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Case Laws
Showing 121 to 140 of 465 Records
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1997 (2) TMI 431 - HIGH COURT OF PUNJAB AND HARYANA
Compromise and arrangement ... ... ... ... ..... made by the petitioners. The compromise proposal given by the petitioners was never accepted by the respondent-bank. In its communication dated July 31, 1995, annexure P-8 the respondent-bank had clearly stated that it appreciates the concern of the petitioners for stalling their accounts and that their compromise proposal had been forwarded to the higher authorities which was under their consideration but nowhere it had committed by which it could be said that the proposal made by the petitioners was accepted/acceptable to the bank. Mere deposit of Rs. 63 lakhs towards the amount due during the period the negotiations were going on between the parties would in no way create an estoppel against the bank to reject the proposal of the petitioners and to proceed to execute the decrees obtained by it from the courts of competent jurisdiction and which had become final. For the reasons stated above, we find no merit in this petition and dismiss the same with no order as to costs.
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1997 (2) TMI 429 - HIGH COURT OF KARNATAKA
Prospectus - Registration of, Accounts – Annual accounts and balance sheet, Board’s report, Loans to companies under same management
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1997 (2) TMI 411 - HIGH COURT OF GUJARAT
Enquiry - Procedure ... ... ... ... ..... d and set aside and so as, all the proceedings subsequent thereto. 21. In view of the aforesaid discussion, this Special Civil Application is allowed and the proviso to Regulation 28(5) is declared ultra vires of the Constitution of India and accordingly, it is struck down. Further, as a consequences, the order of the respondent No. i dated 29-8-1995 and that of the respondent No. 2 dated 24-4-1995 are quashed and set aside. It will be open for respondent No. 2 to hold a fresh enquiry against the petitioner in accordance with the law. Rule made absolute. Cost easy. 22. Mr. Raval, the learned counsel for the respondents SEBI prays for the stay of the operation of the order for a period of four weeks. Considering the facts of the case and the important question of law involved in the matter, the operation of the judgment of this Court so far as it relates to the declaration of proviso to Regulation 28(5) is concerned, is stayed for sa period of four weeks. SCL q SEPTEMBER, 1997
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1997 (2) TMI 410 - HIGH COURT OF CALCUTTA
Amalgamation ... ... ... ... ..... at except for the single notice to be given to the Central Government at the time when the proposal for compromise or arrangement or a scheme of amalgamation is under consideration by the court, no other notice is required to be given at the subsequent stage which is only a fallout of the sanction granted to the proposed compromise or arrangement or scheme of amalgamation. In the present case, in view of the report of the official liquidator on the basis of the report of the chartered accountant, there does not appear to be any impediment in passing orders as per the judge s summons. Accordingly, there will be an order in terms of prayers ( a), (b) and (c) of the judge s summons which is to be signed as of today. Before parting with the case, I must express my appreciation to Mr. Mukherjee for his valuable assistance in the matter. All parties, including the Registrar of Companies, West Bengal, are to act on a signed copy of the minutes of this order on the usual undertaking.
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1997 (2) TMI 409 - UNION TERRITORY CONSUMERS DISPUTES REDRESSAL COMMISSION
... ...
... ... ..... thereon either with respect to paid up value or with respect to its transfer is merely a part of rendering service by the company which had floated the shares. The contention that no separate consider- ation is to be paid by the complainants and, thus, they cannot be held to be consumers is devoid of merit. Consideration need not be from the complainants. However, consider- ation should be for the transaction of rendering service. In the matter of issuing shares by the companies, there is implied promise to effect transfers as shares are marketable commodity and the amount received by the company would also impliedly include the value of the share as well as service charges. The contention is, therefore, repelled. 6. For the reasons recorded above, this appeal fails and dismissed with costs of Rs. 1,000 which would be paid by the appellant to the complainants within one month from receipts of copy of this order. The order of the district forum is affirmed. SCL q OCTOBER, 1997
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1997 (2) TMI 408 - HIGH COURT OF MADRAS
Winding up - Company when deemed unable to pay its debts ... ... ... ... ..... not been paid. That apart, in our order dated October 29, 1996, in C.M.P. No. 13246 of 1996 in this O.S.A., we have stated that the appellant could as well pay the sum claimed to the respondent since it is represented that the appellant is a flourishing concern. When such an order was passed, learned counsel for the appellant wanted time to consult his client and that is why the matter was adjourned to October 30, 1996. But, so far, not even part of the amount claimed has been paid, nor any counter suggestion has come from learned counsel for the appellant regarding the appellant making payment of the amount claimed. In the above circumstances, it is clear that the appellant is unable to pay its debts. The net result is, there is no infirmity in the impugned order. Accordingly the appeal is dismissed, but in the circumstances of the case, there will be no order as to costs. Consequently C.M.P. No. 11792 of 1996 is dismissed. ------------------------- Here printed in italics.
