Appendix – 2
A Model Form
of
Rules and
Regulations of Society :
1.
Name of the society : : LEGAL FORUM OF INDIA
2. Head office of the
society :
402, Samavsaran
Appartments, Kanchan Bagh Main Road, Indore, M.P.
3. Objects of the
society : (1)
To Promote the
application of modern management and technology in the legal and judicial
system.
(2)
To do legal
research and provide necessary legal assistance to the members of the society
and the public at large, in order to make the justice available at fast pace and
at low cost, by applying technology for e-filing of cases and video arguments
throughout the country. To promote legal awareness amongst the public by
providing necessary changes in the law through journal/e-mail etc.
(3)
To take up other
ancillary assignments in the legal field, as may be decided by the market and or
as decided by the managing committee of the society.
4. Working field of the
society : State of M. P.
5.
Membership
Any person
who is major and willing to bound himself with the regulations may become member
by paying fee or charges etc.
[A] Life Membership –
Any member who pays a donation of Rs. 5000/- (Rupees Five Thousand) only, in
lump sum, will be the life member of the society.
[B] Ordinary membership
– Any person who will pay Rs.100/- per month or Rs.1200/- in a year will be a
ordinary member of the society.
[C] Honourable Membership
– The managing committee of the society may call any person(s) as Honourable
Members for the time-being, as it thinks fit, for their moral support and
guidance to the society. Such members can take part in the general meeting but
will not have the right of vote in the meeting.
6. Procedure for
Membership
Any person willing to become a
member of the society should apply in writing with prescribed fee. The
application will be considered in the executive / Management committee and
decision will be taken to or fro. If the application is rejected reason for that
will be drawn accordingly.
7. Qualifications of the
Members
To become the member
of society, a person should have qualifications as below:
(A)
He should be major;
(B)
Should be a Indian Citizen;
(C)
Promises to abide by rules and regulation of the society;
(D)
Should be of sound mind;
(E)
Should not be lunatic or disqualified under any law;
(F)
Should be of good and moral character;
(G)
Should be free from intoxicating drinks and drugs,; and
(H)
Should pay member ship fee regularly.
8. Penalty and termination
of Membership :
(A)
Any member who has not deposited Annual fee as per rule, he will have to
deposit 25% more than the prescribed fee as penalty, to continue as member in
the respective category.
(B)
Any member not depositing monthly subscription regularly has to deposit
10% more within 3 months from the date of default.
(C)
If the member refuses to subscribe the said amount, a notice will be
served on him, and if no action is taken, then the matter will be taken up by
the managing committee and a decision to terminate the membership may be taken
accordingly.
(D)
If any member is acting against the objectives and/or regulations of the
society and harming to the property of the society or making hindrances in
achieving the objects of the society, his membership may be terminated by taking
decision in general meeting.
(E)
Any other lawful reason for termination of membership.
9. Information as to
decision
Notice seeking clarification from
such member, will be served on such member whose membership is taken up for
termination, by management body.
10. Cessation of
Membership:
The membership of any
member will cease on the following grounds-
(A)
On the death of member;
(B)
On becoming of unsound mind;
(C)
When he does not subscribe membership fee as stated above;
(D)
On resignation from the membership, if it is accepted;
(E)
On absent in three or more consecutive meeting without the permission of
chairman;
(F)
On acting against the objectives of society and the managing committee
after enquiry has taken decision to remove him from membership;
(G)
When he is debarred for membership in the society by any legal order;
(H)
If he has become insolvent;
(I)
When he does not abide himself, with the rules and regulations of the
society.
11. Committees of the
society:
The society will form
two bodies or committees for its management i.e.
(i) General
Committee/body; and
(ii) Managing
Committee.
(i) General
Committee/body -
(A) Formation – In this
committee the members will be according to rule 5 of these regulations. It will
consist at least Seven members.
(B) Meeting – The general
meeting will be held as and when necessary. It is necessary to hold general
meeting once in a year.
(C) Time & place of meeting
– The executive body will decide the place, time and date of the general
meeting.
(D) Notice of the meeting –
A notice of date of meeting to be held, will be served on every member at least
7 (seven) days prior to date of meeting.
(E) Quorum
– The quorum of the meeting will be at least 1/3 of the total membership. If the
quorum is not complete the meeting will be adjourned for one hour and after that
there will be no quorum. Members present can take meeting in absence of Quorum
after adjournment.
