R. C. Cooper

Rustom Cavasjee Cooper (18 August 1922 – 18 June 2013) was an Indian politician and chartered accountant. He served as treasurer and general-secretary of Swatantra Party. Between 1963 – 1964, he also served as president of Institute of Chartered Accountants of India.

Early life R. C. Cooper got his early education from Sydenham College of Commerce and Economics and University School of Economics in Bombay.

Positions held

1960-65 – Member, Research Programmes Committee in Ministry of Finance. 1960-71 – Senior Partner, Touche, Ross, Bailey & Smart. 1963-64 – President, Institute of Chartered Accountants of India. 1967 – President, Indian Merchants' Chamber.

On 21 July 1969, Indira Gandhi's government brought Banking Companies (Acquisition and Transfer of Undertakings) Act on the floor of Parliament of India. On 22 July 1969, an eight-judge bench of Supreme Court gave interim order restraining the government to remove banks chairmen and giving the direction to the banks under Banking Companies Act 1968, despite Attorney-General Niren De's argument that nationalization is a policy decision and not subject to court scrutiny.

On 10 February 1970, eleven-judge bench of Supreme Court with a majority judgement of ten to one struck down the Act. Section 15(2)(e) of the Act was held unreasonable by the bench which prohibited these banks from carrying on banking business. But the court ruled that the said Act is not violative of Article 19(1)(f) as the State has the right to carry absolute monopoly, giving reference to Akadasi Padhan vs State Of Orissa judgement of 1962. Justice A. N. Ray was the lone dissenter in this eleven-judge bench. He held that the compensation fixed by legislature cannot be questioned in court.