NORTH EAST REGION FINSERVICES LIMITED AND ANR Vs. STATE OF MIZORAM AND ORS
HIGH COURT OF GAUHATI
North East Region Finservices Limited And Anr
STATE OF MIZORAM AND ORS
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Ujjal Bhuyan, J. -
(1.) Heard Mr. P.K. Tiwari, learned Senior counsel, assisted by Mr. M.K. Mishra, learned counsel for the petitioners and Mr. A.K. Sharma, learned Additional Advocate General, Mizoram, assisted by Mr. D. Kalita, learned counsel for the respondents.
(2.) By filing this petition under Article 226 of the Constitution of India, petitioner seeks a declaration that Mizoram Money Lenders and Accredited Loan Providers (Regulation) (First Amendment) Act, 2011 is unconstitutional being ultra vires the constitution. A related challenge has been made to the consequential letter dated 01.12.2011 issued by the Deputy Commissioner, Champhai district directing petitioner No.1 to register itself as an 'accredited loan provider' as per the Mizoram Money Lenders and Accredited Loan Providers (Regulation) Act, 2010, as amended by the Mizoram Money Lenders and Accredited Loan Providers (Regulation) (First Amendment) Act, 2011.
(3.) Petitioner No.1 is the North-East Region Fin-services Ltd. It is a non-deposit taking Non-Banking Finance Company (NBFC) incorporated under the Companies Act, 1956 and registered with the Reserve Bank of India under Section 45-1A of the Reserve Bank of India Act, 1934 (RBI Act). It is stated that petitioner No.1 has 122 Branches in 12 States out of which 28 Branches are in the State of Mizoram. Petitioner No.1 avails finance from institutional creditors like Oriental Bank of Commerce, Corporation Bank, Bank of India, Union Bank of India, Punjab National Bank, UCO Bank, etc., for the purpose of on-lending to individuals, self-help groups, joint liability groups and other proprietary sectors under various categories like agriculture, micro and small enterprises, etc.;
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