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Case Laws
Showing 81 to 100 of 310 Records
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1995 (7) TMI 351 - HIGH COURT OF CALCUTTA
Winding up – Company when deemed unable to pay its debts ... ... ... ... ..... ring the aforesaid amount mentioned in annexure B to the petition and also supplies the sales tax declaration forms as mentioned in annexures to the petition within the said period of two months or in default of supply of sales tax declaration forms, pays an additional sum of Rs. 1,20,934 on account of sales tax in addition to the aforesaid principal amount and interest, then and in that event, the application for winding-up will remain permanently stayed. In default of payment of any part of the aforesaid claims of the petitioner and/or in default of supply of sales tax declaration forms or payment of the aforesaid sum in lieu of declaration forms, on account of sales tax within the period of eight weeks from today, the petitioner will be entitled to proceed with the advertisement and the application will appear in the list on the returnable date as aforesaid. All parties concerned are to act on a signed copy of this dictated order on the usual undertaking. Petition allowed.
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1995 (7) TMI 344 - CEGAT, NEW DELHI
Classification - Appeal to Appellate Tribunal - Limitation ... ... ... ... ..... the application and condone the delay. At this stage, learned SDR points out that the classification issue has been settled by decisions of the Tribunal and cites the following orders 1. emsp 1986 (24) E.L.T. 662 2. emsp 1987 (29) E.L.T. 647 (Tribunal) 1987 (12) ECR 29 3. emsp 1990 (46) E.L.T. 62 - Coronation Litho Works v. Collector of Customs in which the Tribunal has upheld the classification of such machines under Heading 84.40 of the CTA, 1975 and under TI 68 for the purpose of countervailing duty. Accordingly, following the ratio of the above orders we uphold classification of the step and repeat machines imported by the respondents under Heading 84.40 of the CTA, 1975. The appeal is disposed of in the above terms.
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1995 (7) TMI 337 - SUPREME COURT
Whether the respondent is entitled to the benefit of exemption from sales tax under the Industrial Policy Resolution of 1986 as well as of 1989?
Whether the process undertaken by the respondent, applying which he obtains cotton from waste cotton, can be called "manufacturing" activity?
Held that:- Appeal allowed. A reading of the Industrial Policy Resolution (I.P.R.) of 1986 as well as of 1989 clearly shows that several concessions at substantial cost to public exchequer were provided only with a view to accelerate the pace of industrialisation in the State. The High Court seems to have proceeded on the assumption that the I.P.R. by itself is enough to provide the exemption from the sales tax. But where the provisions of the Sales Tax Act are also amended providing for exemption, then the court has to see whether they are the same as the I.P.R. or are they different-and if different, what is the effect of such difference. It is, therefore, necessary to ascertain the relevant provisions in the Sales Tax Act, Rules and notifications, if any, issued thereunder before expressing a final opinion in the matter.
The dealers and assessees normally contend that the process undertaken by them does not involve manufacture, that no new goods have come into existence and that, therefore, no tax or duty is leviable. But here the respondent is adopting a converse position because it is beneficial to him under the I.P.R. Thus the proper course would be to remit the matter to the High Court for a decision afresh in the light of the observations made herein.
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1995 (7) TMI 331 - HIGH COURT OF MADRAS
Company – Incorporation of ... ... ... ... ..... n a limited company formed with partners of existing tenant firm as directors, both the firm and the company operating from the same place, each acting as agent of the other, actually it was only an alter ego or corporate reflection of the tenant-firm and the two were one for all practical purposes having substantial identity and hence there was no subletting. In the present case, there is no question of forming a second company by the respondent even if the allegations of the applicant are true. The attempt of the respondent to invite applications and allot more shares or attempts of the respondent to sell a portion of the shares owned by it, cannot be considered as an act under the corporate veil committed by the respondent to sublet the premises. In that view, I am of opinion that the applicant cannot be considered to have shown either prima facie case or balance of convenience or relative hardship, in order to grant injunction. In the result, the application is dismissed.
