DAMODARAN Vs. STATE OF KERALA

JUDGEMENT

(1.) I do not think, in view of the allegations in this affidavit that the petitioner is a bank carrying on business of banking that the question of the vires of the enactment namely, the Kerala Money Lenders act. 1958 - Act XXXV/1958 need be gone into

(2.) NO doubt, there are several grounds of attack made in the affidavit filed in support of this application regarding the validity or vires of the various provisions of the Act as well as the competency of the state Legislature to enact the Act in question. I express no opinion whatsoever one way or the other regarding those grounds of attack raised against the statute or against the sections or the rules framed under the said act.

(3.) CLAUSE (b) of sub-section [1] of S. 5 of the Banking companies Act defines 'banking' as meaning the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise. CLAUSE (c) of subsection (1) of S. 5 again defines 'banking company' as meaning any company which transacts the business of banking in India.