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TMI Blog2013 (2) TMI 820X X X X Extracts X X X X X X X X Extracts X X X X ..... respondents herein. 2. On 11th August, 2009, this Court has granted adinterim relief, and thereby, further proceedings of above referred Criminal Case No.289 of 2008 before the Metropolitant Magistrate, Ahmedabad, was stayed. Vide order dated 10.02.2010, while admitting the matter and when Rule was issued, such interim-relief was extended which is continue till date. 3. Heard learned advocate Mr.A.R.Gupta for the applicant and learned Additional Public Prosecutor Mr.N.J.Shah for the respondent-State. 4. The issue arises in the present case has been decided by the Division Bench of this Court in the case of Radhe Estate Developers Versus Mehta Integrated Finance Co.Ltd. and Others, reported in 2012(1)GLR 14 whereby decision in the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Reserve Bank of India Act. It appears that such judgment in the case of Sundram Finance Limited Versus State of Gujarat, reported in 2012(0) GLHEL-HC 228021 = 2012 JX (Guj) 825 dated 6th September,2012, declared such part of Gujarat Money Lenders Act as unconstitutional which is probably not challenged before the Supreme Court. 5. Therefore, practically factual details in the present case is not much material. It has been clear from the record as well as from the submission of learned advocate Mr.A.R.Gupta that the applicant is carrying out the activities as a Non Banking Financial Company as necessary license has been already granted to it by the Reserve Bank of India under the provisions of Reserve Bank of India Act, 1934, which over ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ropriate cases, it can take penal action like winding-up, etc. in the interest of its customers, namely, the depositors. State Government has not issued any Notification under Section 2(10)(v) with regard to any banking financial or any institution, such as N.B.F.Cs. bringing it within the meaning of 'money lender' as defined under Section 2(10) of the Money Lenders Act. It has already been held that except the companies mentioned thereunder and referred to above, companies incorporated under the Companies Act, 1956, do not come within the definition of 'money lender' as defined under Section 2(10)(iiia) read with Section 2(4) of the Money Lenders Act All companies as defined under Section 2(4) of the Money Lenders Act now come with within ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and to produce the same on record. Though repeatedly time was granted and as submitted by learned Additional Public Prosecutor Mr.N.J.Shah though he had repeatedly called for the copy of such notification, respondents have failed to file such notification on record. It is also clear and obvious that said decision is dated 26th April,2011, wherein also present respondents are complainant, and therefore, they are aware about necessity of such notification if any for prosecuting Non Banking Financial Company. In the present case, the State Government has failed to produce any notification u/Sec.2(10)(v) with regard to any banking financial or any institution, such as N.B.F.Cs., bringing it within the meaning of `money-lender' as define ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Royal Charter or Letters Patent or the company formed by an Act of the Legislature of a British Possession, now come within the meaning of `company' as defined u/Sec.45-I of the Reserve Bank of India Act, 1934 in view of Chapter IIIB of the Reserve Bank of India Act, 1934. Therefore, we hold that Chapter IIIB of the Reserve Bank of India Act occupy the filed with regard to control, penal action, etc., against those companies, and thereby the State law, namely, the Money-Lenders Act, 1946, cannot transgress on the field occupied by the law of Parliament. In view of Sec.45Q of the R.B.I. Act, provisions of Chapter IIIB of the R.B.I. Act shall have overriding effect on the Bombay Money Lenders Act, 1946. Thus in absence of any notificat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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