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2012 (12) TMI 710 - HC - Companies LawImposition of Penalty - lift the material sold to the applicant more than it was allowed - Held that:- The Court finds that merely on the basis of an affidavit filed by one person (Shri Jivanlal F. Parmar) and in absence of any other convincing material coming on record to establish that the appellant-society has lifted the goods more than the appellant was allowed to lift, such penalty count not have been imposed. As mentioned in the judgement of court regarding lifting of material that, shareholders of the applicant Society are poor persons and the Society is suffering from shortage of fund. At this stage, learned Senior Advocate for the appellant-society submitted that the appellant-society has gone in liquidation and an Administrator is appointed and submitted that if this stands, out of the assets of the society in liquidation, an amount of Rs. 2 lacs will be paid to the Official Liquidator, which will result into depriving the shareholders of the society from the amount which they may otherwise be getting. Taking into consideration the totallity of the case, the Court finds that judgment and order dated 10.08.2005 deserves to be set aside, to the extent it imposed penalty /fine on the appellant-society of Rs. 2 lacs. It goes without saying that the other direction/s with regard to investigation in the matter stands - At the request of the learned Senior Advocate for the appellant-society, it is clarified that it will be open for the appellant-society to renew its request of extension of time before the learned Company Judge.
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