(F) Annual Meeting
– The annual meeting will be held in the second week of April every year. The
financial year of the society will be from April to March period.
(G) First meeting of the society
– The first general meeting of the society will held within the 3 months from
its registration, in which officiating members will be elected as per rules and
law.
(H) Powers and duties
– The general body/committee will be competent to -
(i) approve annual report and
progress report;
(ii) manage fix property and
funds;
(iii) appoint auditor for audit
purposes;
(iv) accept income and expenditure
statement;
(v) approve budget for the year;
(vi) make policy for the
fulfillment of its objects and purpose;
(vii) select and form management
committee/body;
(viii) any other matter with the
permission of chairman.
(ii) Managing Committee –
(A) Formation –
Member whose name is enrolled in the register of members, will be empowered to
elect the members of managing committee. This committee will consist at least
seven members.
(B) Officiating members –
Member will be elected for the following post in the society namely –
(i) Chairman or
President;
(ii) Vice Chairman or Vice
President;
(iii) Secretary;
(C) Term of the Committee –
The term of the committee will be
three years. On the expiry of the time if a new committee is not elected the
present committee will continue for further 3 months, but its approval from
general committee will be essential. A member of this committee will be eligible
for re-election.
(D) Honorarium or allowances –
If the chairman, secretary etc.,
devote full time to work for the society, an appropriate amount may be given to
him on the approval of managing committee.
(E) Meeting
– The managing committee will hold meeting in every three months. But a special
meeting may be called by president/chairman on written request from members.
(F) Notice of the meeting
– The notice of the meeting will be served on the members at least 7 days prior
to the date of meeting. But in special cases, a notice of 3 days will be
sufficient.
(G)
Powers and duties -
The committee will have power to –
(i) achieve purposes and objects
of society and act accordingly;
(ii) present audited accounts
before the general committee for approval;
(iii) raise funds, purchase
property for the welfare of society;
(iv) pay all legal taxes levied on
the property of the society;
(v) appoint employees for the
society;
(vi) pay remuneration, pays and
allowances to the employees and workers;
(vii) follow all rules and
regulations;
(viii) Any proposal of amendment
approved in the general meeting to be sent to Registrar, will be dealt with by
this committee;
(ix) deal in any other work
entrusted to the committee by general body.
12. Powers, duties and
responsibilities of the Chairman / President:
(i) He will preside
over all the meetings of general body and managing body;
(ii) He will manage
the meeting through the Secretary;
(iii) He will
co-operate with members of working of society;
(iv) He will also control all
activities of society for achievement of purposes and objects.
13. Powers of the
Vice-President:
He will act in the absence of
President and preside over the meeting using all powers of President.
14. Duties of the
Secretary
(i) To call and manage the
meetings of general body and managing body. He will take permission and consent
of President and decide place, date and time for meetings.
(ii) To prepare society’s account
books, money receipt and payment etc.
(iii) He will get it audited and
present before the general meeting.
(iv) To prepare all relevant
documents and minutes of the meetings.
(v) To be responsible for the
correspondence of society.
(vi) He will be authorized to keep
Rs.______ with him at one time for society and can spend Rs.______ in one time.
17. Bank Account:
All the funds of
society will be kep in _____ Bank branch at Indore.
Withdrawal of the money from the
bank may be done by joint signature of President and Secretary.
The Secretary will keep Rs._____
for daily expenses of society.
18. Records to be kept:
Register of members, cash book,
stock register, record of assets and liabilities, bank account and pass book
etc. will be kept in the society’s office.
Records related to the general
meeting, list of members, audited accounts which are to be sent to Registrar
under section 27 & 28 will be maintained and kept.
19. Amendment in
regulation and bye-laws:
Any amendment in bye-laws for
regulations may be done in the general meeting of society by passing resolution
by 2/3 members of the total members.
For the welfare of the society, if
any amendment, as per rule, is made by the Registrar, the same will be binding
on all members.
20. Assets and funds:
All the assets and funds will
belong to the society. All movable and immovable property will also belong to
the society. It will not belong to any member in his name. The immovable
property can not be sold out, transferred or donated without the permission of
the Registrar.
21. Meeting by Registrar:
If no meeting is held in due
course of time by general or managing body, the Registrar may call meeting and
decide subjects to be considered in the meeting. He will call the meeting under
the law.
22. Dissolution of the
society:
The proposal for dissolution may
be passed by 3/5 voters of total members enrolled in the register of members.
