Registered Partnership Firm vs Vali Mohammad

The Supreme Court upheld the High Court's decision that the appellant, a partnership firm, is classified as a money lender under Section 7 of the Money Lenders Act due to its practice of lending money at an interest rate of 2% per month to villagers. The Court found that the appellant's admission of lending practices and maintenance of a debtors' book indicated compliance with the definition of a money lender, thus disallowing the recovery of interest and costs due to non-compliance with statutory provisions. The appeal was dismissed with costs, affirming the High Court's findings.