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2010 (4) TMI 602 - HC - Companies LawWhether word ‘turnover’ meant not what had been stated in the said regulation, but "the net amount" receivable after day’s transaction, should be treated as turnover for the purpose of levying registration fee? Held that:- We failed to understand why the principle of best judgment in this case is sought to be made applicable. It is misplaced argument, therefore, decisions cited in support of the aforesaid is not required to be discussed nor to be dealt with. We, therefore, hold that the learned trial Judge has correctly held that the said portion of the scheme asking providing for levy of 0.01 per cent in default of furnishing the turnover data ultra vires Act and Regulation and this portion is severable from the scheme itself. Dispose of these matters allowing the writ petitioners to furnish turnover data within a period of 4 weeks from the date of receipt of this order and no receipt of the same SEBI will consider to receive the same without realising any aforesaid payment of registration fee at a flat rate of 0.01 per cent and will process the same at the rate as stipulated in the Regulations and also calculate the interest leviable at the specified rate. The SEBI will consider whether a concession of reduction of interest should be allowed or not.
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