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1995 (7) TMI 328 - HIGH COURT OF ALLAHABAD
Companies Law Board – Power of ... ... ... ... ..... eme Court that when the Constitution spoke of "courts" under article 136 and other articles it contemplated courts of civil judicature but not tribunals other than such courts. Rule 5 of Chapter VIII of the Rules of the court refers to the court in the context of the ordinary court of civil judicature. It has used the word "court" in contra distinction to the .word "tribunal" when referring to the orders of tribunal. Rule 5 provides for special appeal from the judgment of the single judge in exercise of civil judicature. Rule 5 is reproduction of clause 10 of the Letters Patent. The word "court" under the Letters Patent meant the court of civil judicature. There is no specific purpose to give special meaning to the word "court" in relation to any matter which is cognizable by the Company Law Board. In view of the discussions made above, we hold that the special appeal filed by the appellant is maintainable. Order accordingly.
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1995 (7) TMI 318 - HIGH COURT OF KERALA
Powers of Court to rectify register of members ... ... ... ... ..... the challenge against the maintainability of the petition under section 155 of the Act and held in favour of the petitioner. Even if it is assumed that the Division Bench judgment is erroneous, it will not be possible to hold that it is a nullity. Even a wrong decision on the question of jurisdiction cannot be considered as a nullity. It is also pertinent to note that an application was filed for appointment of a receiver during execution proceedings. That petition was allowed on February 20, 1989. That would show that the decree has been executed in part by appointing a receiver. Having participated in the proceedings before the company court and having raised the plea of lack of jurisdiction of the court and being worsted in the M.F.A. and also in view of the fact that the receiver has been appointed to the property the contention raised in execution regarding nullity of the judgment cannot be countenanced. The objection raised by respondents Nos. 1 and 2 stands overruled.
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1995 (7) TMI 317 - HIGH COURT OF DELHI
Powers of person or body of persons appointed under section 15/15A to call for assistance in any investigation,
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1995 (7) TMI 316 - HIGH COURT OF PUNJAB AND HARYANA
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... ... ..... ary from the official liquidator. The petitioners were never employed by the respondent-bank, rather they were employees of the company to whom the banks had advanced huge loan. It was in pursuance of the orders of this court that the respondents advanced money to the official liquidator on behalf of the company to be paid as salary to these security guards. The amount so advanced is recoverable from the assets of the company in priority to its other debts. The petitioners have no legal right on the basis of which a direction can be issued to the respondents to pay them the salary which is payable to the other security officers/security guards of the bank. The other relief, as sought in the petition, for regularisation in service of the respondents too cannot be allowed as neither the petitioners are employees of the bank nor they were appointed or employed by the respondents or are performing the duties of the bank. Accordingly, this petition shall stand dismissed. No costs.
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1995 (7) TMI 315 - HIGH COURT OF DELHI
Meetings - Extraordinary General Meetings ... ... ... ... ..... o resort to a wholly democratic process. The challenge to the right of the members to alter the articles was limited to the three contentions referred to above. They have left me unpersuaded. As already noticed by me above, the holdings of the plaintiffs would remain unaffected. They would continue to hold the same positions in the company as they are holding at present. What is being sought is the deletion of two articles and amendment in the other two including one relating to quorum. The defendants say that all this has been necessitated to protect the interest of the shareholders holding majority of the shares and to ensure smooth functioning of the management. It would finally be for the shareholders to decide in the meeting whether to opt for the proposals or not. And surely an injunction cannot be granted to restrain the holding of a meeting, when such a meeting is the only way in which the shareholders can decide the matter. Consequently, the application is dismissed.
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1995 (7) TMI 314 - HIGH COURT OF DELHI
Appeals to Appellate Board ... ... ... ... ..... waiving the pre- deposit of rupees one lakh. A perusal of the application dated November 8, 1993, would show that the request of the respondents was only for extension of time and no request was made for waiving any amount out of the amount directed to be deposited under the order of the Board dated August 17, 1993. It was only by a subsequent application dated February 18 1994, that they requested for waiver of Rs. 1.20 lakhs on the ground that in spite of the best efforts they had not been able to raise a loan. The Board, while considering the request of the first and the second respondents for waiving an amount of Rs. 1.20 lakhs, noted that they had been able to deposit a. sum of Rs. 2.30 lakhs. The Board felt that to ask the respondents to deposit a further sum of Rs.1 lakh would be to cause undue hardship to them. This view of the Board cannot be said to be either arbitrary or perverse. Having regard to the above discussion, the petition is dismissed as having no merit.