After dissolution, all the
property will vest in the Government according to the provisions of the Act.
23. Any dispute may be
decided in the general meeting by the president. If it is not decided in the
meeting, it will be sent to Registrar for disposal. The decision of the
Registrar will be final and binding on the society.
The forum will initiate actions in the
following areas as well:-
(1)
Better Management & Improved Technology in Indian Judiciary :-
The well known Supreme
Court Judge, Justice V.R. Krishna Iyer in his famous book 'Law, Lawyers and
Justice' 1988 edition at page 133 had said that Indian Judiciary is backward by
200 years compared with developed nations. The forum will spearhead
implementation of better management techniques and improved technology in Indian
Court Rooms.
(2) Questioning
the legal validity of the Securitisation Act :-
Despite the Supreme Court
of India declaring the said Act legally valid, still there are several
provisions of the said Act which are questionable. The constitutional wing of
the forum will go in depth and prepare its recommendations. Accordingly, the
forum will initiate filing of suitable action before an High Court where the
forum can monitor, provide proper guidance and pursue up to the Supreme Court.
This task is gigantic particularly when the Act has already been declared valid.
Whole exercG.ise has to be done with application of superb knowledge of
constitutional law.
(3) Proper
Implementation of the Provisions of existing Securitisation Act :-
(4) Seeking for
Enactment - Lenders' Liability Act:-
(5)
Implementation of Fair Practice Code (as framed by Indian Banks' Association) by
Banks & FIs :-
(6)
Some of the areas already spotted are as under:-
(A) Framing of
Illegal Bank Documents and Getting signatures under undue influence :-
(1)
Most of the documents got signed from the borrowers and guarantors
contain one sided terms and conditions. Since the documents are got signed at
the time of acute financial needs, the said signatory has no option but to sign
the said documents under undue influence. At times signatures are taken on blank
printed forms
(2)
When the above illegalities are pointed out during the
litigation, the said signatory is silenced that he should have not signed if the
documents had above such deficiencies and illegalities. He feels cheated and
becomes victim of a serious deliberate trap and wrong doings
(3)
Such wrong doings are pointed out in all the written
statements of the borrowers and guarantors. Lot of time and efforts of the
litigating entrepreneurs, industrialists and businessmen as well as the
advocates, courts and judges is being wasted on these matters with no remedies
to the suffering party
(4)
The only solution is to have a proper legislation
specifically on bank documentation so that it will not be possible to commit
above wrong doings and illegalities.
(5)
There are several such matters requiring legislations. One of
the aims and objectives of this forum is to frame a draft legislation, move the
same as a bill in the parliament, convince the house members to pass such bills.
This is a genuine need. The industrialist and business community is paying huge
amount to the national exchequer apart from huge contribution to the political
parties and hence with concerted efforts, such bill can be turned into
legislation.
(B) Absence of
impartial third party between lenders and borrowers
(1)
At present in India, there is no independent and impartial
third agency between the lender and borrowers. In USA, legal agencies are
appointed as third such agencies right from the beginning.
(2)
In existing system in India, the so called third agencies
such as Ombudsmen are not impartial as they are appointed by the lenders only.
The RBI does not listen to individual cases. The Ministry of Finance does not
have any independent outlook. The judicial system like civil courts take years
to give verdict. The DRT’s decisions are mostly biased in favour of lenders.
(3)
In view of above, agencies such as industrial associations,
CAs, law firms and or advocates must be assigned the task of the said third
agencies right from the stage of signing of the documents or creation of
mortgage so that during any disputes, both the lender and borrower approach them
for resolution or arbitration.
(4)
Suitable legislation for the above will result in expeditious
dispute resolution during the financial transactions and as a result the assets
will not be idling for years as at present. Further such proceedings even will
be helpful during the legal trials.
(C)Calculations
of NPA and rehabilitation of sick units
(1)
There is basic lacuna in calculations of NPAs and preparation
of rehabilitation plans. The cost of unreasonable delay or wrong doings by the
lenders is never considered as part of the overburden.
(2)
The third agency will ensure that such expenses are
invariably incorporated and in that eventuality, the correct calculations of
NPAs or rehabilitation plans will emerge conforming to the principles of
justice, equity and good conscience.
(D) Provision
of legal expenses for borrowers whose business or industries have become sick
(1)
It is observed in the cases of sick industrial or business
units, the recovery suits are filed by the lenders in DRTs and the borrowers do
not have financial resources to fight legal battles.
