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Case Laws
Showing 121 to 140 of 355 Records
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1995 (11) TMI 320 - HIGH COURT OF ANDHRA PRADESH
Legal proceedings ... ... ... ... ..... tition is dismissed. However, it is a matter of great concern that the interest of the debenture holders has not been protected as required under law. That is the reason, the statute provides the appointment of debenture trustee and execution of trust deed in his favour. Even according to the company, no trust deed has been executed and thus, there is a violation of the provisions of the Act. Though the company is expressing difficulty that on account of certain unforeseen circumstances, pari passu charge could not be obtained from the other financial institutions and that the amounts were frozen by the Andhra Bank, it cannot be absolved of its statutory obligations. The very purpose of creating debenture trust and executing the trust deed is to safeguard the interest of the debenture holders. Therefore, the Registrar shall take appropriate action to ensure that the interest of the debenture holders is not put in jeopardy. There shall be no order as to costs. SCL q JULY, 1996
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1995 (11) TMI 319 - HIGH COURT OF BOMBAY
Winding up - Powers of liquidator ... ... ... ... ..... he said company. This statement is made by the applicants to prove their bona fides and to dispel the suspicion of respondent No. 1 that applicant No. 2 is likely to continue as a company with a small paid-up capital. It is hereby clarified that all the costs, charges and expenses in respect of execution of the transfer deed (deed of assignment) as well as transfer of lease by respondent No. 1 in favour of applicant No. 2 including in respect of stamp duty, registration charges, if any shall be borne by applicant No. 2. Applicant No. 1 gives a solemn assurance to this court as the holding company of applicant No. 2 that all the obligations of applicant No. 2 shall be fulfilled within the time stipulated by the court. Having regard to the facts and circumstances of the case there shall be no order as to costs. The official liquidator shall act on the basis of an ordinary copy of this order duly authenticated by the associate of this court. Issue of certified copy is expedited.
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1995 (11) TMI 318 - MONOPOLIES AND RESTRICTIVE TRADE PRACTICES COMMISSION
Unfair trade practices ... ... ... ... ..... w that the scheme itself constitutes an unfair trade practice indulged in by the respondent in terms of section 36A(1) (ii) , (iv) and (viii ). The unfair trade practices are clearly prejudicial to public interest. 18. I, therefore, direct that the respondent shall cease and desist from continuing the said unfair trade practices and not repeat the same in future. The respondent shall file an affidavit in compliance with the above direction within four weeks from the date of this order. The respondent shall, however, have the liberty to cure the scheme of the aforesaid unfair trade practices, reify the scheme, afford protection to the investors against various possible and attendant risks and communicate with transparency all the details to the investors before implementing the modified scheme. The Commission, it is needless to add, reserves its right to examine the modified scheme in terms of the stipulations and provisions of the Act. 19. There shall be no order as to costs.
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1995 (11) TMI 317 - HIGH COURT OF BOMBAY
... ...
... ... ..... the transferee-company as well as averred in para 27 of the petition. 6. The Official Liquidator has made a report to this Court as required by the second proviso to section 394(1) of the Companies Act 1 of 1956 after obtaining the report of the auditors. The auditors appointed by the Official Liquidator have scrutinized the books of accounts and other relevant records of the purchaser-company. The Official Liquidator has no objection to the Scheme being sanctioned. The report of the Official Liquidator is acceptable to the Court. 7. No one appears to oppose the Scheme. 8. The petition is made absolute in terms of prayers (a) to (e). Certified copy of the order shall be filed with the Registrar of Company within 30 days from the date of certified copy being available. 9. The petitioners are directed to pay a sum of Rs. 500 towards the costs of the petition, to the Regional Director and a further sum of Rs. 500 to the Official Liquidator. 10. Issue of certified copy expedited.
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1995 (11) TMI 316 - HIGH COURT OF BOMBAY
... ...
... ... ..... s directed. 4. I have gone through the report of the Official Liquidator dated 14-7-1995. The Official Liquidator has reached the conclusion in view of the auditors report that the affairs of the transferor-company are not conducted in a manner prejudicial to the interests of its members or to public interest. 5. The transferee-company has its registered office at Calcutta. The transferee-company has filed similar petition before the High Court of Calcutta. 5A. No one is opposing the petition. 6. The petition is made absolute in terms of prayers (a) to (e) . The petitioner is directed to file certified copy of the order with the Registrar of Companies for registration within 30 days from the date of sealing of the order. The office is directed to expedite the sealing of the order. 7. The petitioner is directed to pay a sum of Rs. 500 towards the cost of the petition to the Regional Director and a sum of Rs. 500 to the Official Liquidator. 8. Issue of certified copy expedited.
