Thursday, April 23, 2026
Latest:
2024BankingHigh CourtLatestLegalMay 2024

Cooperative Bank – Offence under Section 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999

legaldeli

The respondent no.2 Nagar Cooperative Bank registered under the Maharashtra Cooperative Societies Act, 1960.  It was given RBI Banking Licence on 10.12.1986.  

In 2022, Crime No.121 of 2022 registered with Kotwali Police Station Ahmednagar and transferred to EOW, for offences punishable under Sections 409, 420, 467, 468, 471 read with Section 34 of the Indian Penal Code and also Section 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.

Petition for quashing the crime mainly on the ground that MPID Act is not applicable to the cooperative bank of the respondent no.2.

HELD that merely because a cooperative bank to which the Banking Regulations Act apply, it cannot be said to have been excluded from the application of MPID Act.

Section 2(d) of MPID Act defines “financial establishment” but excludes “corporation or a cooperative society owned or controlled by any State Government or the Central Government or a banking company as defined under clause [c] of section 5 of the Banking Regulation Act, 1949.

Judgment dated 6.5.2024 in Criminal Writ Petition No.157 of 2024 of Rajendrakumar Aatmaram Agarwal  Vs. The State of Maharashtra and others 

You May Also Like

Limitation – Online Filing of Appeal – Deficiencies of physical copies etc; complied with after limitation – Rejection of appeal on the ground of limitation is illegal – Section 107(1) and (4) of the Act

legaldeli

Arbitrator – Legitimacy of Non-Lawyer Arbitrator – Principal of a College

legaldeli

Section 27 of the Contract Act – Termination of contract – Interim Injunction in Section 9 AA petition

legaldeli

Leave a Reply

Your email address will not be published. Required fields are marked *

I HAVE READ THE DISCLAIMER AND AGREE TO IT.

User Acknowledgement

By proceeding further and clicking on the "AGREE" button herein below, I acknowledge that I of my own accord wish to know more about LegalDeli for my own information and use. I further acknowledge that there has been no solicitation, invitation or inducement of any sort whatsoever from LegalDeli or any of its members to create an Attorney-Client relationship through this knowledge site. I further acknowledge having read and understood the Disclaimer below.

Disclaimer
About: This knowledge-site (www.LegalDeli.in) is owned and operated by LegalDeli (“NDA”), and is a resource for your informational and educational purposes only.

No Warranty: NDA does not warrant that any content or information contained on this knowledge-site is accurate, correct, complete or up-to-date, and hereby disclaims any and all liability to any person for any actual or threatened loss or damage caused by errors or omissions, whether such errors or omissions result from negligence, accident or otherwise. NDA assumes no liability for the interpretation and/or use of the content and/or information contained on this knowledge-site, nor does it offer any warranty of any kind, either expressed or implied in relation to such content or information.

Third-Party Links: NDA does not intend that links / URLs contained on this knowledge-site re-directing users to third party websites be considered as referrals to, endorsements of, or affiliations with any such third party website operators. NDA is not responsible for, and makes no representations or warranties, express or implied, about the content or information contained on such third party websites to which links may be provided on this knowledge-site.

No Legal Advice: By clicking ‘I agree’ and proceeding further, you acknowledge, represent and undertake that you on your own accord wish to know more about NDA, its capabilities and research content and information contained on the knowledge-site, for your own knowledge and personal use. The content and information contained on this knowledge-site should not be construed as nor relied upon as legal advice. You as a reader or recipient of content or information contained in this knowledge-site should not act, nor refrain from acting, based upon any or all of such content or information, but should always seek the advice of competent legal counsel licensed to practice the relevant law in the appropriate jurisdiction.

No Attorney-Client Relationship: This knowledge-site is not intended to be and you should not consider the content or information contained therein to be an advertisement, solicitation, inducement or invitation for an Attorney-Client relationship. Transmission, receipt or use of this knowledge-site, including content and information contained therein, does not constitute nor create an Attorney-Client relationship between NDA and you.

I Agree