(2)
On the other hand the lenders have unlimited access to
finances for legal expenses. Further they have well established law departments,
experienced law personnels, experienced advocates on their panel etc. Since such
comprehensive battles have not taken place in past, there are not many
precedences in favour of the borrowers and guarantors. The complete legal battle
is on most unequal footings.
(3)
There must be provision of legal expenses so that if there is
any litigation after the unit becomes sick, the expenses must be made available.
(4)
The proposed legislation may take care of the above
requirements.
(E) Provision
of survival and legal expenses for certain borrowers whose business or industries have become sick
(1)
There are certain borrowers like Seed Capital Assisted
Entrepreneurs who are solely dependent on their project and there is no other
source of income for them. This will be will known at the initial appraisal of
the project. If such project become sick due to reasons beyond control of the
said borrower, there must be provision for survival and legal expenses for the
said borrower till such time he gets another source of income.
(F) Initiation
of legal action especially against those borrowers whose business or industries
have become sick
(1)
All the factors must be considered before initiating the
legal action. The third agency must have the consent for the same. The legal
expenses are to be provided. Rehabilitation of the sick unit should be the first
consideration.
(G) Dealings
with the banks and FIs in respect of industrial and business finance are based
on law of torts rather than contracts
(1)
Treating the above transactions of industrial and business
finance under the law of contracts is a grave legal error. There may be contract
in respect of security measures but the financial assistance is based on torts
only
(H) Amendment
in Sec 138 NI act under special circumstances
(1)
The sec 138 ni act dealing with dishonour of cheques needs
amendment in respect of special circumstances when the limits are under renewal
or being sanctioned or being extended, the banks should not dishonour the
cheques issued for the needs of the business and if they do so, the criminal
provisions will be applicable to them instead of the borrowers.
(I) Personal
guarantee of the directors of the borrowing company
(1)
The lenders are providing financial assistance after full
satisfaction of technical and financial appraisal of the viability of the
industry or business and hence no such personal guarantee should be called for.
In case it is insisted, the directors of the lenders should also render such
personal guarantee in the interest of justice, equity and good conscience.
(J) RBI
Guidelines and provisions thereunder
(1)
The RBI Guidelines have been held statutory and mandatory in
several Supreme Court judgments. All the connected legislations need to be
suitably amended. The provisions under the RBI Guidelines dealing with all the
aspects of Industrial Finance and Business Finance should find place in the
proposed legislations.
(K) Several
other areas like Income Tax, Excise, Sales Tax, Payment of Minimum Wages Act,
Provident Fund Act etc require review and suitable amendments keeping in view
the state of industrial and business sickness
(1)
After the basic legislation, all the connected legislations
like RBI Act, Banking Regulation Act, DRT Act, Securitisation Act, Income Tax Act,
SFC Act, Excise, Sales Tax Act, Payment
of Minimum Wages Act, Provident Fund Act, Civil Procedure Code, Indian Penal
Code etc need to be suitably amended.
(L)
Unreasonable delay in provision of working capital, giving inadequate working
capital as well as many of the above mentioned wrong doings must be held
criminal with prescribed jail terms
(1) When dishonour of cheques is a crime with jail terms, not
submitting returns to Registrar of Companies is a crime with jail terms, why the
above mentioned underfinancing should not be a crime with jail terms.
(2)
It is most commonly talked about that the industrialists and businessmen are
diverting funds but if some one goes in depth it would be found that if such a
thing happens it is due to collusion of the officials of the lenders and if jail
term is awarded to the borrowers, the said officials would also get the equal
jail term rather more as they are doing such wrong doings in several cases.
(3) There
is no social security for the industrialists and businessmen for which also
legislation is needed. Business is fraught with uncertainties and there are lot
of circumstances which are beyond control of the borrowers, In our country there
is no 'no fault liability' legislation. The 'Securitisation Act' was to be
passed with 'Lenders Liability Act' Whereas the Securitisation Act has been
passed, the Lenders Liability Act has not yet been framed.
(M) All the
court judgments must include a conclusion as to which area of the case requires
new legislation
(1)
A law is needed which should require all the judgments to
include specific comment of the judge whether any new legislation is required
(2) Till
such time such new law is made, time bound program be made to examine the
existing judgments and the substance of new legislation located.
(3)
Several recommendations of the Law Commission are pending for legislation, those
affecting industrialists and businessmen need to be implemented in form of
legislation.
