Court : Chennai
Decided on : Aug-18-1975
Reported in : (1976)2MLJ125
..... of view.2. mr. varadarajanjthe learned counsel for the appellants, first contended that vrder the proviso to section 3(2)(b) of the usurious loans act, 1918 (central act x of 1918) as amended by madras act viii of 1937, in the case of loans to agriculturists, if compound interest is charged, the courts} all presume that the interest is excessive.3. admittedly, the appellants herein did ..... several decisions of this gomt holding that a particular rate of interest would be the proper rate having regard to the circumstances of the case. the provisions contained in the usurious loans act, 1918, themselves indicate certain circumstances and factors which are to be taken into account for the purpose of coming to a conclusion whether the ra te of interest in a ..... excessive.4. independent of this contention the learned counsel also contended that the provision forll per cent interest with half-yearly rests must be held to be usurious under the provisions of the usurious loans act, 1918,1 am afraid that no such argument is available to the appellants herein, having regard to the circumstances of this case. nowhere in the whole of the ..... the evidence, there is not a single statement which has any bearing on the consideration of this question of the rate of interest with reference to the provisions of the usurious loans act. this court, in sri nageswaraswami bhakta veluguri sarayohayya gupta v. gupta lazarus (1954) m.w.n. 684 after referring to several decisions cited before it, pointed out:i am .....Tag this Judgment!
Court : Kerala
Decided on : Mar-19-1975
Reported in : AIR1975Ker169
..... the fact that he conducts agricultural operations on a commercial scale or that he owns a rice mill will not disentitle him from claiming relief under the usurious loans act and getting over the liability to pay compound interest. see venkanna v. muhammad rowthar, air 1944 mad 105 and rajayya v. ramachandra rao, air ..... . even assuming that exts. a-13 and a-14 amount to settlement of accounts and admission of the balance due, section 3 of the usurious loans act empowers the court to reopen transactions and relieve the debtor of the liability to pay excessive interest.16. the aforesaid discussion makes it clear that ..... agricultural lands and was attending to agricultural operations. there is, therefore, no doubt that he is an agriculturist entitled to relief under the usurious loans act as amended by madras act 8 of 1937.4. the stipulation in ext. a-1 is that the first respondent should pay and obtain receipt for the interest ..... by the first respondent. those relevant for this appeal are:(1) that the first respondent being an agriculturist was entitled to relief under the usurious loans act as amended by act 8 of 1937 (madras) and was not bound to pay compound interest or interest at the rate of 12% and; (2) that ..... england. the case inland revenue commrs. v. holder, (1931 (2) kb 81) arose in connection with the income-tax act. under section 36 of the income-tax act of 1918, a claim could be made for repayment of income-tax upon sums paid to banks in respect of interest out of taxed profits .....Tag this Judgment!
Court : US Supreme Court
Decided on : Jun-09-1975
..... be offered to the public at a higher price, respondent brought this class action for damages for violation of the provisions of 10(b) of the securities exchange act of 1934 (act) and rule 10b-5 promulgated thereunder by the securities and exchange commission (sec), which make it unlawful to use deceptive devices or make misleading statements "in connection ..... expressly conferred a private cause of action for damages, adopted a provision uniformly regarded as designed to deter "strike" or nuisance actions, cohen v. beneficial loan corp., 337 u. s. 541 , 337 u. s. 548 -549 (1949), that fact alone justifies our consideration of such potential in determining the limits of the class ..... likelihood and effect of new competition or of new technology, and many similar matters of potential relevancy must be addressed in registration statements and prospectuses. in administering the 1933 act, the sec traditionally and consistently has encouraged and often required offerors to take conservative postures in prospectuses, especially with respect to judgmental and possibly unfavorable matters. if a ..... different philosophy now were to be read into the 1934 act, inviting litigation for arguably misleading understatement as well as for overstatement of the issuer's prospects, the hazard of "going to market" -- already not inconsequential -- would be .....Tag this Judgment!
