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Sundaram Finance Limited Versus State Of Gujarat

2012 (9) TMI 1108 - HIGH COURT OF GUJARAT

GML Act [Gujarat Money-Lenders Act, 2011] is ultra vires the Constitution of India for legislative incompetence of the State Legislature only to the extent it seeks to have control over the NBFCs registered under the RBI Act in the matter of carrying on their business under Chapter IIIB of the RBI Act. - The State Respondent is restrained from applying the provisions of the GML Act against the petitioners while carrying on their activities governed under Chapter IIIB of the RBI Act. - SPECIA .....

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the writ-petitioner, a Company, incorporated under the provisions of the Companies Act and registered with the Reserve Bank of India under Section 45-IA of the Reserve Bank of India Act, 1934 ["RBI Act"], has prayed for declaration that the provisions of the Gujarat Money-Lenders Act, 2011 and its applicability to the petitioner as a Non Banking Financial Company ["NBFC" for short] registered under the RBI Act, are illegal and ultra vires the Constitution, and for further de .....

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d under the provisions of the Companies Act and registered with the Reserve Bank of India under Section 45-IA of the RBI Act. The said Company was originally classified as a Hire Purchase Company which came to be later reclassified as an Asset Finance Company Deposit Taking. 4.2 The respondent no.2 had, in the past, issued a notice under Section 13A of the Bombay Money Lenders Act, 1946 ["BML Act" for short], calling upon the petitioner to produce certain documents with a view to ascer .....

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er the BML Act, earlier, the petitioner filed Special Civil Application No. 13163 of 2008 before a learned Single Judge of this Court, thereby, contending that the provisions of the RBI Act would prevail over the said enactment and therefore, the provisions of the said enactment would not be applicable to the NBFCs like the petitioner. The petitioner further contended that Chapter IIIB of the RBI Act in itself is a self-contained Code covering all the aspects of business of NBFCs right from the .....

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dgment that the provision of the Constitution is supreme over all the enactments and if the scheme of the Constitution provides for making a room for operation of the laws made by the Parliament for a particular class of companies, its effect cannot be diluted nor can it be dissected. It was further observed that if the provisions of Chapter IIIB of the RBI Act were allowed to operate qua NBFCs, by the purported application of the BML Act, not only an anomalous situation might arise but there wo .....

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of the said appeal by dismissing the same and thereby holding that Chapter IIIB of the RBI Act occupied the field with regard to the control, penal action etc. against those Companies, i.e. the petitioner herein and the said law, namely, the BML Act would transgress on the field occupied by the law of Parliament. In view of Section 45Q of the RBI Act, according to the said judgment of the Division Bench, the provisions of Chapter IIIB of the RBI Act shall have an overriding effect over the BML A .....

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ny; [iv] a pawn broker; and [v] an un- incorporated body of individuals, including a firm who or which [a] carries on the business of money lending in the State; [b] has his or its principal place of such business in the State. The petitioner further found that according to Section 5[2] of the GML Act, NBFCs registered under the provisions of the RBI Act with the Reserve Bank of India shall be deemed to have been registered for the purposes of the said Act and they shall intimate to the concerne .....

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t to be found in other States clearly seeks to infringe the fundamental right of the petitioner to carry on trade or business which is so zealously safeguarded under Article 19[1][g] of the Constitution of India. 4.7 It also places an unreasonable restriction on the freedom of trade and commerce of the petitioner Company and as such, is violative of Article 301 of the Constitution of India. 4.8 The GML Act has been passed by the State Legislature and has received the assent of the Governor on Ap .....

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y a Division Bench of this Court and is, therefore, independent of the grounds mentioned above, ultra vires the Constitution of India. ( 3. ) The application is opposed by the State of Gujarat, by filing affidavitin- reply and the defence taken by the respondent no.1 may be summed up thus: 5.1 There is no repugnancy or inconsistency between the provisions of the RBI Act on one hand and the GML Act on the other, as alleged. It was denied that the GML Act had been enacted with a view to bring the .....

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RBI Act which came to be inserted by Act of 55 of 1963. THE objects and reasons of insertion of Chapter IIIB are as follows: "The existing enactments relating to banks do not provide for any control over companies or institutions, which, although they are not treated as banks, accept deposits from the general public or carry on other business which is allied to banking. For ensuring more effective supervision and management of the monetary and credit system by the Reserve Bank, it is desir .....