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1995 (11) TMI 315 - HIGH COURT OF KERALA
Stock Exchange - Recognition of ... ... ... ... ..... uoted paragraph would suggest that such a decision on the petitioner s application for not granting recognition to it was taken only after it was decided that there was need and it was feasible to establish a new recognised Stock Exchange at Trivandrum. Such findings and decision otherwise have not been challenged before us on behalf of any of the parties, including respondent No. 1. 7. The order which we have passed in directing SEBI for reconsideration of the petitioner s application and for considering and examining the applications of the interveners and/or other applications, if any, has been taken up by us with the consensus of the learned counsel for the parties and the interveners. 8. The petitioners and interveners will now appear before the SEBI and present their respective cases. SEBI will take a decision on the question of grant of recognition, in the light of the observations made above, in accordance with law, as expeditiously as possible. CW stands disposed of.
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1995 (11) TMI 314 - HIGH COURT OF DELHI
Small scale industries - Determination of ... ... ... ... ..... ions and so is the control and ownership of the company. 19. It cannot be said by reading and re-reading of the Act that for the grant of the benefit only the products manufactured by the industrial undertakings have to be noticed and nothing else. It must be understood clearly that if petitioner No. 1 or its SSI units are not controlled or owned by other units or undertakings and similarly the unit at Ghaziabad is not a subsidiary or controlled by any other undertaking then the respondents cannot reject the applications made by the first petitioner for grant of fresh registration or reassessment as the case may be. The respondent had to give a categorical finding in this regard. Having failed to do so the impugned three orders dated 27-11-1950, respectively, cannot be sustained. The same are quashed. The respondent would decide these applications submitted by the first petitioner afresh within one month from today keeping in view the above observations. No order as to costs.
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1995 (11) TMI 313 - NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION
Deficiency in service ... ... ... ... ..... lawful and void. As such, this is not a case of deficiency in service either in terms of the law or in terms of the contract as defined in section 2(1)( g) of the Consumer Protection Act. The Supreme Court agreed with the aforesaid reasoning and the conclusion reached by the learned Member and accordingly the appeal of the appellant was allowed and the order passed by this Commission as well as by the District Forum and the State Commission were set aside and the complaint was dismissed. The observations of the Supreme Court are clearly applicable to the present case. 14. In the light of the above discussion, we are of the opinion that the State Commission has exercised its jurisdiction with material irregularity while rejecting the appeal of the UTI and confirming the order of the District Forum. Accordingly, we accept the present revision petition and set aside the orders of the District Forum and the State Commission and dismiss the complaint. We make no order as to costs.
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1995 (11) TMI 312 - HIGH COURT OF DELHI
Transfer to shares – Power to refuse registration and appeal against refusal, Special court, Procedures & powers of
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1995 (11) TMI 311 - HIGH COURT OF GUJARAT
Amalgamation ... ... ... ... ..... ny shall rank for dividend, voting rights and in all other respects, pari passu with the existing equity shareholders of the transferee-company. The transferor-company shall stand dissolved without winding up, with effect from the appointed day. The said salient provisions in the scheme of amalgamation with all other provisions of the scheme are hereby sanctioned and approved. The petitioners are directed to file the copy of the present orders with the Registrar of Companies, within a period of thirty days and the Registrar of Companies shall treat the transferor-company as dissolved, with effect from the appointed day. The petitioners shall bear the cost of respective petitions and shall also pay the fees of the learned additional standing counsel/senior standing counsel, appearing on behalf of the Central Government, which is quantified at Rs. 3,000 (rupees three thousand only) in each of these two petitions. The company petitions stand disposed of in the above said manner.