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1997 (2) TMI 407 - DELHI STATE CONSUMER DISPUTES REDRESSAL COMMISSION
Appeal - Limitation of, Procedure on receipt of complaint ... ... ... ... ..... n cash. This would also require evidence. In other words, the exercise would involve rendition of accounts. There is no dispute that both the parties rely on voluminous material to prove its case. We agree with the District Forum that such as exercise cannot be undertaken in the time bound proceedings under the Act and, therefore, the complainant has been rightly relegated to his remedy before the Civil Court. 6. With regard to the contention of Mr. Alvi that the FORA exercises powers of the Civil Court, it is sufficient to point out that the argument is based on a partial reading of the provision of section 13(4). The FORA exercises powers of a Civil Court in respect of only matters laid down in the Act in sub-clauses (i) to (iv) . In other words, the FORA does not exercise all the powers of a Civil Court. For these reasons, the appeal is dismissed with no order as to costs. A copy of this order be communicated to the parties as well as District Forum-II. SCL q OCTOBER, 1997
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1997 (2) TMI 404 - SUPREME COURT
Whether the transfer of the shares held by Mr. B.K. Malhan is valid in law?
Held that:- Appeal dismissed. The concept of previous sanction of the directors connotes that there should be a written resolution accepting the transfer from Mr. Malhan in favour of Bhagat and such previous sanction should precede the handing over of the shares. In this case, such an action was not done and, therefore, even the transfer of the shares held by Mr. Malhan in favour of the appellant is not valid in law. The Division Bench of the High Court, therefore, was right in granting the decree as prayed for.
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1997 (2) TMI 385 - CEGAT, NEW DELHI
Motor vehicles - Body building - Exemption to SSI units ... ... ... ... ..... Court of Punjab and Haryana in the case of Darshan Singh Paviter Singh and Others v. U.O.I. - 1988 (34) E.L.T. 631 (P and H) The Hon rsquo ble High Court had held that the persons, who only build or fabricate bodies for buses and trucks on the chassis supplied by their customers do not manufacture motor vehicles. They only manufacture bodies of motor vehicles and their cases are fully covered by Heading No.87.07 of the Central Excise Tariff Act, 1985 and the Notification 175/86-C.E. exempt the goods i.e. bodies of motor vehicles falling under this category. This judgment is confirmed by the Hon rsquo ble Division Bench of the Punjab and Haryana in the case of Union of India v. Darshan Singh Paviter Singh - 1990 (47) E.L.T. 532 (P and H). 5. emsp The ratio of the above judgments of Punjab and Haryan High Court is fully applicable in the present appeals and following the ratio of the judgment, we set aside the impugned orders and three appeals are allowed. Ordered accordingly.
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1997 (2) TMI 384 - CEGAT, NEW DELHI
Classification ... ... ... ... ..... 15 (2) and not under heading 73.31 as claimed by the party. 4. emsp We find that the Collector (Appeals) has held that the items are classifiable under heading 73.31 for the reasons that headings are specific for staples made of iron and steel, following the ratio of the decision of the Madras High Court in the case of Raj Continental Exporters 1991 (54) E.L.T. 140 . We find that for the earlier period, against the order of the Collector (Appeals) the department has come before the Tribunal by way of appeal No. C/3108 and 3114/87-B wherein the Tribunal as per Final Order No. 247 and 248/96-B has held that these items are classifiable under heading 73.31, following the ratio of the decision of the Madras High Court in the case of Raj Continental Exporters. Since the issue has already been considered by the Madras High Court as well as the Tribunal in their final order, following the earlier decision we uphold the impugned order in dismissing the appeal filed by the department.