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hould also be enhanced and extended in certain directions, so as to provide for stricter supervision of the operations and working of such banks." 5.3 It was further contended that a plain reading of the aforesaid objects and reasons made it clear that the intention of the Parliament to insert the provisions of Chapter IIIB of the RBI Act was to control and regulate the conditions for acceptance of deposits and to control the credit policy of the Financial Institutions and the NBFCs. 5.4 Si .....

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issued under the BML Act deserved to be quashed and set aside and accordingly, those were quashed. Against the said judgment of the learned Single Judge, a Letters Patent Appeal was preferred which was disposed of by judgment dated April 26, 2011, affirming the aforesaid judgment of the learned Single Judge with the following directions: "33. ... Therefore, we hold that Chapter-III-B of the Act of the Reserve Bank of India Act occupied the field with regard to control, penal action, etc. a .....

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orities have no jurisdiction to take any regulatory measure or penal measures under the Bombay Money Lenders Act, 1946." 5.5 The RBI Act is relatable to Entry 38 of the Union List of the 7 th Schedule to the Constitution of India and the provisions contained in Chapter IIIB are enacted mainly with the objective of ensuring the protection of the interest of the depositors. As against this, Entry 30 of the State List in the 7th Schedule of the Constitution, deals with "moneylending" .....

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n'ble the Governor on April 6, 2011. Section 1[3] of the GML Act provides that the same shall come into force on such date as the State Government may, by notification in the Official Gazette appoint. Accordingly, the notification dated April 30, 2011 came to be issued appointing May 2, 2011 as the date on which the GML Act would come into force. 5.6 The new Act, i.e. the GML Act, came to be enacted keeping in mind the provisions of Chapter IIIB of the RBI Act so as to avoid any repugnancy o .....

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be appreciated while deciding the constitutional validity of the new Act i.e. the GML Act. THE focus of the new Act is on the borrowers/debtors and various other aspects centering there around like the rate of interest, molestation of debtors, illegal money-lending and fair practices of recovery. Both the new Act [GML Act] and the RBI Act stand together and they do not conflict with each other. As there is no regulatory provision to protect the interests of the borrowers/debtors in Chapter IIIB .....

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L Act, the BML Act was in operation in the State of Gujarat. Some of the NBFCs, including the petitioner had challenged the initiation of action taken against them by the State authorities under the BML Act by preferring several Special Civil Applications, on the ground that the NBFCs are regulated and governed by the provisions of the RBI Act and that they are under the control and supervision of the RBI for the purpose of issue of instructions and guidelines and, therefore, they are not govern .....

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culating interest. However, these differences do not have a bearing on the law laid down by this Court in the earlier litigation. 6.3 With respect to the applicability of the provisions of the Kerala Money- Lenders Act, 1958, to the NBFCs registered with the RBI, similar cases are pending before the Supreme Court wherein the RBI has filed its counter affidavit. The RBI reiterates its stand taken in the matter of Kerala Money- Lenders Act, 1958 pending before the Supreme Court and its applicabili .....

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with the money-lenders and provides for appointment of authorities for implementation of the said Act under Section 3, the registration of the money-lenders to commence and carry on the business of money-lending under Section 5, the refusal for grant or renewal of registration under Section 10, the suspension of registration under Section 13, and the cancellation of registration in certain cases and debarring money-lenders whose registration has been suspended or cancelled under Section 17. The .....

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ng to Non Banking Institutions receiving deposits and Financial Institutions. The said Chapter confers upon the RBI the power to issue certificate of registration to the NBFCs under Section 45-IA, to prescribe as to what percentage of assets have to be maintained by such NBFCs under Section 45-IB, and the reserve funds to be maintained by them under Section 45-IC. The RBI has the power to regulate the issue of prospectus or advertisement for soliciting deposits under Section 45J and to determine .....

