Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

JIK Industries Ltd. Versus Union of India And Others

2015 (12) TMI 571 - BOMBAY HIGH COURT

Permission to increase in authorised share capital of the Petitioner Company as per the orders passed by BIFR without the payment of the requisite fees - Held that:- In the first instance, there was considerable debate and argument as to whether the BIFR prepared and sanctioned the Scheme within the meaning of section 18 of the Sick Industrial Companies (Special Provisions) Act 1985, the representative of the State was present or not and whether the Scheme was duly circulated and brought to the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s own merits and in accordance with law and a decision taken thereon. Such a decision shall be taken and duly communicated to the Petitioners within a period of three months from the date of receipt of such application.

Once the Authorities have agreed in the aforesaid terms, then we need not decide any wider question or controversy. We keep the same open to be gone into in an appropriate case or state. We dispose off the Petition by accepting the statement of the learned Additional S .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ngh, ASG with Mr J.S. Saluja and Mr M.S. Bhardwaj and Mr D.A. Nalawade, GP ORDER P. C. 1. The two prayers in this Petition are that this Court should issue writ of mandamus or any other writ, order or direction in the nature of mandamus and after calling upon the records and proceedings of the Form No.2, Form No.5, Form No.61 and Form No.65 filed by the Petitioners before the Respondent No.2 under the control of Respondent No.1. It should direct the Respondents to permit the increase in authoris .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

anies Act 1956 as amended from time to time whereas the Respondent No.3 exercises powers under the Maharashtra Stamp Act 1958 and particularly section 9 thereof. 4. The two prayers in the Petition concern two different authorities. As far as the Registrar of Companies and the Ministry of Corporate Affairs, Government of India is concerned, there is certain concession or waiver claimed and of registration fees. 5. As far as that issue is concerned, Mr Anil Singh, learned Additional Solicitor Gene .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

2. We accept the statements made by the learned Additional Solicitor General appearing for Respondent Nos.1 and 2 and direct that within a period of three months from today, the requisite decision be taken and duly communicated to the Petitioners. 6. As far as the State of Maharashtra is concerned, our attention is invited to the Maharashtra Stamp Act 1958. Our attention is also invited to the Schedule I thereto wherein there is a description of the instrument and the proper stamp duty payable. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

which the State has in contemplation and in mind and which attracts stamp duty at 0.2% on share capital or increased share capital as the case may be subject to a maximum of ₹ 50,00,000/-. 8. Our attention is invited to section 9 of the Maharashtra Stamp Act 1958 and which reads thus : "9. Power to reduce, remit or compound duties :The State Government, (if satisfied that it is necessary to do so in the public interest) may, by rule or order published in the Official Gazette (a) reduc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

orate of bonds or marketable secuities other than debentures." 9. Upon perusal thereof, it is apparent that the State Government has been conferred with power by the Legislature to either reduce, remit or compound duties on the necessary satisfaction being reached viz. that it is required to be done in public interest. The second requirement according to the learned Government Pleader Mr Nalawade is that the State Government has to be approached and after it records the requisite satisfacti .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version