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Case Laws
Showing 61 to 80 of 284 Records
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1991 (8) TMI 288 - SUPREME COURT
Whether a sugarcane crusher (kohlu) is an "agricultural implement" within the meaning of U.P. Government notification dated November 14, 1980, and as such is exempt from levy of sales tax?
Held that:- Appeal dismissed. As from 1985 onwards the State Government has specifically exempted sugarcane crushers from the levy of sales tax.
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1991 (8) TMI 281 - HIGH COURT OF MADRAS
Ascertainment of directors retiring by relation and filing up vacancies ... ... ... ... ..... a banking company incorporated under the Companies Act and in the instant case the first respondent-bank, being a limited company, the shareholders cannot be forced to have any person as a director on the board against their wish. Learned counsel for the first respondent is also correct in contending that the powers available under section 35A of the Act can be exercised only when it is satisfied about the existence of the conditions specified under section 35A of the Act. Unless the situation or exigency warrants such interference as contemplated under section 35A of the Act, the Reserve Bank of India cannot be compelled to issue directions to the first respondent nor can the Reserve Bank of India issue any direction contrary to the statutory provisions. In view of the aforesaid circumstances, there are no merits in the contentions of the learned counsel for the petitioner and consequently the writ petition fails and is dismissed. However, there will be no order as to costs.
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1991 (8) TMI 280 - HIGH COURT OF KARNATAKA
Oppression and mismanagement ... ... ... ... ..... be vacated. It is true that in this case there is restriction on the transfer of shares to a third party, but these restrictions are not an absolute bar to the transfer to the third party, for article 37 of the articles of association permits the transfer of shares to a third party. The petitioner has been given the option to purchase all the shares or a portion of the shares of the respondents but he did not do so. In my view, the requirements of article 37 of the articles of association have been fully complied with and the rights of the respondents, majority shareholders, to transfer the shares to Mr. R. N. Shetty, the outsider, cannot be questioned, challenged or denied on the ground that there was no compliance with the articles of association of the company. In the result, the respondents application No. 994 of 1989, is allowed. There will, therefore, be an order in terms of prayer in Application No. 994 of 1989. Each party other than respondent No. 1 pay his own costs.
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1991 (8) TMI 269 - HIGH COURT OF CULCUTTA
Powers of Central Government to assume management or control of an industrial undertaking in certain cases, Effect of notified order under section 18A
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1991 (8) TMI 268 - HIGH COURT OF BOMBAY
Winding up – Application of insolvency rules ... ... ... ... ..... ) are the securities of the company available? He submitted that if the answer to these two questions is in the affirmative then the provisions of sections 529 and 529A as amended in 1985 would be applicable. He stresses the fact that section 529A of the Companies Act speaks of the rights in the winding up of a company and it is on this basis that he has formulated the first question. It is true that the two questions do arise for decision and it is also true that the two questions would be answered in the affirmative. But so far as the second question is concerned, the vested rights prior to May 24, 1985, cannot be adversely affected unless the Amending Act so specifically provides. This is on the basis of the well-settled law. Hence, the company petition is dismissed. No order as to costs. On Mr. D Vetre s application, the Commissioner for Taking Accounts will not disburse the sale proceeds for a period of four weeks from today. Office to issue certified copy expeditiously.
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1991 (8) TMI 267 - HIGH COURT OF PUNJAB AND HARYANA
Winding up – Power of court to appoint or remove liquidator, Costs of proof ... ... ... ... ..... i is that a similar petition (C. P. No. 7 of 1982) filed by the United Commercial Bank for the removal of Shri Kapoor and for the appointment of the official liquidator in his place has already been dismissed on February 22, 1990, on similar grounds and the present application should also be dismissed. I do not find any substance in this submission of Shri Munishwari Puri either. C. P. No. 7 of 1982 proceeded on altogether different points. The points involved in the present petition were neither alleged nor canvassed in C. P. No. 7 of 1982. Dismissal of C. P. No. 7 of 1982 is thus no bar to the maintainability of the present petition. For the reasons mentioned above, this petition is allowed and Shri B. K. Kapoor is ordered to be removed as liquidator of the company in liquidation under voluntary winding up and the official liquidator is appointed to be the liquidator for winding up of the company subject to the supervision of the court in the interests of justice. No costs.
