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2015 (12) TMI 571 - BOMBAY HIGH COURT

2015 (12) TMI 571 - BOMBAY HIGH COURT - TMI - 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 .....

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shtra, the same shall be duly considered on its 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 accep .....

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dhakar Lakhani For the Respondent : Mr Anil Singh, 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 .....

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2 are exercising powers under the Indian Companies 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 .....

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res thereto pertaining to Respondent Nos.1 and 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 .....

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submits that this is possibly the instrument 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 ord .....

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by any incorporated company or other body corporate 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 .....

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