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1983 (7) TMI 205 - SC - Companies LawConstitutional validity of rule 3A of the Companies (Acceptance of Deposits) Rules, 1975 ("Deposits Rules" for short), introduced by the Companies (Acceptance of Deposits) Amendment Rules, 1978, which became operative from April 1, 1978, and incidentally of section 58 A of the Companies Act, 1956 inserted by the Companies (Amendment) Act, 1974, which came into force on February 1, 1975 challenged? Held that:- Appeal dismissed. Not a single contention canvassed on behalf of the petitioners, individually or collectively, bears scrutiny and, therefore, the petitions and the appeals must fail and are dismissed with costs in each matter. A detailed analysis of the provisions, in the light of the submissions, would clearly negative any contention of the violation of articles 14 and 19(1)(g) and we must reject the challenge to the constitutionality of section 58A and the rules made thereunder.
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