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1995 (7) TMI 313 - HIGH COURT OF BOMBAY
Statutory arbitration ... ... ... ... ..... 6(c) provides that in cases of all claims (whether admitted or not), differences and disputes arising out of or in relation to all contracts referred to in sub-clause (a) the parties concerned shall be deemed to have agreed and acknowledged that such contracts have been entered into and are to be performed within the City of Bombay, that they are subject to arbitration in accordance with the provisions relating to arbitration contained in these Bye-laws and Regulations. Thus, Bye-laws 226(a) and 226(c) make it very clear that all such Contracts or dealings, irrespective of the fact that there may be no contract notes, are deemed to be subject to these Rules, Bye-laws and Regulations. It is clear that these Rules, Bye-laws and Regulations will govern such Contracts and dealings. Such contracts and dealings are also subject to Arbitration in accordance with these Rules, Bye-laws and Regulations. 20. Accordingly, the Petition stands dismissed. There will be no order as to costs.
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1995 (7) TMI 312 - HIGH COURT OF MADRAS
Appeals to Appellate Board ... ... ... ... ..... he penalty amount/Hence, there is no illegality in the proceeding of the third respondent dated January 27, 1995. But, however, taking into consideration the pendency of the appeal before the first respondent and the inaction of the first respondent in passing orders on the application filed by the petitioner under the second proviso to section 52(2) of the Act, I think, in the interest of justice, some relief should be granted to the petitioner. Hence, I direct, the first respondent to dispose of the appeal filed by the petitioner against the order of the second respondent in his proceedings No. DA/MAS/15.94, dated October 25, 1994, within three months from the date of receipt of a copy of the order in this writ petition. Till then, the third respondent is directed not to take any recovery proceedings against the petitioner in respect of the penalty levied by the second respondent in the above said proceedings dated October 25, 1994. The writ petition is ordered accordingly.
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1995 (7) TMI 284 - SUPREME COURT
Oppression and mismanagement - Whether the valuation made by Shri M. Vatsaraj on 30-9-1993 was proper and correct?
Held that:- This appeal is disposed of subject to the direction to the respondents as agreed to by them that they will pay to the appellants an additional amount of ₹ 66 lakhs in the manner provided by the consent terms of February, 1993 and as laid down by the consent order dated 5-3-1993, within a period of eight weeks from today. The amount of ₹ 11 lakhs already deposited by the respondent will also enure for the benefit of the appellants. On payment of this additional amount of ₹ 66 lakhs the directions contained in the judgment under appeal shall become operative and shall be carried out by all concerned.
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1995 (7) TMI 282 - SUPREME COURT
Whether it was necessary for the ITO to obtain the leave of the liquidation court when he wanted to reassess the company in liquidation for escaped income in respect of past years?
Held that:- Appeal allowed. The Special Court has no jurisdiction to sit in appeal over the assessment of the tax liability of a notified person by the authority or Tribunal or Court authorised to perform that function by the statute under which the tax is levied. The Special Court has, therefore, no jurisdiction to determine whether or not any assessment of the tax liability of a notified person by the appropriate authority is bona fide or reasonable or justified or enforceable.
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1995 (7) TMI 261 - HIGH COURT OF KERALA
Writ - Maintainability of ... ... ... ... ..... ures by itself are sufficient in the absence of any other factors like financial assistance, control of management and policies, State-protected monopoly status and public functions, so as to come to the conclusion that the 1st respondent company is an authority amenable to writ jurisdiction under article 226. 27. The subject-matter in both the matters are purely contractual in character. Therefore, in any event, the issue relating to the violation of the bye-laws of the company and appointment of arbitrator for realising the claim of another member and the issue relating to the termination of services of an employee are purely in the realm of contract. Therefore, the extraordinary jurisdiction under article 226 is not the proper forum for the reliefs prayed for. For all these reasons stated above, we do not find any merits in any of those contentions raised by the petitioners. Accordingly, the writ appeal and the original petition are dismissed. However, no order as to cost.
