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Case Laws
Showing 61 to 80 of 272 Records
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1993 (7) TMI 300 - HIGH COURT OF BOMBAY
Form of contracts ... ... ... ... ..... efully refer to the decision of Radhakrishna Agarwal v. State of Bihar, AIR 1977 SC 1496, where it is laid down that rules of natural justice are attached to the performance of certain functions regulated by statutes or rules made thereunder involving decisions affecting rights of parties. For these reasons we hold that the petitioners do not deserve any opportunity. Several other contentions were raised like violation of the provisions of the Companies Act, the maintainability of the petition and. the grant of relief under article 226 of the Constitution, besides others, but we do not propose to decide those points since the petition is liable to be rejected in view of the findings given above. Deciding the remaining points would only be an exercise in futility. In the result, the petition is devoid of any merit and is accordingly rejected, but in the circumstances, without any order as to costs. The first respondent may open the tenders after expiry of one month from today.
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1993 (7) TMI 282 - HIGH COURT OF CALCUTTA
Winding up – Power of court to assess damages against delinquent, directors, etc. ... ... ... ... ..... l the affairs of the company including the day-to-day affairs as he was a director nominated by IRBI the then financial institution and as such he had a double responsibility. The first responsibility as a director of the company and the second and the paramount responsibility was to watch and control the affairs of the company and to see that nothing goes and/or happens which is to discharge the duty as a faithful watch dog. In view of the above it is ordered that the official liquidator will file the points of claim within six weeks from the date, respondents Nos. 2 and 3 will file the points of defence within six weeks, thereafter, documents shall be discovered within four weeks thereafter, inspection forthwith thereafter and the date of hearing of the misfeasance proceedings will be fixed by the appropriate court taking company matters. All parties are to act on a signed copy of the minutes of the operative part of the judgment on the usual undertaking. Order accordingly.
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1993 (7) TMI 281 - HIGH COURT OF ORISSA
Annual Return – Penalty for not filing ... ... ... ... ..... arhar v. Assistant Registrar of Companies 1979 49 Comp. Cas. 909 1979 Tax LR 2001, the learned Second Additional Sessions Judge, came to hold that under section 162 of the Act all the officers of the company are not liable but only those who are in default and since there was neither any specific averment in the complaint petition nor evidence showing any default on the part of the respondent-accused, he was acquitted. On a scrutiny of the materials on record, I also find that there is neither any specific averment nor evidence as to how for non-compliance with the provisions contained in section 159 of the Act, the respondent-accused could be said to be in default. Since section 162 of the Act makes only the officer of the company who is in default liable and as the respondent-accused had not been shown or proved to be an officer in default, his acquittal is not liable to be interfered with. In the result, I do not find any merit in the appeal which is accordingly dismissed.
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1993 (7) TMI 280 - HIGH COURT OF BOMBAY
Amalgamation ... ... ... ... ..... d having regard to all of these, the appeal is allowed with costs that are quantified at Rs. 5,00,000. Before parting with this judgment, I need to record my deep appreciation and indebtedness for the valuable assistance from not only the two senior counsel, Shri Manohar and Shri Venugopal, but to the teams assisting them. (The aforesaid orders and directions shall, undoubtedly, be subject to such orders as the Supreme Court may pass in this case. The office records placed before me indicate that even though a special leave petition was filed before the Supreme Court against the order dated April 27, 1993, the apex court has so far not granted any reliefs staying the operation of the judgment of this court. The office shall furnish to the parties a copy of this judgment immediately and the respondents shall, if they so desire, apply for appropriate orders from the Supreme Court within an outer limit of three weeks, failing which the orders of this court shall be implemented.)
