LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Ni act- money lending license

Page no : 2

Ankit @mka.asr (Prop)     09 September 2011

If Handloan in shape Cash is shown in petition by complainant then what main point defence Lawyer can raise?

adv. rajeev ( rajoo ) (practicing advocate)     14 September 2011

Dear Anil,


You cannot file any case against the co., restraining it from doing unauthroised money lending.  You have to inform the same to the RBI, before that please verify the articles of association /memordandum of association of the co.,

adv. rajeev ( rajoo ) (practicing advocate)     14 September 2011

Dear Ankit,

To advise you properly it needs the copy of the complaint if compalint is filed.

Anil Agrawal (Retired)     14 September 2011

RBI is concerned with Non Banking Finance Companies. In Maharashtra, the licensing authority for granting money lending licence under the Bombay Money Lending Act, 1946, is the Registrar of Cooperative Societies. See this document also.

Attached File : 17909 209262 7 capacity to lend.pdf downloaded: 230 times
1 Like

Ankit @mka.asr (Prop)     14 September 2011

Cash Transations are not be covered under Handloan(NI 138). Please give me copy of any judgement regarding this.


adv. rajeev ( rajoo ) (practicing advocate)     16 September 2011

Ankit nice question to cross examine the complainant.  Thanks,

Ankit @mka.asr (Prop)     16 September 2011

Dear Sir, Complainant has admitted in his cross that he has lent Handloan to 4 or 5 other people also beside me. Can we prove his as Money lender without valid Money lending  License

I have seen his bank statement and balance was only Rs 4000/-. I have asked my chartered accoutant , and he is saying Cashloan above rs 20,000 is not allowed?

Anil Agrawal (Retired)     17 September 2011

Get a certified copy of his cross from the court and complain to the Registrar of Coop Societies. He can be prosecuted, if the Dy.Registrar is not corrupt.

Ankit @mka.asr (Prop)     17 September 2011

Dear Mr Agarwal, What impact it will make in defence of NI138 if i take certified copy of cross from court and complain to the Registrar of Coop Societies? 

Anil Agrawal (Retired)     17 September 2011

Dear Sir,

If DR takes cognizance and files a criminal complaint against the money lender, who has obviously not taken money lending licence, the 138 case is likely to be dismissed. Please read this judgement of Bombay High Court which clearly says that no money lender can do the  business of money lending without a valid licence. I hope you have engaged a lawyer who would be the best person to advise you in this matter.

Attached File : 17909 209977 28 o prabhakar kawane on 21 november 2009 1 .pdf downloaded: 197 times

Anil Agrawal (Retired)     17 September 2011

There is no harm in reading this judgement also.

Attached File : 17909 209978 0 kerala money lenders judgement.doc downloaded: 147 times

Ankit @mka.asr (Prop)     17 September 2011

Dear Sir,

If any such judgement is available under Punjab Money Lending Act,please forward me.

Anil Agrawal (Retired)     17 September 2011

These are not from Punjab & Haryana High Court. Yet, useful. Endless definitions - loan to a friend, friendly loan, out of affinity blah, blah and blah, not a habitual money lender.

Attached File : 17909 210049 17 guru prasad vs sadhu sharan prasad on 30 january 1996 2 .pdf downloaded: 200 times

Ankit @mka.asr (Prop)     17 September 2011

Dear Rajeev Ji, The complainant has admitted in cross that beside me he has lent loan to 4 or 5 other person also. Also he has admitted that he does not remember their names .More over he has not mentioned that he has lent me Freindly loan without Interest in demand notice or in petition. How we can prove hi Money Lender under Punjab Money Lending ACT. He has admitted that rs 1,00,000/- he has given me in the shape of Cash.

Ankit @mka.asr (Prop)     17 September 2011

Dear Mr Agarwal, I am facing NI 138 case in trial court. I am asking for judgement in defence of my case so that i can prove Complainant as Illegal Money Lender under punjab Money Lending ACT

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register