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1997 (2) TMI 369 - CEGAT, NEW DELHI
Tubes - Copper Alloy Tubes - EXIM - Import - OGL ... ... ... ... ..... ge (Pressure Gauge) rdquo ldquo is a metal tube of a flattened oval section, which gets bent to a curve, with the free end closed and the fixed end open to the pressure. The pressure tends to straighten the tube and the movement is recorded on a dial. Hence sometimes termed as lsquo dial gauge rsquo . rdquo Extract from Process/Industrial Instruments and Controls Hand Book by Douglas M. Considine, 4th Edition indicates that Bourden tube as a tube curved or twisted tube whose transfer section differs from a circular form. In principle, it is a tube closed at one end, with an internal cross section that is not a perfect circle and, if bent or distorted, has the property of changing its shape with internal pressure variations. An internal pressure increase causes the cross-section to become more circular and the shape be straighten, resulting in motion of the closed end of the tube, a motion commonly called tip travel. Common forms of bourden tubes are shown in Figure 10. rdquo
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1997 (2) TMI 367 - CEGAT, NEW DELHI
Refund - Limitation - Protest ... ... ... ... ..... he case of India Cement Ltd. v. CCE - 1989 (41) E.L.T. 358 (S.C.) and Tribunal rsquo s decision in the case of Shree Baidyanath Ayurved Bhawan Ltd. v. CCE - 1990 (48) E.L.T. 606, Collector of Central Excise v. Ashok Manufacturing Company Limited - 1990 (48) E.L.T. 571 (Tribunal) and the Bombay High Court rsquo s decision in the case of Roche Products Ltd. v. Union of India - 1990 (51) E.L.T. 238 (Bombay). In the facts and circumstances of this case as the classification list filed by the assessee had not been approved instead of approval, a show cause notice was issued, we consider that the assessee had made his intention clear that the duty was being paid under protest. The amount of refund had already been paid to the respondents. 7. emsp Taking all the relevant facts and circumstances into account, we find no ground to interfere with the view already taken by the Collector of Central Excise (Appeals). As a result, the appeal by the Revenue is rejected. Ordered accordingly.
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1997 (2) TMI 354 - CEGAT, MUMBAI
Valuation - Related person ... ... ... ... ..... manufacture and of the material used in the manufacture and of their storage by the Buyer and these features are akin more or less to those found in the Pawan Biscuit Company (P) Ltd. case. The appellants effectively according to the agreement are manufacturing product of SOL Pharmaceuticals producing their products of which SOL Pharmaceuticals are the owners of the trade mark. The whole quantity produced is exclusively sold to SOL Pharmaceuticals and it is at their hands that the product entered the main stream of wholesale trade. In such a circumstances it has rightly been concluded by the lower authorities that the agreement between appellants and SOL Pharmaceuticals is not on principal to principal basis. In the result, the assessable value of the products should appropriately be the price at which SOL Pharmaceuticals sale their product. In such view of the matter there is no reason to interfere with the order passed by the Commissioner (Appeals). The Appeal is rejected.
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1997 (2) TMI 350 - CEGAT, CALCUTTA
Confiscation of goods - Documents of licit acquisition ... ... ... ... ..... and battery packs are liable to be released. I order accordingly. As regards video cassettes, it is admitted to the ld. Consultant that these are notified both under Section 123 and under Chapter IVA. These were also seized from the office premises of the appellant. The burden is, therefore, on the appellant to prove that these are smuggled. No evidence of local purchase or of lawful importation has also been produced by the appellant in respect of video cassettes. Consequently, I uphold that these cassettes have been rightly confiscated. Since CIF value of video cassettes is Rs. 6,000/- as given in the appellate Collector rsquo s Order, I uphold the confiscation of the video cassettes, reducing the fine from 100 to 50 i.e. video cassettes can be redeemed by the appellant on payment of fine of Rs. 3,000/-. 5. emsp Needless to say, the duty will be paid by the appellant on video cassettes separately in view of Section 125 of the Customs Act. Appeal disposed of in above terms.
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1997 (2) TMI 346 - CEGAT, MUMBAI
Classification - Import - OGL ... ... ... ... ..... 67, Appendix 6 Part 2 of the Import Policy which covers Tungsten metal, because it has already been found that the goods are marketed as tungsten electrodes, and defined in technical literature as such electrodes. It is also relevant to observe in this context that the price of the goods has been indicated in the invoice on per piece basis, and not on weight basis as is usually the practice in international trade in metal in primary form. Therefore, in the absence of a valid import licence, the provisions of Section 111 (d) of Customs Act are attracted and thus the Commissioner of Customs order of confiscation of the goods is sustainable and is upheld. However, in keeping with the fact that the Commissioner had taken a leninet view to refrain from imposing any penalty on the appellants, a lower redemption fine may also be in order. The fine in lieu of confiscation is hence reduced from Rs. 1,65,000/- to Rs. 1,00,000/- (Rupees one lakh only). This appeal is otherwise rejected.
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1997 (2) TMI 343 - CEGAT, MUMBAI
... ...
