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TMI Blog2021 (9) TMI 561X X X X Extracts X X X X X X X X Extracts X X X X ..... le inserting Article 243ZL(1) provided that in case of cooperative society carrying on the business of banking, the provisions of the Banking Regulation Act 1949 shall also apply. This provision was struck down by the Gujarat High Court in RAJENDRA N SHAH VERSUS UNION OF INDIA ANR. [ 2013 (4) TMI 972 - GUJARAT HIGH COURT] , whereby Part IXB introduced by way of aforesaid amendment was declared u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RDER Heard through Video Conferencing. Shri Ajay Gupta, learned counsel with Shri Ravikant Patidar Shri Milind Sharma, counsel for the petitioner. Shri J.K. Jain, learned Assistant Solicitor General for respondent Nos.1 to 4/Union of India on advance notice. Shri Pushpendra Yadav, learned Additional Advocate General for respondent Nos.5 6/State on advance notice. The contention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ule. It is therefore argued that the power to legislate in the field of Cooperative Societies falls exclusively with the State and does not lie within the domain of the Union, much less the Reserved Bank of India. The learned counsel argued that the Banking Regulation Act, 1949 was amended by the Amendment Act of 1965 w.e.f 01.03.1966, whereby in view of this conflict, Sections 10, 10A, 10B, 10BB, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amended Section 4 of the Banking Regulation Amendment Act, 1965. The argument therefore is that the impugned order dated 25.06.2021 issued by the Reserve Bank of India is absolutely incompetent and lacks in authority. Issue notice to the respondents on payment of PF within seven days, returnable within eight weeks. In the meanwhile, operation and effect of the impugned order order dated 25. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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