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Islamic finance company : Indian court adjourns hearing

Posted on 14 December 2010

From Hindu.com: A Division Bench of the Kerala High Court on Monday adjourned to December 14 the hearing of arguments on the two public interest writ petitions filed by Janata Party president Subramanian Swamy and another petitioner challenging a government order according sanction for registration of an Islamic finance service company by the Kerala State Industrial Development Corporation (KSIDC).
When the petition came up before the Bench — comprising Chief Justice J. Chelameswar and Justice P.R. Ramachandra Menon — Dr. Swamy contended that the government order proposed specific appropriation by the KSIDC, of Rs.110 lakh from the consolidated fund of the State, to purchase 11 per cent equity in the KSIDC-promoted and Sharia-compliant financial institution……………………………………….Full Article: Source

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