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Section 45L. The RBI may prohibit the NBFCs from accepting deposits under Sections 45K and 45MB and has also the power to file petitions for winding up of the NBFCs under Section 45MC. The RBI has the power to inspect the NBFCs under Section 45N. Chapter V of the RBI Act empowers the RBI to take penal action, inter alia, against the NBFCs for non-compliance of the provisions of the RBI Act and the directions, orders, guidelines, etc. issued thereunder by the RBI from time to time. The RBI has al .....

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th a view to securing monetary stability in the country, the rate of interest prescribed by the RBI with respect to the entities coming within the regulatory jurisdiction of the Reserve Bank should prevail over the rate of interest specified in any State enactment or fixed by the State Government from time to time. In consequence, the GML Act must be read down to exclude the regulation of the NBFCs by treating them as deemed to have been registered under the GML Act. 6.8 So far, the RBI has not .....

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ceiling on rate of interest that may be prescribed by the RBI from time to time should apply to NBFCs registered with the RBI under the RBI Act and the provisions of Section 33 and 37 of the GML Act with respect to rate of interest should not apply to the NBFCs registered with the RBI. 6.10 Chapter IIIB of the RBI Act has an overriding effect over any law inconsistent therewith for the time being in force or any instrument having effect by virtue of any such law. 6.11 The NBFCs registered with t .....

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tration, debarring from carrying on the business of money-lending etc. and Section 42 relating to the penalty for contravention of Section 33 of the GML Act shall not apply to the NBFCs registered with the RBI under Section 45- 1A of the RBI Act. ( 4. ) Mr . Percy Kavina, learned Senior Advocate appearing with MR. Sanjay R. Gupta on behalf of the petitioner, has, at the outset, contended that the previous decision of the Division Bench of this Court between the petitioner and the State Governmen .....

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erefore, the present Act, i.e. the GML Act should be held to be ultra vires the Constitution of India on the above ground alone. 7.2 MR. Kavina thirdly contended that even under the provisions of the GML Act, the petitioner being a Corporation established under the RBI Act, would come within the purview of Section 2[9][o][1] of the GML Act and, therefore, the said Act will have no application to the activities of the petitioner. Lastly, MR. Kavina contends that the GML Act having encroached in t .....

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613. [iv] Hope Plantations Ltd. v. Taluk Land Board, Peermade and Anr., reported in [1999] 5 SCC 590. [v] Sushil Kumar Mehta v. Gobind Ram Bohra [Dead] through His LRs. [vi] State of Himachal Pradesh v. Narain Singh, reported in [2009] 13 SCC 165. [vii] M.P AIT Permit Owners Assn. And Anr. v. State of M.P . ., reported in [2004] SCC 320. [viii] Ishwar Dutt v. Land Acquisition Collector and Anr. Reported in [2005] SCC 190. [ix] Satyadhyan Ghosal and Others v. Smt. Deorjin Debi and Anr., reported .....

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of investigating the provisions contained in the GML Act and thus, the issue involved in the present application was not the issue involved in the earlier application. Mr. Trivedi, therefore, contended that the principle of res judicate, does not apply to the facts of the present case. 8.1 As regards the question of repugnancy between the GML Act and the RBI Act, Mr. Trivedi contended that the State Legislature is entitled to enact the law by taking aid of Entry 30 of List II of 7th Schedule, w .....

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ion. 8.2 In this connection, Mr. Trivedi placed reliance upon the decision of the Privy Council in the case of Prafulla Kumar Mukherjee and others, v. Bank of Commerce Ltd., Khulna, reported in A.I.R. [34] 1947 Privy Council 60, wherein, the Privy Council, while dealing with the similar provisions contained in the Bengal Money- Lenders Act, held that the same was not ultra vires the Government of India Act, 1935, 7th Schedule List I, Item Nos. 28 and 38. 8.3 Mr. Trivedi further contended that th .....

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orporation Act, 1956, or the FCI established by Section 3 of the Food Corporations Act, 1964, or the State Bank of India established under Section 3 of the State Bank of India Act, 1955, are the instances where Corporation by name is established by an Act of the Parliament. Similarly, according to Mr. Trivedi, the expression "Corporation established under the Act" means the Corporation which is brought into existence under the Act wherein several such Corporations are contemplated and .....

