Petitioners are private limited companies admittedly carrying on the business of money lending. But it is their contention that they would not come within the definition of 'money lender' under the Kerala Money Lenders Act, 1958 as amended. Therefore, according to the petitioners, they 'are not liable to take any licence as provided under the Act nor are they bound by other provisions of the Act. They seek a declaration that Kerala Money Lenders Act, 1958 does not apply to the petitioners as they are companies incorporated under the Companies Act. They also seek a direction to respondents 1 to 4 not to enforce the provisions of Kerala Money Lenders Act against them.

2. The term 'money lender' is defined under S.2(7) of the Kerala Money Lenders Act, 1958 as amended by Act 16 of 1987 as follows:

"2(7) "money-lender" means a person whose main or subsidiary occupation is the business of advancing and realising loans or acceptance of deposits in the course of such business and includes any person appointed by him to be in charge of a branch office or branch offices or a liaison office or any other office by whatever name called, of his principal place of business and a pawn broker, but does not include -

a) a bank or a co-operative Society; or

b) the Life Insurance Corporation of India established under S.3 of the Life Insurance Corporation Act, 1956 (Central Act 31 of 1956); or

bb ) the Industrial Credit and Investment Corporation of India Limited incorporated under the Indian Companies Act, 1913 (7 of 1913);

c). the Industrial Finance Corporation established under S.3 of the Industrial Finance Corporation Act, 1948 (Central Act 15 of 1948); or

e) the State Financial Corporation established under S.3 of the State Financial Corporation Act, 1951 (Central Act 63 of 1951); or

f) any institution established by or under an Act of Parliament or the Legislature of a State, which grants any loan or advance in pursuance of the provisions of that act; or

g) any other institution in the public sector, whether incorporated or not exempted by the Government by notification.

Explanation I - Where a person, who carries on in the State of Kerala the business of advancing and realising loans is resident outside the State, the agent of such person resident in the State shall be deemed to be the money lender in respect of that business for the purpose of this Act.

Explanation II-For the purpose of this clause, clause (7 a ), proviso to sub-section (1) of S.3, clause (a ) of sub-section (3) of S.10, (S.16B) and S.17, the word "person" shall include" a firm or a joint family";

The petitioners would contend that the word "person" referred in the Section can apply only to natural person and not to a company. The wording of the section would not give any indication to include a company in the term "person' referred therein. Reference is also made by the petitioners to the provisions contained under S.3 in support of their contention that a company will not come within the definition of money-lender. S.3 makes it mandatory for money-lender to obtain licence. The relevant portions of S.3 read as follows:

"3. Money-lender to obtain licence - (1) From the date on which the provisions of this Act are brought into force in any area no person, firm or joint family (or unincorporated association of individuals shall commence or)carry on or continue business as a money-lender at any place in such area without a licence obtained under this Act or in contravention of the terms thereof:

Provided that nothing in this section shall be deemed to prohibit a person who has applied for a licence to carry on or to continue business as a money-lender pending orders on his application.

2) xx xx xx

3 (a) where a money-lender is a registered firm the licence shall be obtained in the firm's name.

b) Where a money-lender is an undivided joint family, the licence shall be obtained in the name of the manager or the karanavan or the yajaman, as the case may be, described as such in the