Supreme Court of India

Peerless General Finance and Investment Co. Ltd. and Anr v. Reserve Bank of India

Neutral citation

Reported as [1992] 1 S.C.R. 406

Bench N.M. Kasliwal and K. Ramaswamy JJ.

Decided 30 January 1992

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.

22 Supreme Court benches have cited this judgment.

What the Court ordered

In the result I set aside the orders of the High Court and allow the appeals arising out of SLP Nos. 6930-30A of 1991, 7140 of 1991 and C 3676 of 1991 filed by the Reserve Bank of India and dismiss the writ petition No.677of1991.

Judgment, page 44

From the headnote

Reserve Bank of India Act, I934: Sections 45K (3), 45J, 451 & 45L: Residuary Non-Banking Companies-Receiving deposits under the saving schemes-Directions is- sued by Jieserve Bank-,)uch companies to deposit with public sector Banks or invest in unencumbered securities the aggregate amounts of liabilities to depositors-To disdose the same as liabilities in order to secure return of the "!Oney to depositors-,)uch directions whether statu- tory in natllre-Whether ultra vires of Section 45K (3)-Whether violative of Artlt:les 14 and I 9 (I) (g) of the Constitution of India. Constitution of India,

Where later benches applied it

2023 Vivek Narayan Sharma v. Union of India relied on
2021 Small Scale Industrial Manufactures Association (regd.) v. Union of India and Others relied on
2020 Chebrolu Leela Prasad Rao & Ors. v. State of A.P. & Ors. relied on
2020 Internet and Mobile Association of India v. Reserve Bank of India relied on
2019 The Peerless General Finance and Investment Company Ltd. v. Commissioner of Income Tax relied on
2019 Vasavi Engineering College Parents Association v. State of Telangana and Others relied on
2010 Md. Shahabuddin v. State of Bihar & Ors. relied on
2024 Hongkong and Shanghai Banking Corp. Ltd. v. Awaz & Ors. referred to
2024 Association for Democratic Reforms & Anr. v. Union of India & Ors. referred to
2023 The Animal Welfare Board of India and Ors. v. Union of India & Anr referred to
2023 State Bank of India & Ors v. Rajesh Agarwal & Ors referred to
2022 M/s. Jindal Steel and Power Limited v. The Chhattisgarh State Electricity Regulatory Commission and Ors. referred to
2022 Satyajit Kumar & Ors. v. The State of Jharkhand & Ors. referred to
2022 Noel Harper & Ors. v. Union of India & Anr. referred to
2022 Small Industries Development Bank of India v. M/s. Sibco Investment Pvt. Ltd. referred to
2021 Akshay N Patel v. Reserve Bank of India & Anr. referred to
2021 Rajeev Suri v. Delhi Development Authority & Ors referred to
2018 Chitra Sharma and Ors. v. Union of India and Ors. referred to
2012 Re: Special Reference N0.1 of 2012 v. -- referred to
2011 Md. Murtaza & Ors. v. State of Assam & Ors. referred to
2013 Suresh Kumar Koushal and Another v. Naz Foundation and Others mentioned
2012 Kotak Mahindra Bank Ltd. v. Hindustan National Glass & Ind. Ltd. and Ors. mentioned

Of those, 7 relied on · 13 referred to · 2 mentioned

Sign in free to read it

The full judgment, page by page, as published in the Supreme Court Reports
The ratio: what the Court held, verbatim, with the page it sits on
Every bench that relied on it, and every bench that argued against it
Search every reported judgment, by party, citation or question
Download the PDF, copy pinpoint citations ready for a filing

An email address, no password.