Judgment Search Results Home > Cases Phrase: financial commitment Court: mumbai Page 1 of about 7,303 results (0.022 seconds)

POL India Projects Limited and Another Vs. Aurelia Reederei Eugen Frie ...

Court : Mumbai

..... the guarantee of 38 million euro was within the permissible financial commitments of videocon such as turnover and other relevant financial performance was solely within the knowledge of videocon and therefore the question whether the issuance of patronage letter by videocon on 5 june 2007 was within its permissible financial commitments would be a question of fact or at the ..... level step down operating jv /wos set up by their jv / wos operating as a special purpose vehicle (spv) under the automatic route, subject to the condition that the financial commitment of the indian party is within the extant limit for overseas direct ..... step down subsidiary these can be given directly by the indian party provided such exposures are within the permissible financial commitment of the indian ..... to give guarantees for its step down subsidiary provided such exposures were within the permissible financial commitments of ..... raising its defence that issuance of the patronage letter in 2007 was in breach of the statutory requirements or that it was not within its financial ..... being an exporting company may give a guarantee for performance of a project outside india, or for availing of credit facilities, whether fund based on non fund based, from a bank or a financial institution outside india in connection with the execution of such project: provided that the previous approval for undertaking the project has been duly obtained from the approving authority in india ; explanation:- for .....

General Glass Co. (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108TTJ(Mum.)854

..... 1995, it was stated that: here again, the respondent failed and neglected to fulfil its financial commitments and, inter alia, pleaded a liquidity crunch. ..... , supplementary mou has been signed in this year, possession-which is so called licence has been granted in this financial year, and therefore, capital gain is to be chargeable to tax as income of the year under consideration".admittedly, the basic emphasis of the ao was that the case of the assessee is covered by section 2(47)(v) of the it act which provides ..... the respondent thus continued to commit defaults in making payment, and from time to time they called upon the petitioner to reschedule the various instalments which the petitioner did in the spirit of co-operation and good faith and with the hope that the respondent would ultimately fulfil its financial obligations. ..... that, the respondent has acted mala fide and consequently failed to act in good faith in making the payment due and payable by them to the petitioner the respondent had failed and neglected in fulfilling, its financial obligations, liabilities and commitments. ..... these facts, it is not possible to hold that the transferee was willing to perform his obligations in the financial year 1995-96 in which the capital gains are sought to be taxed by the revenue. ..... there have been supplementary mous entered, which are merely for financial aspects and which in no way impact the original mou since the terms and conditions basically for development of the property were not .....

Consolidated Distributors Pvt. Ltd. Vs. Economic Development Corporati ...

Court : Mumbai

Reported in : 2002(6)BomCR115

..... petitioners, therefore, could not meet their financial commitments in the matter of repayment of loan. ..... petition, the petitioners have merely referred to a letter dated 24-3-1999 giving an impression that prior to the said date, the petitioners have committed no defaults and without any opportunity to them, action under section 29 of the act has been taken. ..... have suppressed relevant correspondence from which it is evident that the petitioners had given false assurances and commitments while persuading the corporation to refrain from initiating any action under section 29 of the act. ..... , in order to get better offers from entrepreneurs operating in the other parts of the country, advertisement were also floated in all six editions of national daily 'financial express' dated 27-3-2001 published from mumbai, kochi, bangalore, chennai, kolkata and new delhi. ..... the petition is directed against the action of the corporation, initiated under section 29 of the state financial corporation act, 1951 ('the act' for short), contending that the action taken is arbitrary and not in good faith and the proposed action to proceed with the sale of their industrial unit-is in ..... 28-9-1999, it was brought to the notice of the petitioners that not a single rupee has been paid by them despite commitments in writing contained in communications dated 5-5-1999 and 5-8-1999. ..... not only suppressed number of notices and letters but attempted to conceal serious defaults, committed by them right from the year 1997. .....

Patel Engineering Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD411(Mum.)

