crime. Section 2(d) defines “Financial Establishment” and though it expressly excludes a co-operative society owned or controlled by any State or Central Government, his emphasis is on the fact that even this definition of “Financial Establishment” expressly excludes a “Banking Company” as defined under Clause (c) of Section 5 of the Banking Regulation Act, 1949 (the BR Act). He would submit that though respondent No.2 - bank is neither owned and controlled by the State Government or the Central Government, it would still be a “banking company” as defined under Section 5(c) of the BR Act by implication. He would advert our attention to the provision of Section 5(c) of the BR Act which defines a ‘Banking Company’ to mean any company which transacts the business of banking in India. He would submit that Section 56 of the BR Act expressly lays down the extent to which its provisions would apply to the Co-operative Societies. He would submit that by virtue of amendment in Section 56 by the Act 39 of 2020, it has now been converted as a non-obstante clause and expressly states that notwithstanding anything contained in any other law, the provisions of the BR Act would apply to or in relation to co-operative societies as they apply to the banking companies subject to certain modifications. He would submit that by Sub-Clause (cci) of Clause (c) of Section 56, definition of Co-operative Bank and by a similar Sub-Clause (ccii-a) Cooperative Societies have been defined to be a Co-operative Bank or a Central Co-operative Bank and a society registered under Co-operative
