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Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997

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Related Cases / Recent Cases

  • M/s New Horizon Sugar Mills Ltd Vs Govt of Pondicherry, Civil Appeal Nos.6673-6674 of 2009, Supreme Court of India judgement delivered on September 27, 2012
  • March 2011: K.K. Baskaran vs State rep. by its Secretary, Tamil Nadu & Ors.: The constitutional validity of the Act was challenged and the full bench of the Madras High Court held that the Act is constitutional. An appeal was filed before the Civil Appellate Jurisdiction, Supreme Court of India.
    • The Supreme Court said:
      • 'The `financial companies' in the present case had not obtained any licence from the Reserve Bank of India. Hence they are not governed by the Reserve Bank of India Act nor the Banking Regulation Act, 1949.'
    • 'We are of the opinion that the impugned Tamil Nadu Act enacted by the State Legislature is not in pith and substance referable to the legislative heads contained in List I of the Seventh Schedule to the Constitution though there may be some overlapping. In our opinion, in pith and substance the said Act comes under the entries in List II (the State List) of the Seventh Schedule.'
    • 'We are of the opinion that there is no merit in this petition. The impugned Tamil Nadu Act is constitutionally valid. In fact, it is a salutary measure which was long overdue to deal with these scamsters who have been thriving like locusts in the country.'

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