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incorporated under the Companies Act, 1956 means a company which comes into existence in accordance with the provisions of the Companies Act, 1956 and such company cannot be said to have been established by or under the Companies Act. By giving reference to the society which comes into existence in accordance with the Societies Registration Act, 1860 or companies incorporated or registered under the Companies Act, Mr. Trivedi contended that those are non-statutory Societies or Corporations. Acc .....

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thers v. Bank of Commerce Ltd., Khulna, reported in A.I.R. [34] 1947 Privy Council 60 [ii] A.S. Krishna and others v. State of Madras, reported in AIR 1957 SC 297 [iii] Ch. Tika Ramni and others etc. v. The State of Uttar Pradesh and others, reported in 1956 Supreme Court 676 [iv] M/s. Fatehchand Himmatlal and Ors. v. State of Maharashtra etc. [v] Hoechst Pharmaceuticals Ltd. v. State of Bihar and Ors, reported in [1983] 4 SCC 45 [vi] Offshore Holding Pvt. Ltd. v. Bangalore Development Authority .....

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eserve Bank of India, on the other hand, has partly supported the petitioner, thereby contending that in some of the fields as incorporated in the affidavit- in-reply of his client, there are conflicts between the two Acts and in those fields, his client will have the full control and not the authorities under the GML Act. According to Mr. Soparkar, to those extents, where two Acts are conflicting, the RBI Act would prevail. ( 5. ) Therefore , the first question that arises for determination in .....

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earlier decision delivered by the Division Bench indicated above, cannot be res judicata in the present proceedings for the following reasons: 11.1 First, in the previous proceedings, the Division Bench had no occasion to consider the scope of GML Act inasmuch as at that point of time, the GML Act did not see the light of the day. 11.2 Secondly, in the earlier proceedings, the challenge was made against initiation of action under the provisions of the BML Act against the present petitioner main .....

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ld with regard to control, penal action etc. against NBFCs receiving deposits and in such circumstances, it further held that the State Act could not transgress into the field occupied by the Central Act, namely, the RBI Act with reference to the depositors. However, the finding regarding transgression by a State Law on the field of Reserve Bank of India was a pure question of law enunciated by the Division Bench and for that reason also, the principle of res judicata does not apply. It is now w .....

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ne of res judicata. The various decisions cited by Mr. Kavina deal with the principle of res judicata and its applicability to subsequent proceedings including interlocutory proceedings which are wellsettled and there is no scope of disputing the correctness thereof. But as pointed out earlier, since in the previous proceedings, the Division Bench had no occasion to consider the various provisions of the GML Act, the issue as to transgression of the field of RBI Act on the enactment of GML Act w .....

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hold that the previous decision is not res judicata in the present proceeding, it is not possible to accept the contention of Mr. Kavina that the purpose of enactment of the GML Act is to overcome the effect of the said decision. There is no dispute that the Gujarat State Legislature has the competence to enact laws relating to Entry No. 30 of List II of the 7 th Schedule of the Constitution which deals with money-lending and money-lenders. In such circumstances, if the State Legislature decide .....

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and most important question that arises for determination is whether the GML Act encroaches upon the field of legislation of the Parliament so as to declare any part thereof as ultra According to Entries No. 38 and 43 of List I of the 7 th Schedule of the Constitution, the Parliament has the exclusive jurisdiction over the subject of Reserve Bank of India and the incorporation, regulation and winding up of trading corporations including the banking, insurance and financial corporation but not in .....

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volved in the money-lending within the State. There is no dispute that both the legislations operate in two separate and distinct fields and unless a situation arises where both the statutes are not capable of being obeyed, there cannot be any valid objection to the allegation of encroachment upon the field by one over the other. We find that the pith and substance of GML Act is to regulate moneylending which includes the aspects revolving around the borrowers/debtors, rate of interest, molestat .....

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itutions and to give any financial institution or institutions directions in respect of matters, in which the Reserve Bank, as the Central Banking institution of the country, may interfere from the point of view of control over the credit policy. The further object of the incorporation of Chapter IIIB of the RBI Act was to enhance the power of the Reserve Bank in relation to commercial banks and to extend in certain directions so as to provide for stricter supervision of the operations and worki .....

