Kerala high court puts a break on the promotion of a financial company established by Kerala Govt. agency based on Islamic laws.
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Court order on Islamic banking firm
From Hindu dated Friday, Apr 09, 2010
http://www.hindu.com/2010/04/09/stories/2010040962780600.htm
Special Correspondent
Kochi: A Division Bench of the Kerala High Court on Thursday directed the State government and its instrumentalities to desist from participating in any way, financially or otherwise, in the business of a newly formed non-banking financial company, said to be based on Islamic laws, pending adjudication of the writ petitions challenging its formation.
The Bench of Chief Justice J. Chelameswar and Justice C.N. Ramachandran Nair passed the directive after hearing arguments on petitions filed by Al Barakh Financial Services Limited and the State government seeking to vacate an interim order.
The Bench had earlier directed the government and the Kerala State Industrial Development Corporation (KSIDC) to ensure that the newly formed company did not commence its operations. The interim order was passed on a writ petition filed by Janata Party president Subramanian Swamy against the government sanction given to the KSIDC to form such a company.
posted by Govinda Bhisetti @ 6:09 AM
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