..... assessee has not made any financial commitment or investment in these projects inasmuch as the government is making periodical payment for the work executed by the assessee, and so there is no financial risk of assessee in the development of these projects with the result that there is no question of any development of infrastructure project by the assessee for the reason that the basic feature of bot/boot schemes being the financial investment by the developer ..... contended that it is only because of its expertise, specialisation, financial commitment and involvement that projects having such immense national importance were ..... arise, and so for the recoupment of the costs, the same have to be paid whether through running bills or otherwise; and considering the largeness/hugeness of the total financial investment involved, some advance if paid at some point of time, will not, in our view, change the basic nature/feature of the assessee's business activity. ..... he has reiterated that the assessee has committed substantial resources--financial and otherwise, and borne risks in the development of koyna and the srisailam project and that the contentions of the learned cit/departmental representative, in this regard as also that the ..... for executing such projects, the assessee has deployed people, plant and machinery, technical expertise, know how and the financial resources as has also been the specific contention of the learned authorised representative of assessee as noted by us above.47 .....

Gopi Gorwani Vs. Ideal Co-operative Housing Society Limited and Others

Court : Mumbai

..... was there no agreement executed with or without the solicitors approval but also, the declaration provides that the agreement is to be prepared not only based on the eoi but also on the basis of financial commitments, offers given in separate letters and the offers stated in their presentation dated 7th march, 2010, in the special general body meeting. ..... , 2010, clearly declared as follows: we will execute a separate agreement with society and with individual members at our cost which is to be approved by the society's solicitors and on the basis of society's eoi conditions, our financial commitments, our offers given in separate letters and the offers stated in our presentation dated 7/03/2010 in the special general body meeting . ..... plaint) inter alia, stating as under: we will execute a separate agreement with society and with individual members at our cost which is to be approved by the society's solicitors and on the basis of society's eoi condition, our financial commitments, our offers given in separate letters and the offers stated in our presentation dated 7-3-2010 in the special general body meeting. ..... even according to the plaintiff, the terms and conditions of the contract were not only to be on the basis of the eoi conditions (of which specific performance is sought in the present suit) but were also to be based on financial commitments, the offers purportedly given by the plaintiff in separate letters and the offers stated in its presentation on 7th march, 2010, i.e. .....

Niyaz Ahmed Vanu Vs. Municipal Corporation of Gr.Mumbai (M.C.G.M.) and ...

Court : Mumbai

..... a bidder, who enters into a contract with a public authorities, must have a demonstrable capacity to fulfill the requirements of the contract in terms of technical qualifications (availability of infrastructure, qualified personnel and experience in handling similar contracts) and financial commitment (having the wherewithal to fulfill the requirements of the contract). 23. ..... reliance is placed on the definition of the term audit in black's law dictionary, 9th edition, as under: audit: a formal examination of an individual's or organization's accounting records, financial situation, or compliance with some other set of standards. ..... these specifications include the laying down of credentials, experience, financial capacity and other like facets. ..... for instance, for appointment of an auditor or for appointment of a lawyer, tenders cannot be invited, because the competence and credentials of a professional cannot be decided on the basis of financial quotations. 28. ..... the financial bidding made by the tenderer is only one of the several circumstances. ..... professional auditors cannot be chosen on the basis of financial qualification. 12. .....

Veronica Laboratories Ltd. and ors. Vs. State Industrial and Investmen ...

Court : Mumbai

Reported in : 2001(2)BomCR642

..... this correspondence includes a letter dated 27-9-1996 by the respondent pointing out that the permission of the respondent had not been taken for the diversification project involving long term financial commitments. ..... by the take over notice dated 19-8-1997, the respondent sought to exercise the powers conferred upon it under section 29(1) of the state financial corporations act, 1951, by taking over possession of the assets mortgaged or hypothecated to the respondent.the trial court initially granted an order of status quo, which it vacated, by the impugned order dated 16-3-1998, while declining the ..... as regards the rate of interest, the industrial development bank of india has intimated on 21st april, 1995 that the state financial corporations can determine the rate of interest which they will charge, depending on their perception of the risk involved in each project. ..... thereafter, on 19-8-1997, the respondent stating that its demand had not been cleared, intimated to the appellant that the respondent was proceeding to take action in exercise of its statutory powers under section 29(1) of the state financial corporations act, 1951, for taking over possession of the securities which had been created in favour of the respondent.8. ..... the trial court has held that the appellant has also committed a breach of the terms and conditions of the agreement such as changing the location of the unit and not obtaining the permission of the respondent for its rights issue.9. .....