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1995 (11) TMI 310 - HIGH COURT OF DELHI
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... y jurisdiction and that the procedure for winding up should not be allowed to be adopted for recovery of monies which could otherwise be recovered by way of a suit. But the accepted principles are that the amount being admitted and not paid in spite of demand, and if there is no bona fide dispute raised by the respondent, it will be open to the Company Court to proceed with the various steps in a winding up petition. 26. In the result, we set aside the order of the learned Company Judge. We think that a case for admission of the company petition and for issue of citation has been made out. But before doing so, we would think it proper to give a further chance to the respondent by giving it time of four more weeks for payment of the amount due failing which the company petition shall stand admitted and the appellant can approach the learned Company Judge for issue of the citation and for taking further steps in the matter. 27. The company appeal stands disposed of accordingly.
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1995 (11) TMI 309 - NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION
National Commission - Jurisdiction of ... ... ... ... ..... scrutiny. The petitioner herein should have responded, put in appearance before the District Forum and should have given its version before the District Forum. The District Forum also did not refer to the Telegram dated 25-2-1994 even though it is on the record of the District Forum. It would, therefore, be in the interest of justice to remand the case back to the District Forum for de novo investigation into the facts after the version is filed by the petitioner herein before the District Forum. 7. Accordingly, the impugned orders of the Rajasthan State Commission at Jaipur dated 29-9-1994 and of the District Forum, Bharatpur dated 4-4-1994 are set aside and the case is remanded back to the District Forum for de novo trial after affording an opportunity to the petitioner herein to file its version and allowing the parties to substantiate their respective versions. The parties will, however, bear their own costs before this Commission. Appeal disposed of. SCL q OCTOBER, 1996
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1995 (11) TMI 308 - HIGH COURT OF BOMBAY
Member/shareholder ... ... ... ... ..... can be verified as to whether Shri Mayur Parekh was a shareholder of the petitioner-company during the relevant years. A copy of the balance sheet of the petitioner for the year 1990-91 may also be produced before the Court. It shall be possible for the Court to verify from the balance sheet as to who were the Directors of the petitioners during these years. 6. The Court would like to ask a few questions to Shri Mayur Parekh, who had opened the account. Shri S.H. Doctor, the learned counsel for the company makes a statement that his clients will keep Shri Mayur Parekh present before the Court. 7. Copy of the necessary affidavit shall be furnished to the other side on or before 9-11-1995. To be placed first on board on 17-11-1995, as far as possible. 8. The learned counsel for the petitioners Shri Kumar Desai, has made a statement in open Court that Shri Mayur Parekh was never a shareholder of the petitioners company. This fact may also be set out in the affidavit to be filed.
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1995 (11) TMI 307 - HIGH COURT OF PUNJAB AND HARYANA
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... o sell the shares and thereafter claim the balance amount after serving a notice and in that situation perhaps it could not be disputed that the amount claimed would have been an admitted debt. The defence raised is substantial and it was open to the company to show and in fact it has prima facie been able to show that the shares were not offered for sale under the buy-back clause within the time allowed and that it never admitted a definite amount to be due to the petitioner. 10. It also could not be disputed during the course of arguments that the company is a going concern or that it is able to pay its admitted debts. 11. For the reasons recorded above, I refuse to entertain this petition and relegate the parties to the remedy of civil suit especially having regard to the fact that the petitioner still continues to be a holder of the shares which were the subject-matter of the buy-back article under the agreement. The company petition, thus, stands disposed of accordingly.
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1995 (11) TMI 266 - CEGAT, NEW DELHI
... ...
... ... ..... nfirm Rs. 16,476.66 from M/s. Coromandel Paints and Chemicals, Vishakhapatnam being the differential duty on discounts not allowed at the time of removals as noted in the show cause notice. rdquo 3. emsp On the other hand, the Collector (Appeals) has given a clear finding that this is not correct in law since the assessable value determined under the provisions of Section 4(1)(a) of the Act would govern clearances of identical goods to sales depots by way of stock transfers. Since the discount has been allowed by the Assistant Collector as can be seen from his order and in view of the observations made by the Collector (Appeals) that if a few sales were made at the wholesale market rate at the factory gate itself, it is that rate which has to be taken as the normal price of the products. In view of his findings and in the view we have taken, we do not find any infirmity in the order passed by the Collector (Appeals) and accordingly appeal filed by the department is dismissed.
