[6][7] On 19 July 1969, Acting President V. V. Giri gave assent to the ordinance prepared by Indira Gandhi's government to nationalize fourteen banks, which held the deposits of more than fifty crores rupees.
[9][10][11][12] On 21 July 1969, Indira Gandhi's government brought Banking Companies (Acquisition and Transfer of Undertakings) Act on the floor of Parliament of India.
[9] On 4 August 1969, Parliament of India passed Banking Companies (Acquisition and Transfer of Undertakings) Act 1969.
[9][15] On 10 February 1970, eleven-judge bench of Supreme Court with a majority judgement of ten to one struck down the Act.
Government side was represented by Attorney-General Niren De, Solicitor General Jagdish Swarup, M. C. Setalvad, C. K. Daphtary, etc.