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1995 (7) TMI 260 - HIGH COURT OF CALCUTTA
Amalgamation ... ... ... ... ..... not beneficial to the company and is for purposes unknown to the objectors. It was submitted that as the company is not getting anything in consideration for transfer of the undertaking of its three tea estates, the scheme ought not to be sanctioned. Such contention is not correct, inasmuch as the scheme of arrangement in the instant case provides that the shareholders of the transferor company should directly receive the consideration. The shareholders are also parties to the scheme. Allotment of shares is one of the modes of payment of consider-ation. At least, nothing has been shown to me that the consideration cannot pass to the shareholders of the transferor company who are the real owners of the company. 19. Under the circumstances, I am of the view that this scheme as proposed, should be and is hereby sanctioned. There will be an order in terms of prayers (a) to (g) of the petition. 20. All parties to act on a signed xerox copy of the judgment on the usual undertaking.
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1995 (7) TMI 240 - CEGAT, MADRAS
Modvat credit ... ... ... ... ..... d., reported in 1989 (43) E.L.T. 804 that the input used in the integrated process of manufacture should be treated as raw material having been used in the end product, as observed by Member (J) in his proposed order and in view of the liberalisation, I concur with the view expressed by Member (J) in allowing the Modvat credit in respect of the item Trichloroethylene. Since no appeal has been filed by the department in respect of the items Freon solvent/Freon TF solvent as it was rightly pointed out by both the sides the admissibility of Modvat credit in respect of these items need not be gone into by the Tribunal, as it was rightly held by the Member (T). 12. emsp Accordingly, the matter is disposed of and the case file is returned to the Regular Bench to pass an appropriate order. emsp Sd/- (G.A. Brahma Deva) emsp Member (T) FINAL ORDER The appeal is decided in the above terms in view of the majority decision. Sd/- Sd/- (S. Kalyanam) (V.P. Gulati) Vice President Member (J)
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1995 (7) TMI 231 - CEGAT, MADRAS
SSI Exemption to cosmetic and toilet preparation ... ... ... ... ..... r who received the same on 21-9-1990. It is seen the appellant has filed the declaration on 4-4-1990 and we find from the carbon copy of the declaration that it bears the seal of the office of the Assistant Collector and the initial of the officer who received it and the date shown in the seal is 4 April, 1990. The mere fact that the declaration filed by the appellant is missing in the Office of the Assistant Collector would not ipso facto lead to the conclusion that no declaration was filed by the appellant. In these circumstances, we set aside the impugned order and remand the matter to the Collector for factual verification after proper investigation of the letter of the appellant dated 15-9-1990 with reference to the genuineness and authenticity of the seal of the Office of the Assistant Collector and also the initial of the officer who is said to have received the communication and then give a finding and dispose of the matter in accordance with law. Ordered accordingly.
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1995 (7) TMI 230 - CEGAT, MADRAS
Confiscation of Indian currency - Evidence ... ... ... ... ..... as to be a nexus between the seized currency and the contraband goods. It has also been held that the burden to prove that the seized currency is the sale proceeds of contraband gold is on the Revenue. The learned Member (T) has rightly relied on the ratio of the earlier order and also on his own order in the case of K. Mammuni v. Collector of Central Excise, which has been annexed to the opinion expressed by him. Therefore both on the facts and circumstances of the case as well as on the ratio of the above noted judgments, I agree with the views expressed by learned Member (T) for allowing the appeal. The appeal papers be placed before the original Bench for passing final order. Sd/- (S.L. Peeran) Member (J) FINAL ORDER 14.In view of the majority decision, the order of emsp the lower authority confiscating the currency and imposing penalty on the appellant is set aside and the appeal allowed. Sd/- Sd/- (V.P. Gulati) (S. Kalyanam) Member (J) Vice-President 4-7-1995 30-6-1995
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1995 (7) TMI 229 - CEGAT, MADRAS
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... ... ..... /appellants benefit of Modvat credit. Accordingly, we allow the stay petitions unconditionally. In the facts and circumstances, we remand the matters to the adjudicating authority to allow the Modvat credit and adjust the payment of duty now demanded from them against such Modvat credit admissible to them after verifying the duty paid character of ingots (inputs) in accordance with law. Appeals are thus allowed by remand in the light of the aforesaid directions. The Special Bench following that ratio granted relief to the party in the case of Geeta Steel Rolling Mills. Since the appellant is also placed in similar circumstances and since the issue has not been considered in the light of the rulings of the Tribunal we are inclined to think that the matter has to be remanded. In this view of the matter, the impugned order is set aside and the matter remanded to the original authority for reconsideration of the issue in the light of our above observations in accordance with law.
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