Supreme Court of India
M/s. P. Vaikunta Shenoy & Co. v. P. Hari Sharma
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
In view of the above discussion we are of the opinion that a purposive interpretation has to be given to the definition of money-lenders.
Judgment, page 5
From the headnote
Karnataka Money Lenders Act, 1961; S. 2(10): Business/market practices- commission agent advancing c money to supplier of areca nut, however, charging interest-Supplier allegedly did not repay the amount-Suit for recovery-Decreed by trial Court-Reversed by High Court-On appeal, Held: Though the commission agent charging interest on loan advanced by him to supplier but his principal aim of such advancing of loan was to ensure regular supply of goods, areca nuts and not money lending-Such a practice prevalent and wide-spread in such business-Applying principle of purposive construction to the
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