AGENCIA COMMERCIAL INTERNATIONAL LIMITED Vs. CUSTODIAN OF THE BRANCHES OF BANCO NACIONAL ULTRAMARINO
LAWS(SC)-1982-7-5
SUPREME COURT OF INDIA (FROM: BOMBAY)
Decided on July 30,1982

AGENCIA COMMERCIAL INTERNATIONAL LIMITED Appellant
VERSUS
CUSTODIAN OF THE BRANCHES OF BANCO NACIONAL ULTRAMARINO Respondents

JUDGEMENT

Pathak, J. - (1.) These appeals by certificate granted by the Additional Judicial. Commissioner of Goa, Daman and Diu arise out of suits for the recovery of loans made to the appellants at various branches of the Banco Nacional Ultramarino in Goa during Portuguese rule.
(2.) The territories of Goa, Daman and Diu constituted the Estado de India of the sovereign State of Portugal. The Banco Nacional Ultramarino (the National Overseas Bank) with its Head Office at Lisbon in Portugal, carried on banking business in Goa at different Branches, some of them being situate at Vasco Da Gama, Margao and Panjim. It was also a currency issuing Bank and discharged the functions of a Government Treasury. It issued Portuguese currency notes in Goa, and its banking capacity it received deposits and granted loans.
(3.) On December 20, 1961 the territories of Goa. Daman and Diu were liberated from Portuguese rule and integrated with India. On the eve of the transfer. of power the Banco Nacional Ultramarine closed its Branches at Goa and removed a substantial portion of the valuable assets held there to its Head Office at Lisbon and to other places overseas.;


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