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1996 (1) TMI 332 - SC - Companies LawWhether in exercise of the powers conferred on it by the Act the Bank is competent to issue the notification dated 19-4-1993 inserting Paragraph 4A in the 1987 Directions? Whether Paragraph 4A is violative of the provisions of articles 14 and 19(1)(g)? Held that:- Appeal allowed. Unable to uphold the judgment of the High Court striking down Paragraph 4A introduced by notification dated 19-4-1993. In our opinion, it is within the competence of the Bank to issue directions in the nature contained in Paragraph 4A and the said provision is not violative of the rights guaranteed under articles 14 and 19(1)(g). Peerless can make a representation to the Bank for the revision of the said amount in the light of the expenses that would be incurred by it on brochure/application form and servicing depositors' account and, if such a representation is made, the Bank shall give due consideration to the same and, if the amount prescribed is found to be inadequate, the Bank should revise the same.
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