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1991 (8) TMI 266 - HIGH COURT OF BOMBAY
Winding up – Company when deemed unable to pay its debts ... ... ... ... ..... shown as its registered office, it would mean that the company, in fact, did not have a registered office at the place shown as its registered office. He relied upon Fortune Copper Mining Co., In re 1870 LR 10 Eq. 390, where there was no office as the premises mentioned at that place had been demolished. Now, in the instant case, the premises where the registered office of the company is shown are existing and it is not a case where there is no existence of the premises itself. I do not see why, when the place exists, delivery cannot be effected. Mr. Shah submitted that delivery cannot be made unless there is someone to take the delivery. Now section 434 does not speak of delivered to but it speaks of delivered at . It was possible for the petitioners to serve the demand in the manner provided in section 434(1)(a) at the registered office of the company. As that has not been done, this petition has to be dismissed. Accordingly the petition is dismissed. No order as to costs.
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1991 (8) TMI 246 - HIGH COURT OF BOMBAY
Amalgamation ... ... ... ... ..... e that the meeting shall be held at 11 a.m. on September 8, 1991, at Nayar Samaj Hall, opposite Pritam Mid Town Hotel, Dadar T.T. GM shall furnish to the trade union a list of the workmen to whom notice as aforesaid has been issued. The meeting shall be chaired by Mr. A.T. Shah, First Assistant Master of this court. He shall hold a secret ballot as aforestated and shall make a report to the court as to the number of the workmen present and voting and how they have voted. He shall also indicate whether 20 or more of the workmen present and voting have voted declining employment with JWIL. The report shall be sealed in an envelope which shall be placed before the court on the adjourned date, viz., September 13, 1991. The chairman shall not permit anyone other than the concerned workmen and such person or persons as he nominates to assist him to be present at the meeting. The costs of and incidental to the meeting shall be borne by the companies. Adjourned to September 13, 1991.
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1991 (8) TMI 245 - HIGH COURT OF MADRAS
Amalgamation ... ... ... ... ..... ation should be sanctioned. There is ample scope for improvement of the transferor company and incidentally the transferee company is benefited by such coalition. A scheme of amalgamation may be open to criticism, but unless it was affirmatively shown that the scheme was unfair, the court would not interefere. There was no reason to doubt the bona fide recommendation made by the board of directors of the two companies. The two company petitions are, therefore, ordered and sanction is accorded to the scheme of amalgamation as set forth in the respective petitions, so as to be binding on the petitioners herein. In this result (a)the scheme of amalgamation is ordered as prayed for and (b)the official liquidator is directed to submit a report to this court on scrutiny of the books and papers of the company, to the effect that the affairs of the company have not been conducted in a manner prejudicial to the interest of its members or to the public, within six weeks from this date.
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1991 (8) TMI 244 - HIGH COURT OF PUNJAB AND HARYANA
Winding up - Suits stayed on winding-up order ... ... ... ... ..... of the Code of Civil Procedure, as reproduced above. However, when the petitioners limited their claim to only 12 per cent. per annum interest, the court could not, even in the exercise of its discretion, grant interest at a higher rate than was claimed in the petition. The single judge was not thus justified in granting interest on the amount due at the rate of 15 per cent. per annum from the date of the suit till realisation. Reasonable interest would only be the rate of 12 per cent. per annum as claimed in the petition. The finding of the single judge in this respect is, therefore, modified. No other point has been raised in this appeal. For the reasons recorded above, this appeal is partly allowed. Judgment and decree of the learned single judge is modified. The claim of Maruti Limited stands decreed for the recovery of Rs. 61,542 with 12 per cent. per annum interest from the date of the filing of the suit till the date of realisation. There shall be no order as to costs.
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1991 (8) TMI 227 - CEGAT, CALCUTTA
Confiscation ... ... ... ... ..... h a direction to the Collector to consider as to whether or not to give an option to the appellants to redeem the confiscated goods on payment of such fine in lieu of confiscation as may be considered appropriate by him. The adjudicating Officer should take a decision one way or the other in accordance with law as is considered appropriate in the circumstances of the case after hearing the appellants. We have no doubt that the adjudicating Officer will take into consideration all the relevant circumstances and the provisions of PFA Act, 1954 which may be canvassed before him by the appellants including Sections 6, 11, 18 and other relevant provisions and thereafter a considered decision may be taken in this behalf by the learned Collector. The learned adjudicating authority may also consider the fact of release of several similar consignments by the Bombay Custom House, as pointed out by the learned Counsel for the appellants, subject to production of evidence in this regard.