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1995 (11) TMI 258 - CEGAT, NEW DELHI
Valuation - Consignment Agent ... ... ... ... ..... essable value will not apply to removals which are not removals by way of sale, but removals by way of stock transfer to consignment agents of an assessee. It was contended by the Departmental Representative that in the facts and circumstances, the Collector (Appeals) ought to have treated the consignment agents as a separate class of buyers. We are not convinced with the arguments advanced by the Departmental Representative on this issue and on going through the facts and in view of the clear admitted position that the goods are sold at the factory gate to independent buyers and such price under Section 4(1)(a) is available, the same would govern the price in respect of their clearances made by the party as it was rightly held by the Collector (Appeals) in his order. Since we do not find any infirmity in the impugned order, we do not find any substance in the appeal filed by the department and in the view we have taken, the appeal filed by the department is hereby dismissed.
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1995 (11) TMI 257 - CEGAT, NEW DELHI
Import - REP Licence - Valuation ... ... ... ... ..... the Additional Collector himself has recognised the clear difference in the quality of the goods imported. They were definitely of inferior quality compared with the quality of the goods of the earlier import. As has been rightly contended by the appellants the basis for adjustment of 25 has not at all been disclosed to the appellants. In such circumstances, we also note that another reason to hold against the appellants is that they have not imported the material as actual users but as traders. The valuation has to be done on a firm basis and when the Additional Collector has admitted that there was no contemporaneous import for comparison, it was obligatory on his part to spell out the basis of which he is adopting the price of the earlier import and give the basis for the 25 adjustment given. This having not been done, we find a lot of force in the contention of the appellants herein on valuation also. In the result, the impugned order is set aside and the appeal allowed.
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1995 (11) TMI 242 - CEGAT, NEW DELHI
Excise duty - Duty liability ... ... ... ... ..... duty is specific one and not on ad valorem basis. Therefore, the body builder has rightly discharged the fixed rate on the Motor Vehicle emerging at his hand as lsquo Public rsquo transport type passenger motor vehicle, under chapter sub-heading 8706.20 which is a motor vehicle for the transport of ten or more persons, including the driver under sub-heading 8702.00, by availing the benefit of the S. No. 17 (i) of the Notification No. 162/86-C.E., dated 1-3-1986 as amended from time to time. 21. emsp The ld. Counsels also rightly pointed out that the classification approved cannot be challenged at the consignee rsquo s end and we take note of the rulings cited in support of this plea. 22. emsp The impugned orders in assessee rsquo s appeals suffer from patent illegality and hence, they are liable to be set aside and we order accordingly and allow the assessee rsquo s appeals, with consequential relief, if any. The revenue appeal in E.4359/91-B1 and cross appeal are dismissed.
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1995 (11) TMI 241 - CEGAT, NEW DELHI
Valuation - Demand - Limitation ... ... ... ... ..... charges beyond this period were chargeable. The sentence reproduced from the letter conveyed the essential information that the appellant was required to furnish in terms of Rule 73C. The Departmental Representative has not been able to show us the requirement of law according to which other information which was not furnished was required to be furnished nor he was able to tell us why the fact that the payment for both the goods and the repair charges was made simultaneously is in contravention of the provisions of law. It may, be as he says, that the appellant has used a device in order to gain benefit. It was open to the department to provide for declaring further particulars while filing the price list. This was, in fact, been done subsequently. So long as the arrangement was not prohibited by law, we cannot go by intentions in the matter. On the basis of limitation the demand for the period before April, 1985 will not survive. 7. emsp In the result, we allow the appeal.
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1995 (11) TMI 233 - CEGAT, NEW DELHI
Classification ... ... ... ... ..... are excluded from the said Heading 40.05. The clause regarding rubber solutions and dispersions put up for retail sale, not exceeding a net weight of 1 Kg, has relevance only to the Brussels Nomenclature because its Heading 35.06 (reproduced earlier) has a specific description to that effect. Where as may be seen from Heading 35.06 of the CET (reproduced earlier, there is no corresponding description). The subject product, as seen from its composition, contains rubber in solution in so organic solvent, sulphur (a vulcanising agent), fillers and resin. Its use is admittedly as an adhesive in retreading of tyres. There can, therefore, be no doubt that the correct classification of the product is as a prepared adhesive of glue in Chapter 35 of the Central Excise Tariff Schedule. 5. emsp Thus, following the ratio of the said decision we uphold the impugned order-in-appeal and reject the present eight appeals with consequential relief to the respondents, if any, according to law.
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