... ... ..... applied the ratio of Supreme Court in the case Commissioner of Income Tax v. Mahalaxmi Textile Mills Ltd. - 1967 (3) SCR 957 and observed that all questions whether of law or fact relating to assessment classification may be raised before the Tribunal and new grounds need not be shut out solely for the reasons that they were not raised before lower authorities or that no cross appeal or cross-objection had been filed by the Respondents. As has come out during the hearing claim for classification of goods under Chapter 52 had been raised by the Respondents before the Assistant Collector and hence that claim even if not effectively pursued before the Collector (Appeals) may not be shut out at this stage. As this question namely the correct classification and the applicability of Chapter 52 for their product which is woven material is reportedly before the Supreme Court, we are inclined to grant adjournment prayed for by the Respondents. The matter is now adjourned to 6-3-1997.
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1997 (2) TMI 342 - CEGAT, CALCUTTA
SSI Exemption - Remission of duty for goods destroyed in fire accident - Adjudication ... ... ... ... ..... duty for a quasi-judicial authority on the goods kept in custody and burnt by fire. Since, however, the extent of fire has not been denied by the authorities, there may be a case for ex gratia remission by the competent authority. This can be considered separately by the Commissioner or by any other competent authority on ex gratia basis. We, however, do not give any direction on this point. 17. emsp In view of our aforesaid observations on various pleas, we are of the view that the matters are required to be remanded and the cases readjudicated for fixing the correct liability of duty and since the confiscation of the goods and the quantum of penalty will also be dependent upon the applicability of Notification No. 175/86, we set aside the same, but to be taken up by the Adjudicating Officer in de novo proceeding in the light of our aforesaid observations. Accordingly, the appeals are allowed by way of remand to be decided de novo in the light of the aforesaid observations.
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1997 (2) TMI 341 - CEGAT, CALCUTTA
Provisional assessment - Notification - Date of effect ... ... ... ... ..... therefore, nothing to say. As against this, ld. JDR, Shri Ghosh submits that the Bills of Entry produced by the appellants along with appeal filed by them available at Page 7 (in-bond Bill of Entry) and at Page 4 (ex-bond Bill of Entry), the number assigned to the provisional bond got executed by the Appraising Department is available at both the foregoing Bills of Entry. On the werehousing Bills of Entry, there is additionally a stamp of provisional clearance. This clearly shows that the goods were assessed provisionally. We are inclined to agree with the ld. JDR that the evidence on the face of Bills of Entry itself shows that the goods were assessed provisionally. Hence the second plea of the appellants also fails. Consequently, appeal fails and it is rejected. 3. emsp Cross-objection filed by the Department is not maintainable because no plea of the appellant at the lower stage was accepted. The respondent-Revenue, therefore, are not entitled to file any Cross-objection.
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1997 (2) TMI 337 - CEGAT, CALCUTTA
Confiscation of goods - Penalty ... ... ... ... ..... appellant has clearly stated the position about the goods being for the use of the appellant, letter of credit having been opened and all documents for importation having been enclosed therewith. In the face of this letter, it was incorrect for the C.C. (NSCB I, Airport) to treat the goods as part of baggage of Shri Devraj Basu. Once this initial mistake has been committed, the second finding - non-bona fide baggage - is a consequence of the first wrong finding. Commissioner rsquo s findings are, therefore, incorrect and cannot be sustained on the facts of this case. Hence confiscation of the goods as non-bona fide baggage of Shri Devraj Basu and imposition of fine in lieu of confiscation is set aside. 3.2 emsp Proper course for the authorities was to guide the appellant (and its employee) correctly, to file a Bill of Entry for home consumption for the said goods and to process the same in accordance with law. Appeal is thus allowed with consequential relief to the appellant.
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1997 (2) TMI 336 - CEGAT, CALCUTTA
Confiscation of goods - Valuation - Duty liability - Appeal ... ... ... ... ..... iscount be given to the appellants in terms of purchase order, valuation will undergo a change and, therefore, the amount of duty will have to be re-calculated. The revised duty liability should, therefore, be fixed by the original authority. In the light of the aforesaid finding and the balance amount of duty not paid be recovered from the appellants including duty liability on the seized PCC Poles. Ld. Advocate has further submitted that while calculating the duty liability, the appellants have not been given the Modvat credit of duty paid on cement and H.T. Wire. We agree with the ld. Advocate that the benefit of Modvat credit should also be extended if otherwise available to them while calculating the revised duty liability. 7.3 emsp As regards the penalty of Rs. 1,000/-, we observe that the decision as already been taken up by the adjudicating authority is quite reasonable and we uphold the penalty imposed by the adjudicating authority. Appeal disposed of in above terms.
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