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1991 (8) TMI 226 - CEGAT, NEW DELHI
Import Policy - Confiscation ... ... ... ... ..... es. While it is true that there was a condition of inspection in the Letter of Credit, but there is no doubt that the Letter of Credit itself was in the nature of firm commitment for shipment of the goods before 28-2-1983. It is because of certain unforeseen circumstances that the shipment of the goods could not be made in time. These were matters beyond the control of the appellants and it would not be fair to put the blame on them for delay in shipment of the goods. It is a case covered by the condition of longer delivery period because the suppliers themselves had informed the appellants that there would be delay in the shipment of the second-hand machine. There is no dispute that the contract was registered with the bank. Taking all these circumstances into consideration, I am of the view that the appellants rsquo case is covered by paragraph 7 of Appendix 10. The order of confiscation of goods and imposition of fine in lieu thereof is set aside and the appeal is allowed.
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1991 (8) TMI 225 - CEGAT, NEW DELHI
Demand - Show cause notice ... ... ... ... ..... fied under sub-heading No. 7308.90 of the Schedule of the Central Excise Tariff, 1985 and does not give any reasons for rejecting the claim under sub-heading 7208.00 as claimed by the assessee. The ld. Asstt. Collector of Central Excise has applied interpretative Rule 2(a) of the rules which had not invoked in the show cause notice. The ld. Collector by a reasoned order set aside the order-in-original. The ld. Collector (Appeals) has examined the sample and has held that the impugned goods have to undergo a series of processes before it can attain the shape and size of the article ready for use as a part of roller bearing. He has held that these could be considered as roughly shaped pieces of iron and steel arising during forging/rolling not withstanding the fact that these have been made with reference to approved drawing. We are satisfied that this is a reasoned and correct order. We apply the findings given in these appeals to this case also and reject this revenue appeal.
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1991 (8) TMI 224 - CEGAT, BOMBAY
Modvat credit - Intermediate product ... ... ... ... ..... namely printed aluminium foil. Printing ink also goes in to the stream of manufacture of final product - printed foil. It is also an essential component of printed foil. Hence, in such a case, both plain foils as also printing ink are to be regarded as intermediate products, which are to be obtained in the course of manufacture of printed foil. The same view is found to be reflected in the Trade Notice No. 21/90, dated 6-3-1990 issued by the Collector of Central Excise, Bombay-I, (cited by the learned Advocate), wherein the Department have allowed modvat benefit in respect of inputs used in the preparation of caustic soda lye (exempted for captive use as per the same Notification) which in turn is used in the manufacture of paper. Hence, we are of the view that provision of Rule 57C cannot be attracted in this case and the case falls within the purview of Rule 57D. We, therefore, reject the appeal from the Department and confirm the order of Collector (Appeals) on this issue.
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1991 (8) TMI 223 - CEGAT, BOMBAY
... ...
... ... ..... and quantity of plasticiser is the major influence in deciding release level. A PVC paper has to have enough release to be able to peel off the cast film, but sufficient adhesion to retain the film during the process without pre-release. This is obtained by using a release agent which cross-links with the film formed and has orientated non-reactive groups at the paper surface. 6. From the above, we are of the view that the release paper does not merely act as a release agent but also transfers some materials to the final product and transfer of these materials is necessary for obtaining the end-product and in that way some part is also getting into the product stream of the final product. In view of this technical position, we are unable to persuade ourselves that the release paper is merely an apparatus or appliance as held by the lower authorities. We, therefore, agree with the decision of the North Regional Bench. Appeal is allowed with consequential relief, if called for.
