Supreme Court of India
Mr. Pramod Malhotra and Ors. v. Union of India and Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
Before parting with the case, we would like to note that financial frauds H 704 SUPREME COURT REPORTS [2004] 2 S.C.R. A are on the rise.
Judgment, page 16
From the headnote
Banking Laws: . Banking Regulation Act, I987-Sections 22, 23, 45(2) and (7)-Sikkim Banking Limited (SBL) applied for a licence, but RBI did not respond-Rather, RBI found several shortcomings and deficiencies in SBL functioning, yet authorised SBL to open a Branch in Delhi-Depositors depositing amount in the Branch-Bank incurred net loss of Rs. 56.22 crores-Special audit revealing siphoning of funds-Amalgamation of the bank with another bank and under the scheme depositors to be paid interest lesser than the contractual rate Depositors seeking re-payment of their amount at the contractual…
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