(N) Capability
and competency of industrial and business community to achieve above
legislations
(1)
The industry and business sector is generating huge revenue for the
government and the society. The political parties get contributions for their
various purposes including elections. The industrial and business community is
within their rights to have the above and other legislations which are based on
justice, equity and good consciousness.
(O) Your views
and suggestions are invited
(1)
We are forming the ‘Legal Forum of India' to achieve the legislations
in the proposed focus area as above. There will be other focus areas in future
in the arena of better management and improved technology in Indian Judiciary.
(2)
In the meantime, we request you to discuss the above among
the industrialists and businessmen. Your and their views as well as suggestions
may kindly be mailed to us at our id
ramkishan@drtsolutions.com If you desire to interact with us, you are
welcome to visit us at the following address with prior appointment on phone.
(3)
With your views and suggestions, we shall continuously enrich
this page till a new web site comes up. the URL registered for the same is
www.legalforum.in
Thanking you and with warm regards,
Ram Kishan
Legal Forum of India
ramkishan@drtsolutions.com
Phone nos – M – 093 0210 3689, Off-cum-res –
073 1404 9358 and 073 1329 0201
Explanatory Comments
(1) Industrial activity is the
most essential as well as beneficial activity for the modern human society. The
industrial units are the real temples which provide livelihood to the people and
generate real wealth for the masses. The society which supports entrepreneurs
and new industrial units becomes richer at faster rate compared with the society
which does not do so. The glaring example is China whose per capita income prior
to 1970 was lower than India and now it is double. The masses are gainfully
engaged and hence are happier, healthier and have much lesser crime rate. The
production and productivity are rising continuously. The Chinese goods are
flooding the market. China embarked upon the reforms in 1980, whereas India
started the same in 1991.
(2) In fact, our Constitution
and the founding fathers supported the Industrial Activity. Accordingly IDR Act
1951 (Industrial Development and Regulation Act) and SFC Act 1951 (State
Financial Corporation Act) were enacted. With passage of time, the Government
felt that the private banks were not helping the masses. But instead of
reforming them, the Government took a retrograde step by nationalizing the
private sector banks in 1969. The new public sector banks were intended to be
controlled by all pervasive legislation operating through RBI Guidelines being
mandatory and statutory as per the RBI Act 1934 and Banking Regulations Act
1949. The said public sector banks progressively adopted the typical attitude of
governmental bureaucracy and as a result openly ignored the law laid down
through the said RBI Guidelines. The neta babu raj with its ever increasing
corrupt attitude added fuel to the fire.
(3) On account of above, the industrial sickness
grew rapidly to the noticeable level as early as 1970. Accordingly the IRCI ( in short for Industrial Reconstruction Corporation
of India Ltd ) was set up in April 1971. The RBI convened a meeting of banks,
IDBI and IRCI in December 1974 to discuss the problems encountered in
rehabilitation of sick industrial units. The RBI issued detailed guidelines from
time to time. Since there was no significant impact on the incidence of
industrial sickness, further detailed guidelines were issued in 1976
specifically dealing with the rehabilitation of sick industrial units. The
fundamental mistake committed by the RBI and the Government at that time in 1976
and it is continuing till date is that there was and still there is no mechanism
for effective implementation of the said guidelines. Issuing of the guidelines
since 1976 has no meaning if these are not seriously followed by the banks. Any
attempt for implementation through court of law is highly time consuming and
uncertain due to opposing fights by the banks. Either banks are privatized or
there is efficient and strong judiciary. Since both do not exist, the banks are
not serious to abide by the statutory and mandatory RBI Guidelines. The RBI is
reduced to only immobile barking dog. Since 1976, every year as a ritual, the
RBI went on issuing warning after warning without creating any fear among the
banks. As a result, the industrial sickness continued to grow. Banks were taking
time at their sweet will to sanction working capital limits. The renewal and
enhancement was delayed. The viability studies were being conducted repeatedly
and even after finding the unit viable, the limits were not sanctioned or
renewed. The cost of delay caused by the banks was never considered in the
rehabilitation plan. Thus the industrial unit already sick was overburdened
without its fault. The inefficient banks converted the incipient sickness into
regular and then chronic malady. With passage of time, due to limitation, the
recovery suit is filed by the banks.