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1991 (8) TMI 222 - CEGAT, BOMBAY
Return of duty paid goods ... ... ... ... ..... ts the amount of refund payable to the duty payable on such goods after being remade, refined etc. Hence, consequent on remaking, if the value depreciates, resulting in lower duty than the duty earlier paid, refund shall be restricted to the lower duty payable on such remade goods. In the context of these provisions, the term lsquo same class rsquo referred to in Rule 97, can only mean the class of goods recognised in the tariff classification for purposes of levy of duty. Even if value changes on account of remaking or refining, because of change in brand, they would remain in the same class. But if cigarettes are remade into smoking mixtures, they would go out of the same class, because apart from trade parlance, even the Tariff distinguishes this by classifying separately. Hence, I am in agreement with the approach in the G.O.I. decision referred to by the Id. advocate, irrespective of whether it is binding or not. I, therefore, allow the appeal, with consequential relief.
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1991 (8) TMI 221 - CEGAT, MADRAS
Reference to High Court - Modvat Credit ... ... ... ... ..... inging about any change in any substance in or in relation to the manufacture of the final products. He pleaded that the items mentioned are such as are used for processing of the goods and therefore paper could not be considered as appliances, equipment or apparatus. He pleaded that the words lsquo apparatus and appliances rsquo should be read along with machinery, plants, equipments and the interpretation of the same should be under the doctrine noscitur a sociis and cited the judgment of the Hon rsquo ble Supreme Court in the case of State of Bombay and Others v. Hospital Mazdoor Sabha and Others reported in AIR 1960 SC 610. 4. Heard Shri P.B. Vedantham, the learned D.R. 5. We observe that use of the kraft paper in the case before us is similar to that in the case decided by the West Regional Bench referred to supra. In view of what has been held by West Regional Bench, we hold that questions of law would arise for reference and we therefore allow the reference as pleaded.
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1991 (8) TMI 220 - CEGAT, BOMBAY
Refund consequent upon assessment ... ... ... ... ..... on account of double payment of duty both under GP 620 as well as GP 617 and the excess payment has arisen on account of cancellation of a gate pass. This item pertaining to Rs. 4400/- in our view, could fall within the purview of the Supdt. rsquo s enquiry for giving credit, because it does not involve in determination of the rate of duty or revision of assessable value. It involves only in finding out whether there is double payment and there is a cancellation of G.P. Hence, while upholding the orders of the authorities below in all other cases, we would deem it proper to direct the Supdt. to go into the question of excess payment on account of double payment of duty under G.P. No. 617 and 620 for the same goods and if the Supdt. finds that the excess payment is on account of double payment and cancellation of G.P. suitable credit may be given in the PLA. 12. In the result. Appeal Nos. 439/87 and 440/87 are dismissed. Appeal No. 441/87 is partly allowed in the above terms.
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1991 (8) TMI 219 - CEGAT, BOMBAY
Modvat credit - Proforma credit ... ... ... ... ..... s to be exercised in favour of the assessee. The word lsquo immediate rsquo used in the said rule and on which the Collector (Appeals) has laid much stress, has to be read not in isolation but in conjunction with the other provisions in the said rule. The interpretation given by the Collector (Appeals), therefore, does not appear to be correct. There is no dispute over the issue that the goods manufactured out of the inputs, were cleared from the factory on or after the first day of March 1987. In that case, therefore, clause (ii) Rule 57H would stand attracted and the benefit of modvat credit, by virtue of the transitional provisions, has to be given to the appellants. Rejection thereof is not correct. 8. Under the circumstances, we allow the appeal and set aside the order of the authorities below and hold that the appellants are eligible to get the modvat credit for the duty paid on inputs lying and used between 1-3-1987 and 27-9-1987. The appeal is disposed of accordingly.
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1991 (8) TMI 218 - CEGAT, BOMBAY
Demand - Adjudication ... ... ... ... ..... within time. The Asst. Collector has confirmed the demand without going into the aspect of time bar. When the Collector (Appeals) has given a finding that the order is to be set aside because it is based on a notice issued beyond six months by the Supdt, after amendment of Sec. 11A, the notice itself is wiped out. The subsequent action by the Addl. Collector alleging suppression does not anywhere exist in the original show cause notice issued by the Supdt. Hence the Addl. Collector ought to have issued a fresh notice. In this view of the matter, we hold that the issue raised at Sr. No. (i) is to be answered in favour of the appellants and the appeal is required to be allowed on this ground alone. In view of this, we do not propose to go into the issue at S. No. (ii), though arguments were advanced on this legal issue. We will await for another opportune moment for considering this legal issue. In the result, we allow the appeal and set aside the order of the Addl. Collector.
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