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1868 Nationalisation of inland telegraphs under the General Post Office with the Telegraph Act 1868. [69] 1875 Suez Canal Company - The Egyptian share in the company was bought by the government. 1912 Nationalisation of National Telephone Company under the GPO, apart from Portsmouth and Hull. The Portsmouth telephone service was nationalised ...
[13] [14] On 22 July 1969, an eight-judge bench of Supreme Court gave interim order restraining the government to remove banks chairmen and giving the direction to the banks under Banking Companies Act 1968, despite Attorney-General Niren De's argument that nationalization is a policy decision and not subject to court scrutiny. [9]
Furthermore, there was a great resentment against class banking in India, which had left the poor (the majority population) unbanked. [2] After becoming Prime Minister, Gandhi expressed the intention of nationalising the banks in a paper titled, "Stray thoughts on Bank Nationalisation" in order to alleviate poverty. [3]
The Bank Nationalisation Case, also called Bank of New South Wales v Commonwealth (1948) 76 CLR 1, is a 1948 decision of the High Court of Australia (upheld on appeal to the Privy Council) that invalidated Chifley government legislation that attempted to nationalise the private banking sector.
An Act to bring the capital stock of the Bank of England into public ownership and bring the Bank under public control, to make provision with respect to the relations between the Treasury, the Bank of England and other banks and for purposes connected with the matters aforesaid. Citation: 9 & 10 Geo. 6. c. 27: Introduced by: Hugh Dalton (Commons)
At the same time, it had emerged as a large employer, and a debate had ensued about the nationalization of the banking industry. [32] Indira Gandhi, the then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting in a paper entitled Stray thoughts on Bank ...
Union Of India, filed by R. C. Cooper, popularly known as the Bank Nationalization case, held that the Constitution guarantees the right to compensation, that is, the equivalent money of the property compulsorily acquired. The Court also held that a law which seeks to acquire or requisition property for public purposes must satisfy the ...