General Labour Union and anr. Vs. Arjandas Metal Industries Pvt. Ltd. ...

Court : Mumbai

Reported in : (2002)IIILLJ489Bom

..... 5000/- was a part of payment of wages and the workers were assured that other financial commitments would be honoured and they were requested to bear with the management till the finance from the ..... singvi further pointed out that the respondents do not have any regard for their own commitments under both the mous and they went on giving false promises without any intention to ..... affirmed that unfortunately by that time choudhury metal syndicate backed out from its commitment to supply raw material against the leasing out ofa portion of the factory ..... submitted that taking into consideration allthese facts it cannot be concluded that the respondents have committed wilful disobedience of the court's order. ..... on june 12, 2001 wherein it was held that financial liabilities is no defence for non- payment of wages ..... 2 could not honour his commitment as per the above mentioned two mous and clear the dues of all the workers, still the aforementioned facts clearly indicate that he has been trying to fulfil his duty and has in fact ..... , not inclined to hold the respondents guilty of committing the alleged contempt.11. ..... 2000 and thereby committed contempt of the ..... his detailed affidavit, wherein he has denied to have wilfully disobeyed the court's order and committed contempt of court. ..... thereafter referred to the financial difficulties of respondent no ..... in his affidavit, relate to a period prior to the passing of the order dated april 18, 2000 in respect of which the breach is alleged to have been committed. .....

Raymond Limited Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)86ITD791(Mum.)

..... dastur, the learned counsel for the assessee, stated that the underwriting activity is by no means equivalent to the rendering of managerial, technical or consultancy services, since underwriting activity is nothing other than undertaking a risk or a financial commitment and cannot be considered to be a service at all.adverting to para 18.5 of the order of the git(a), he contended that this important issue, which forms the bedrock of the department's case, has been rather summarily disposed of by the cit(a). ..... the mou gives certain examples of technology being made available.these are as under: it was pointed out by him that financial services are significantly absent and that underwriting being a financial commitment or a financial activity, has not been understood as falling within the expression "technical or consultancy services".71. mr. ..... an underwriter is under a financial commitment to take up the shares in case the issue is not subscribed fully. ..... 128 of the paper book where there is a reference to the "commitment" by the managers to subscribe for the gdrs and pay @ $ 15.92 per gdr; (e) clause 6 ("closing, delivery and payment") at p. ..... also require the services of the underwriters and international merchant bankers in order to comply with foreign rules and regulations, conducting "road shows"--making known to the public the activities of the company and the financial results and details about the profitability of the project, etc. .....

Promuk Hoffman International Ltd. and anr. Vs. State of Goa and ors.

Court : Mumbai

Reported in : 2006(3)ALLMR533; 2006(2)BomCR500

..... the manufacture of high security licence plates with necessary details and clarity as also the documents submitted along with the tender did not contain any legal document regarding financial commitment by utl to the petitioners, besides that the role of utl in manufacture and supply of the product was not disclosed. ..... which is required for infrastructure and production of the concerned product and the requirement of collaboration with the foreign companies and the need for experience in the foreign countries along with the necessary financial availability, it was but necessary for the bidders to give relevant details about the partners who had come together even to form a joint venture company for the purpose of the manufacture and ..... while taking note of the fact that it was not controverted that the technical 'know-how' for the manufacture of high security registration plates presently is available outside india and that technically and financially, competent indigenous manufacturers are mostly those who are in collaborations with foreign companies engaged in such manufacturing activities, it was observed that 'keeping in view the nature of the contract and job ..... undoubtedly, the letter by the utl dated 28th september, 2005 discloses a statement by the said company that it has full financial support for the capital expenditure to the tune of 1 crore and working capital expenditure to the tune of 5 crores for implementation and execution of high security registration plates project .....