Judgement

SHAH, J. (For Majority): Rustom Cavasji Cooper - hereinafter called `the petitioner - holds shares in the Central Bank of India Ltd., the Bank of Baroda Ltd., and the Bank of India Ltd., and has accounts - current and fixed deposit - with those Banks; he is also a Director of the Central Bank of India Ltd. By these petitions he claims a declaration that the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance 8 of 1969 promulgated on July 19, 1969, and the Banking Companies (Acquisition and Transfer of Undertakings) Act 22 of 1969 which replaced the Ordinance with certain modifications impair his rights guaranteed under Articles 14, 19 and 31 of the Constitution, and are on that account invalid.

2. In India there was till 1949, no comprehensive legislation governing banking business and banking institutions. The Central Legislature enacted the Banking Companies Act 10 of 1949 (later called "The Banking Regulation Act") to consolidate and amend the law relating to certain matters concerning banking. By Section 5 (b) of that Act, "banking" was defined as meaning "the accepting for the purpose of lending or investment, of deposits of money from the public, r