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ner has been registered under Chapter IIIB of the RBI Act and in the matter of exercising its right as an NBFC, which is the subject-matter of the RBI Act, it is bound to follow guidance of Reserve Bank of India and no other State law can interfere with its business activities if it conforms to the provisions of the RBI Act. However, if in addition to its activity which is governed under Chapter IIIB, the petitioner wants to enter into the field of the State laws, it is bound to comply with the .....

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stered under the GML Act and comes within the purview of the State legislation. To that extent, in our opinion, the GML Act encroaches upon the provisions of the RBI Act. ( 10. ) Although Mr. Trivedi tried to convince us that GML Act is in no way conflict with Chapter IIIB of the RBI Act as there is no specific provision enacted in Chapter IIIB which is in conflict with GML Act, we are not impressed by such submission. In our opinion, if the petitioner restricts its activities strictly within th .....

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Office, a Company or a Cooperative Society, but not excluded the activities of a Company which is registered under Chapter IIIB of the RBI Act for the reasons best known to it. As provided in the definition indicated in Section 45 I (f) of the RBI Act, the petitioner as its principal business is entitled to receive any deposits under any scheme or arrangement or in any other manner or lending in any manner under the supervision of the RBI. If a bank is excluded from the operation of the GML Act, .....

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India for legislative incompetence. We have already pointed out that as provided in Section 45 I (f) of the RBI Act, the petitioner is entitled to run its principal business of lending in any manner in accordance with the RBI Act and thus, no encroachment in that field is permissible at the instance of the GML Act. ( 11. ) We now propose to deal with the decisions cited by Mr. Kamal Trivedi: 23.1 In the case of Prafulla Kumar Mukherjee and others] [supra], the Bengal Money-Lenders Act, 1940 rel .....

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of the RBI Act by directing that an NBFC registered under the RBI Act would be automatically registered under the GML Act and will be subject to such provision in addition to those indicated in RBI Act . Thus, the said decision cannot have any application to the facts of the present case. 23.2 In case of A.S. Krishna and others [supra], the Supreme Court upheld the validity of a provincial legislation called Madras Prohibition Act, 1937 referable to Entry No. 31 of List II as against the Central .....

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ntirety, a law within the exclusive competence of the provincial legislature and therefore, the question of repugnancy did not arise. 23.2.1 In the case before us, we are not disputing for a moment the authority of the State legislature to enact GML Act in relation to moneylending and money-lenders, but it cannot encroach upon the activity of a registered NBFC under the Reserve Bank of India Act which is doing nonfinancial business as provided in the said Act. According to the definition provide .....

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le to Entry 27 of List II was held as not repugnant to Central legislations, i.e. Industries [Development and Regulation] Act, 1951 mentioned in Entry 52 of List I and the Essential Commodities Act, 1955 read with Sugar Control Order, 1955 issued under Entry No. 33 of List III as they covered different fields. 23.3.1 In the case before us also, in respect of the provisions of GML Act not encroaching in the field of an NBFC as indicated above, the Act is quite valid but the moment it tries to imp .....

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Control Act, 1968 relatable to Entry No. 52 of List I. 23.4.1 In the case before us, we have already pointed out that it is not a case of incidental trenching upon the field of RBI Act but one of direct interference over non banking activity of an institution registered under the RBI Act and in our opinion, the State could not have imposed any restriction as it has restrained itself from its operation over the activities of the other banks doing similar business under the direct supervision of .....

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there is even scope of conflict having regard to the field of legislation of Central law, to that extent, the State law should restrain itself from interfering which was not the case in the abovementioned matter before the Supreme Court. 23.6 In the case of Offshore Holding Pvt. Ltd. [supra], Bangalore Development Authority Act, 1976 relatable to Entries No. 5 and 18 of List II was held not being repugnant to the Land Acquisition Act, 1894, relatable to Entry No. 42 of List III, even though the .....

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ricity Board [supra], the Supreme Court held that Kerala Essential Articles Control [Temporary Powers] Act, 1961 and the Kerala Electricity Supply Surcharge Order issued thereunder were valid against the Central legislations, i.e. Electricity Act, 1910 and Electricity [Supply] Act, 1948 because of the fact that all the three legislations could not be said to be relatable to Entry No. 43 of List I relating to incorporation, regulation and winding up of Electricity Board. On the other hand, in the .....

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