Court : Gujarat
Reported in : AIR1986Guj19; (1985)1GLR257
..... the reserve bank undertook a survey of the area and it was observed that the present banking structure functioning therein was taking care of both agricultural as well as business finance and that chaklashi village of having (urban) population of 9000 did not require any new bank so as to sustain a new urban bank as viable unit. it ..... refuse the licence.8. on behalf of the respondent-reserve bank affidavit in reply has been filed wherein it is pointed out that conditions (a) and (b) of section 22(3) are not fulfilled and as a result of studies and inquiries made it has been found that the urban co-operative bank in chaklashi would not be a ..... for the petitioners has submitted that the reserve bank has decided the matter on extraneous and non germane considerations and acted ultra vires s. 22(3) of the banking regulation act, 1949 (as applicable to co-operative societies) (hereinafter referred to as 'the act'). s. 22 in so far as it is material for our purpose reads as under: -'22. licensing .....
Tag this Judgment!Court : Gujarat
Reported in : [1984]58CompCas156(Guj)
..... company could present to us any picture which could even indicate the remote possibility of the company resuming its normal operations. the question would primarily be one of finance. even assuming that the creditors keep away for some time without pressing for their claims to enable recommencing of the functioning, considerable working capital would be called for ..... which means that the inability is not one to pay the debt of the person moving for winding up, but the debts as a whole due from the company. section 434(1) (c) indicates that this is to be, taking into account the contingent and prospective liabilities of the company also. that in this case the respondent ..... the advertisement of the petition.' 2. evidently, the posting of the petition for admission is contemplated by sub-s. (8) of s. 439 of the companies act which provides that before a petition for winding up a company presented by a contingent or prospective creditor is admitted, the leave of the court shall be obtained for .....
Tag this Judgment!Court : Gujarat
Reported in : [1986]60CompCas717(Guj)
..... contra-indicated. this objection, therefore, stands overruled. 9. it was next contended that such an application would not lie under section 536(2) of the act. this objection squarely stands answered against the objectors in view of the division bench judgment of this court in company application no ..... be given by sbi, commercial branch, ahmedabad, industrial development bank of india, bombay, and industrial reconstruction corporation of india limited, calcutta, industrial finance corporation of india and industrial credit and investment corporation of india shall be treated as bona fide transactions entered into between sbi, idbi, irci, ..... another term loan of rs. 55 lakhs for the proposed modernisation scheme of the company. both these loans were sanctioned under the project financing participation certificate scheme in participation with the industrial financial corporation of india, industrial credit and investment corporation of india limited and industrial reconstruction corporation .....
Tag this Judgment!Court : Gujarat
Reported in : [1986]60CompCas727(Guj)
..... relation to the textile unit of the applicant company, which is declared to be relief undertaking under government notification dated may 31, 1984, issued under section 3 of the said act, all rights, privileges, obligations, liabilities (except the sbi) accrued or incurred before the said undertaking was declared to be a relief undertaking under ..... has been able to gear up its production as far as the spinning department is concerned and the blow room section; card section, inter-frame section and ring frame section have also been restarted. all these sections are working in two shifts. according to the applicant company, after a sizable stock of yarn is built up, ..... be also in the interest of the workers of the mills who would otherwise be rendered jobless. granting the present application which is to bring substantial finance for running the mills is going to benefit all concerned including even the unsecured creditors. considering the overall circumstances of this case, i am, therefore, .....
Tag this Judgment!Court : Gujarat
Reported in : (1985)1GLR566
..... before we consider the case of constitutional validity of the impugned provision it is necessary to refer to certain facts which furnish the background of enactment of section 30b of the act. we had the benefit of hearing government counsel taking notice of the case and appearing in the first instance and later when the case was adjourned ..... the dealers applying for registration. the objects and reasons of the amendment of the act by introduction of section 30b shows that the said amendment of the act was with a view to giving effect to the proposals contained in the budget speech of the finance minister.5. the rate of tax on groundnut oil being high, and the ..... . it is thereupon that the petitioner has come to this court.2. the challenge in the petition is twofold. the petitioner seeks to declare section 30b of the gujarat sales tax act, 1969 as ultra vires being violative of article 14 of the constitution of india and beyond the legislative competence of the state legislature and also .....