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1993 (7) TMI 269 - HIGH COURT OF ANDHRA PRADESH
Company when deemed unable to pay its debts ... ... ... ... ..... ing the company that Sri Ramachandra Rao, who was never even a shareholder or director of the company, had no authority to receive deposits or execute receipts. I am not pronouncing upon this aspect finally, because it may become material in the suits which are pending in the civil court. I see considerable force in the contentions urged by Sri Bapuji, on behalf of the company, that the winding up petition is a collusive action and lacks in good faith. Here again I need only state that I find considerable force in the submission without deciding this question finally. On the basis of the above, I hold that the defence which the company has urged through Sri Bapuji is bona fide, that the company has made out a statable and reasonable defence regarding the debts allegedly due to the petitioners and that the petitioners have not made out circumstances justifying the initiation of proceedings for the winding up of the company. I, therefore, dismiss the company petition. No costs.
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1993 (7) TMI 268 - HIGH COURT OF BOMBAY
Winding up - Powers of liquidator, Application of insolvency rules, Overriding preferential payments, Avoidance of certain attachments, executions, etc.
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1993 (7) TMI 253 - SPECIAL COURT (TORTS) OF BOMBAY
Special court, Jurisdiction of ... ... ... ... ..... ified that this deposit is subject to such final orders as this court may pass under section 11. It is clarified that at that time, if called upon to do so, the applicants will bring back to court such amount not exceeding Rs. 50 lakhs, as this court may direct it to do. Mr. Joshi submits that the third respondent is liable to pay interest, from the date of the loan up to December 17, 1992. Mr. Joshi submits that the third respondent be directed to pay the same. In my view, this does not form part of the application. The Custodian will be at liberty to call upon the third respondent to pay up that amount to him. If the same is not paid the Custodian is at liberty to adopt appropriate proceedings. If the interest amount is received the Custodian must deposit this amount in the first respondent s account with the applicant. All that is set out hereinabove in respect of Rs. 50 lakhs will apply to the interest amount with effect from the date that it is deposited in this account.
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1993 (7) TMI 252 - SPECIAL COURT (TORTS) OF BOMBAY
Discharge of liabilities, Act to have overriding effect ... ... ... ... ..... ake their claim directly before this court or enforce their claim in normal civil courts and then approach this court on the basis of decrees or orders obtained from any court or tribunal. Even when parties elect to make their claim in the normal civil court, in my view, it would be preferable and advisable that the parties intimate this court. This so that the court could then take note of the pending claim. This court will then consider and/or keep in mind what rights they have in respect of a particular property and at the time of ultimate distribution all such contractual rights and/or special interests will be taken into account. In this view, it will be necessary in any case to consider, in each petition/application, what is the right that is being claimed and whether in fact that party has got that right. Thereafter, in the event of it being held that the party has a right as claimed, it will be kept in mind at the time of distribution under section 11 of the said Act.
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1993 (7) TMI 251 - HIGH COURT OF PATNA
Income - Assessable as - Assessment year 1972-73 - Whether interest earned on short-term deposits representing surplus money received on account of over-subscription of company's shares is income taxable under the Act - Held, yes, Income from other sources - Assessable as - Assessment year 1972-73 - Whether interest earned on short-term deposits representing surplus money received on account of over-subscription of company's shares is assessable as 'Income from other sources' - Held, yes - Whether interest paid on amounts borrowed by assessee for construction of superstructure, before commencement of production, could be adjusted against aforesaid receipt of interest - Held, no
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1993 (7) TMI 250 - HIGH COURT OF DELHI
Winding up – Overriding preferential payments ... ... ... ... ..... in case any surplus is available for distribution after meeting the claims of the workers for their wages and those of other creditors. This would be the only just and equitable way to deal with the present case. That also appears to be in consonance with the legislative intent. Therefore, I accept the appeal to a limited extent and remand the matter back to the official liquidator to examine the claim of the appellant under the decree. The workmen s claim for wages and dues of the secured creditors as on the date of winding up order shall rank pari passu with each other and after meeting these claims if there is a surplus remaining, payment to other creditors with regard to their dues be made and if after meeting this liability any surplus is still available, the amount of interest at the rate decreed which had already accrued till the date of realisation of the security, be paid to the secured creditors. In the circumstances of the case, there will be no order as to costs.