Court : Gujarat
Decided on : Nov-14-1975
Reported in : 106ITR725(Guj)
..... government and municipal securities, treasury bonds, promissory notes, belonging to the association. the committee shall also have power to raise or borrow monies by loans subject to the sanction of the general board from time to time and provided that the same is done for any of the objects of ..... good relations between the persons and bodies using such powers and clause (c), which is consequential to clause (a) and (b), contemplates doing of those acts and things by which the objects covered by clause (a) and (b) may be attained. thus, all these three clause aim at protecting personal interest ..... general public utility, this purpose does not fall within the meaning of the expression 'charitable purpose' as given in section 2(15) of the act for the simple reason that during the accounting period, the association has advanced this purpose of general public utility by carrying on business activity for ..... members, who are both the legal owners and beneficiaries of its income and property. he pointed out that unlike section 14 of the societies registration act, it is not provided that the property of the association on its dissolution shall go to any other society having similar objects in view and ..... trust and, therefore, the whole of the income during the accounting year was exempted under section 11 read with section 2(15) of the act. the matter thereafter went to the tribunal. a contention was raised on behalf of the revenue before the tribunal that, since during the accounting period .....Tag this Judgment!
Court : US Supreme Court
Decided on : Jun-17-1975
..... one survey lists as many as fifty different categories." among the services typically provided within a conventional correspondent arrangement are check clearing, help with bill collections, participation in large loans, legal advice, help in building securities portfolios, counseling as to personnel policies, staff training, help in site selection, auditing, and the provision of electronic data processing. ..... the lawfulness of a restraint in light of all the circumstances, chicago board of trade v. united states, 246 u. s. 231 , 246 u. s. 238 (1918), the lawfulness of the practices at their inception, even if assumed, could not be controlling, for changes in market conditions can deprive once-reasonable arrangements of their justification. ..... market division, or other cartel activity by banks. congressional concern was much more narrowly directed. philadelphia national bank rejected a literal interpretation of 7 of the clayton act that would have limited its application to stock acquisitions by banks, an interpretation that nevertheless enjoyed some acceptance prior to the decision. congress was concerned about the ..... integrating antitrust standards with the regulatory process, but rather to expanding the federal reserve board's jurisdiction and regulatory powers. the antitrust provisions of the holding company act amendments received little legislative attention; the brief reference to them in the legislative history indicates that their purpose page 422 u. s. 134 was to "apply .....Tag this Judgment!
Court : Monopolies and Restrictive Trade Practices Commission MRTPC
Decided on : Jul-25-1975
Reported in : (1976)46CompCas470NULL
..... competition unless the credit is given in connection with or by reason of dealings only. in reply, an illustration can be given of a loan to a dealer free of interest by reason of dealings alone. this would undoubtedly have the effect of preventing, distorting or restricting competition.28 ..... will be pertinent to quote the following observations of mr. justice brandeis of the u.s.supreme court in chicago board of trade v. united states,  246 us 231, 238; 62 l ed 683, 687 : " every agreement concerning trade, every regulation of trade, restrains. to bind, to restrain, ..... restrict or discourage competition to any material degree. the respondent is, therefore, entitled to the benefit of section 38(1)(h) of the act. we are, therefore, satisfied that the restrictive trade practice of exclusive dealership in this case is not unreasonable having regard to the balance between ..... of preventing, distorting or restricting competition and, therefore, did not satisfy the definition of restrictive trade practice in section 2(o) of the act. as this is new legislation and we expressed willingness to revise our previous decision in case we were demonstrably wrong, mr. palkhivala in effect ..... (hereinafter for the sake of brevity referred to as "the registrar") against tata engineering & locomotive co. ltd., a company incorporated under the companies act, 1 of 1956, and having its registered office in bombay (hereinafter for the sake of brevity referred to as "the respondent") under section 10( .....Tag this Judgment!