Home Case Index All Cases Companies Law Companies Law + SC Companies Law - 2006 (1) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2006 (1) TMI 257 - SC - Companies LawWhether the Appellants being not involved in offences in transactions in securities could have been proceeded against in terms of the provisions of the Act? Whether individual liabilities of the Appellants ought to have been separately considered by the Special Court as not a part of Harshad Mehta Group? Whether the tax liabilities could not have been held to be due as the order of assessments did not become final and binding? Whether the commercial properties could have been sold in auction? Whether the residential properties should have been released from attachment? Held that:- Appeal allowed. Contention of the Appellants that they being not involved in offences in transactions in securities could not have been proceeded in terms of the provisions of the Act cannot be accepted in view of the fact that they have been notified in terms thereof. The Appellants being notified persons all their personal properties stood automatically attached and any other income from such attached properties would also stand attached. The question as to whether the Appellants could have been considered to be part of Harshad Mehta Group by the learned Special Court need not be determined by us as, at present advised, in view of the fact that appropriate applications in this behalf are pending consideration before the learned Special Court. The question as regard intermingling of accounts by the Appellants, herein with that of the Harshad Mehta Group and/or any other or further contentions raised by the parties hereto before us shall receive due consideration of the learned Judge, Special Court afresh in the light of the observations made hereinbefore. As regard the tax liabilities of the Appellants, herein, we would request the learned Judge, Special Court to consider the matter afresh. The learned Special Court shall proceed to pass appropriate orders as regard confirmation of the auction sales in respect of commercial properties. As regard, sale of residential properties, an appropriate order may be passed by the learned Judge, Special Court in the light of the observations made hereinbefore.
|