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1993 (7) TMI 249 - HIGH COURT OF BOMBAY
Custody of company’s property, Winding up - Overriding preferential payments ... ... ... ... ..... s rejected. The action of the Gujarat State Financial Corporation, though illegal, does not appear to be in the nature of wilful and deliberate defiance of the orders passed by this court. The impugned action of the Gujarat State Financial Corporation in taking possession of the assets on September 7, 1987, and sale of plant and machinery on or about December 23, 1991, is illegal but not mala fide. If the Gujarat State Financial Corporation does not comply with the orders of this court passed today within the time stipulated, the official liquidator shall be at liberty to make a report to this court for taking action against the Gujarat State Financial Corporation and its officers under the Contempt of Courts Act, 1971. Having regard to the facts and circumstances of the case there shall be no order as to costs. The parties are directed to act on the basis of an ordinary copy of this order duly authenticated by the Registrar of Companies. Issue of certified copy is expedited.
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1993 (7) TMI 248 - HIGH COURT OF MADHYA PRADESH
Company when deemed unable to pay its debts ... ... ... ... ..... respective contentions. After going through the documents and considering the arguments advanced by the parties, I am of the opinion that prima facie it is a fit case in favour of the bank because it is not that the amount has not been acknowledged by the company and a statutory notice is in existence. It is also not disputed that the company has failed to pay the outstanding amount of debt after the receipt of the statutory notice. The respective contentions raised by the parties based on various judgments of the High Courts and the Supreme Court are about the question of winding up which shall be considered when the matter of winding up is taken up by this court. However, at this stage it is a fit case which deserves admission. Therefore, the company petition filed by the bank is admitted. Further action in the matter in accordance with the Companies (Court) Rules, 1959, be taken as a result of the admission of this petition. List this case before the court on July 9, 1993.
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1993 (7) TMI 247 - HIGH COURT OF BOMBAY
Penalty for wrongful with holding of property ... ... ... ... ..... olute. The order of the learned Sessions Judge dated March 1, 1993, is set aside and, consequently, the order of discharge in favour of respondent No. 1 is also set aside. The proceedings before the trial court are restored. The office shall forthwith send back to the trial court the R. and P. in this case, if the same has been called for. In view of the earlier directions of the Supreme Court and having regard to the fact that the evidence has already been practically concluded before the trial court, the learned Magistrate shall proceed with the trial, according it top priority. He shall bear in mind the guidelines laid down by this court in Hindustan Ciba Geigy s case, a copy of which judgment shall be made available to him by the petitioner s learned advocate. The parties are directed to appear before the trial court on July 12, 1993, and the learned Magistrate shall dispose of the proceeding on a priority basis, preferably within an outer limit of eight weeks thereafter.
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1993 (7) TMI 246 - HIGH COURT OF GUJARAT
Capital gains - Computation of - Whether principle of averaging out cost of acquisition will apply only where shares which are subject matter of sale have been followed by issuance of bonus shares, on shares so purchased from market - Held, yes
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1993 (7) TMI 220 - CEGAT, NEW DELHI
Condensing Unit - Air-conditioning Machines - Words and Phrases - Valuation - Import policy - Consumer goods - Penalty
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1993 (7) TMI 211 - CEGAT, BOMBAY
Reference to High Court - Smuggled gold ... ... ... ... ..... ld be given. The applicants have of course, so far, not filed any application for grant of stay against operation of the order of this Bench. Section 131 of the Customs Act, 1962, does make a specific provision regarding payment of dues to the Government when reference to the High Court or Supreme Court is made. That section however, makes no other provision and the question that would require to be considered is whether, stay against enforcement of order, in cases other than the one specified, could be granted in exercise of the inherent powers of the Tribunal. The question however, could arise if and when application for grant of stay is filed, and as such this is not the stage, where the same need be considered. 12.4 emsp It is an established proposition of law, that the order passed by the competent authority has to be implemented unless the operation thereof is stayed. Under the circumstances, it is directed that the order of this Bench be given effect to, if not stayed.