Tag this Judgment!Court : Gujarat
Reported in : [1986]59CompCas183(Guj)
..... indebted and commercially insolvent. the company has not replied to the statutory notice given under section 434 of the companies act. the defence taken in the winding-up petition was that all efforts were being made by the company to arrange for further finances to continue the manufacturing activities , but they had not borne fruit till date, ..... , 1984, assessing the situation of the company then and the situation today is in no way different. before the learned judge also, it was contended that financing institutions have been approached. before us we have an affidavit filed by the chief officer of the central bank of india wherein the central bank of india has ..... limits with banks and financial institutions and, according to the appellant- company, it so exceeded such limit by rs. 300 lakhs. consequently upon this , the main financing bank, the central bank of india, restrained further withdrawals from may 30, 1984. it is said for the company that due to this situation, it was unable .....
Tag this Judgment!Court : Gujarat
Reported in : [1986]60CompCas897(Guj)
..... trying to resurrect the company and to put it once again on rails, these financing institutions would insist on the company executing necessary documents accepting these institutions as secured creditors. the present applications are filed under section 536(2) of the act by way of abundant caution by the company with a view to seeing that if ..... ultimately the winding-up petition gets through, these transactions in favour of the financing institutions may not be held vulnerable and may not be declared ..... the relevant documents for effecting the requisite securities in favour of the financing institutions. reliance was placed on the ratio of burton's case [1977] 1 all er 631 (ch d). the division bench, on the scope and ambit of section 536(2) of the act, made the following pertinent observations (at page 214 of 59 comp .....
Tag this Judgment!Court : Gujarat
Reported in : [1986]157ITR791(Guj)
..... be renewed in view of the notification issued by the central government on july 26, 1975, specifying the names of persons appointed as valuers under section 4(3) of the estate duty act for different categories of assets and fixing scale of charges for the remuneration . the union government, by its letter of april 1, 1976, informed ..... the board. the board has been defined by sub-section(2) of section 2 to mean the central board of direct taxes constituted under the central boards of revenue act, 1963. a notification has been issued by the union of india bearing no. 5/77/68-ed dated july 16, 1968, prescribing qualifications of persons who could be appointed ..... 14, 1969, to the government of india in the department of revenue and insurance in the ministry of finance for being appointed as an approved valuer for taxation laws, namely, the estate duty act and the wealth-tax act, for the purposes of valuation of real properties. the petitioner appears to have been appointed in pursuance of .....
Tag this Judgment!Court : Gujarat
Reported in : (1985)2GLR664
..... and held that the petitioners had done whatever was required to be done by them. they had procured the release order in time. one hand of the government acting in the joint controller's office committed some blunders because of the lackadaisical fashion in which the things are handled there. it forgot to mention about the duty ..... dealing with the public, whether by way of giving jobs or entering into contracts or issuing quotas or licences or granting other forms or largess, the government cannot act arbitrarily at its sweet will and, like a private individual, deal with any person it pleases, but its action must be in conformity with standard or norm which ..... very threshold or at the time of entry into the field of consideration of persons with whom the government could contract at all, the state, no doubt, acts purely in its executive capacity and was bound by the obligations which dealings of the state with the individual citizens import into every transaction entered into in exercise of .....
Tag this Judgment!Court : Gujarat
Reported in : 1986(10)ECC167; 1986(24)ELT19(Guj)
..... caps were not excisable at all. the petition-company had started its manufacturing in the year 1965. however, by the finance act of 1969, item 42 was introduced in the first schedule to the central excises and salt act, 1944 (hereinafter referred as 'the act'). the said item 42 reads as follows :- 'pilferproof caps for packages, all sorts, with or without washer or fittings ..... at annexures f/1 and g and declaring that the captocaps of the petitioner as they were there, are not falling under item 42 of the first schedule of the act and they were wrongly held to be excisable to excise duty under the said item. rule is accordingly made absolute with no order as to costs.
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