New Delhi, Jan. 30 -- The Supreme Court has ruled that a private company engaged in the banking business as a scheduled bank, or a non-banking financial company (NBFC) cannot be subjected to the writ jurisdiction of a constitutional court because it does not perform public functions or duties.
A bench comprising justices JB Pardiwala and R Mahadevan noted that legal remedies in constitutional courts such as the high courts and Supreme Court are typically not available against private banks and NBFCs unless they discharge public functions akin to governmental duties. The ruling came while affirming that Muthoot Finance Ltd, an NBFC, is not amenable to writ jurisdiction.
The bench underscored that the most crucial factor in determining whet...