(4) All the above problems are
well known since 1976. The RBI went on issuing guidelines after guidelines
without achieving any compliance by the banks. Some entrepreneurs submitted
these problems in courts in their written statements but due to financial
stringency, they could not fight till the end. The banks without any problem for
legal expenses and with strong law department and counsels virtually killed
these entrepreneurs in the legal battles also. With such state of affairs, the
banks became more arrogant and corrupt.
(5) In view of above, the NPAs
continued to grow. Whenever the Government applied pressure through RBI, the
banks came up with excuses blaming the entrepreneurs and long drawn judicial
process. In order to satisfy the banks, many of their suggestions like special
courts in form of DRT Act 1993 and coercive legislations like the
'Securitisation Act 2002 and the Companies (Amendment) Act 2002 were enacted.
(6) The above legislations
created at the instance of banks, in fact, boomeranged on the banks themselves.
Some of the financially strong borrowers filed huge counter-claims against the
banks. Since the judicial process in DRT became quicker compared with the civil
courts, the banks were cornered legally due to their open violations of the
statutory RBI Guidelines in existence since 1976. The application of the Law of
Torts and several other concepts as highlighted in this web site since 2001
drove the bank to a losing corner. Many of our clients are now in a strong
position and are winning the battle. The top level of banks is now worried about
the consequence of the huge counter-claim increasing daily due to the interest.
In desperateness, in one case, the bank has sent the feeler to borrower to waive
off the entire loan if the counter-claim is withdrawn. The borrower has flatly
refused. In another case, the bank has appointed a most Senior Supreme Court
advocate in DRT itself. In another case, the bank officials are refusing to come
to witness box for evidence and cross examination.
(7) The wrong doings of the
banks past 30 years has come to full circle resulting into huge counter-claims.
The banks will lose heavily in DRT but will fight the battle in appeal to High
Courts and Supreme Courts. Since this knowledge has widely spread, there will be
spate of counter-claims. All the cases will ultimately will land before the
Supreme Court. This process will take few years.
(8) Let the above fight
continue. Some of the borrower whose life has been totally ruined will continue
to fight till the end. We provide complete knowledge from the stage of
pleadings, interim applications, interim arguments, cross-examination and final
arguments in DRT, ADRT, High Court, BIFR, proposed NCLT and Supreme Court.
(9) During the above mentioned
fights of our clients we have observed that there are lot of common defence put
forth by all the borrowers. Lot of time of the society is getting wasted in
adjudication of these common points. The borrower has to plead, the bankers have
to reply, the DRT PO has to adjudicate. the appellate courts like ADRT, High
Court and Supreme Court are also require to spend time on the said common
matters. As outline above in this web page, if efforts for legislation are made,
the huge wastage of time by all these bodies will be saved and thus the society
will be benefited. Keeping these aspects in view only the suggestion has been
made. The industries and business community is paying huge money by way of
taxes, contributions to political parties as well as bribes. Hence this
community is strong enough to get such legislations which are only for equity
and justice and not for any favourable position.
(10 The present system of
adjudication between borrower and lenders is heavily loaded in favour of
lenders. This is highly against equity, justice and good conscience. The
litigation starts when the borrower is unable to pay the interest on loans or
unable to pay the installments of the loans. In most of the cases, it happens
when his business or industry becomes sick or is closed. Many a times, such
situation arises due to circumstances beyond his control. Thus when the borrower
is having acute shortage of finances, the recovery suit is filed by the lenders.
He is not having even funds to engage competent lawyers. He himself does not
have intricate knowledge of banking and related laws. On the other hand, the
lender has no problem in spending funds on litigation, has well experienced law
department, has experienced counsels, has vast machinery of government and
judiciary in their favour. The fight is most unequal. It is just like a fight
between weak sick child with a well fed strong wrestler. In fact initiation of
such fight itself is questionable. The whole process is a show during which the
wrestler kills the child and is declared winner.
(11) New units of industry and
business are continuously needed and desired by the society to fulfill the
aspirations of the entrepreneurship. The resultant additional benefits are
wealth creation, employment and better quality of life for the masses. Hence the
same are supported, directed and implemented by the Government. In fact the
Constitution of India lays down such activities as statutory duties of the
Government and all its functionaries. Accordingly several enactments and legal
provisions support such creations including expansion and diversifications.
(12) In view of above in
present scenario, the litigation as above will continue. Absence of proposed
legislation is no way a lacuna in the present litigations. The efforts for the
legislation as proposed is a long term measure in the interest of society
including banks.