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1993 (7) TMI 210 - CEGAT, CALCUTTA
Adjudication - Evidence ... ... ... ... ..... ent or contravention of the provisions with intent to evade payment of duty is involved. 8. emsp We find penalty has been imposed by the Collector in these four cases under Rule 173Q for ldquo contravention of the relevant provisions of Rule 173L. rdquo The latter rule is only a Rule laying down the procedure for regulating Refund Claims for returned excisable goods. If any of the said requirements thereunder are not satisfied, the maximum that the claimant could suffer would be the rejection of such a claim. From the discussion in the Collector rsquo s order we are not satisfied that he has established any offence or contravention of any rule with intent to evade payment of duty under Rule 173Q(1)(d). No other provision under Rule 173Q(1) has also been found to have been contravened. Hence, there is no warrant for imposition of any penalty under Rule 173Q or otherwise. 9. In the circumstances, the appeals are allowed. The appellants will be entitled to consequential reliefs.
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1993 (7) TMI 209 - CEGAT, MADRAS
Stay/Dispensation of pre-deposit ... ... ... ... ..... he mere asking. Therefore, the appeal is allowed with the costs. rdquo 14. emsp Hon rsquo ble Allahabad High Court in the case of M/s. UP Lamination v. UOI and Others reported in 1985 (20) E.L.T. 243 (All.) Paras 5 and 6 had held as under - 15. emsp In the matter before me, the sales of TV booster have come to nil and virtually the appellant is out of business. In view of this observation, I agree with the view expressed by Member (Judicial). Taking in view the aspect of balance of convenience, I agree with the conclusion of the learned brother Member (Judicial). Registry is directed to place the matter before the Regular Bench for passing appropriate orders in accordance with law. Sd/- (Harish Chander) President FINAL ORDER 16. In view of the majority decision, waiver of pre-deposit of duty pending appeal is granted and recovery of the same is also stayed pending appeal. Dated 8-11-1994 Sd/- now Vice President ensp emsp (S. Kalyanam) Member (J) Sd/- (V.P. Gulati) Member (T)
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1993 (7) TMI 208 - CEGAT, NEW DELHI
Modvat Scheme ... ... ... ... ..... met the requirement of an intimation of availing duty and therefore no further intimation was necessary. Regarding the amount of duty paid on inputs in RG 23A Part II the appellants explanation was that it was only for the purpose of accounting and that no credit was availed out of this amount during the period. The goods were cleared at nil rate of duty and that the amount of duty paid on inputs used in the manufacture of exempted goods was debited before taking credit of the payment of duty on finished product with effect from 26-5-1990. We are satisfied that this was only an accounting system that they follow and this accounting system was known to the Department and was specifically brought to their notice in their intimation dated 14-5-1990 as well as their letter dated 25-3-1990. In the light of the above discussion, the appeal is allowed and the orders of the lower authorities are set aside. Consequential relief, if any, under law will be permissible to the appellants.
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1993 (7) TMI 207 - CEGAT, MADRAS
Stay/Dispensation of pre-deposit grantable in case of discrimination ... ... ... ... ..... High Court. What the Tribunal really did was that in view of the law pronounced by the Madras High Court it proceeded on the footing that Section 140A(3) was non- existent and so the order of penalty passed thereunder cannot be sustained. 9. emsp Accordingly, the question referred to us is answered in the negative in favour of the assessee. The Revenue shall pay the costs of the assessee. In view of the above discussion I am in agreement with the view expressed by Member (Judicial) and the point of difference is answered accordingly. Registry is directed to place the matter before the regular Bench to pass the final order in accordance with law. Sd/- (Harish Chander) President FINAL ORDER In view of the majority decision, waiver of pre-deposit of duty and penalty pending appeals and stay of recovery of the same are granted. The papers are directed to be transmitted to CEGAT, New Delhi, for disposal. Sd/- Sd/- (S. Kalyanam) (V.P. Gulati) Dated 8-11-1994 Member (J) Member (T)
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