provision which forbids charging the higher corporate interest rates .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-24-1988
..... its establishment is upon the party affirming it. abandonment is purely a question of intent..'when conduct is consistent with the intention to retain trade mark rights, or when acts unexplained might explain abandonment, are answered by affirmative proof that there was an intention to keep the right claimed, the abandonment is not established' '...but mere discontinuance of ..... circumstances within the meaning of section 46(3) of the act. the respondent no. 1 has disclosed various documents for establishing special circumstances the genuineness of which is not disputed by the petitioner. it is, however, submitted on behalf ..... etc. and continues so long as importation of goods remains impracticable in a business sense. such circumstances would constitute special circumstances within the meaning of section 46(3) of the act. in bulova's t. m. reported in (1967) r.p.c. 229 it was held that peculiar or abnormal circumstances making international trade impracticable would amount to special ..... any trading activities there by the plaintiff himself. therefore, the concepts of the words 'trade', 'goodwill', 'market' and 'public' used in connection with the trade and merchandise marks act all have undergone radical changes by various judicial pronouncements throughout the world. in a calcutta high court decision dated 30.7.79, passed in matter no. 106 of 1979 (munchen .....Tag this Judgment!