Court : Gujarat
Reported in : (1985)1.GLR57
..... (3) that the state government shall, with the approval of the central government, determine the number of shares which may, respectively, be distributed among-(a) the state government,(b) the reserve bank,(ba) the development bank(c) scheduled banks, insurance companies, including the life insurance corporation of india established under section 3 of the life insurance corporation act, 1956, investment trusts, co-operative banks or other financial institutions, and(d) parties other than those referred to in clauses (a), (b), (ba) and (c) : provided that the number of shares which may be allocated to the parties referred to in clause (d ..... is essentially different and the purposes for which powers are conferred under the act are wider. this may be relevant in appreciating the scope of consideration of the application of the various entries in the three lists of the seventh schedule.19. though four entries were relied on by the advocate general in support of the plea of constitutionality of the impugned provision in the madras case it appears from the judgment that the learned advocate general practically gave up the plea in regard to three of these entries, namely entries 3 and 43 of list ii and entry 43 of list iii and confined himself to entry 45 of list ii.entry .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1981Guj15; (1981)0GLR206
Sheth, J.1. The Petitioner is the Executive Trustee of Consumer Education and Research Centre (hereinafter referred to as the 'Centre' for the sake of brevity) at Ahmedabad. He has filed this petition as a citizen of India and also in his capacity as the Executive Trustee. The Centre published a study entitled 'A fraud on policy-holder'. It is not disputed that it was a scientific research made into the working of the Life Insurance Corporation (hereinafter referred to as the 'Corporation' for the sake of brevity). This study tried to portray and establish the discriminatory practices which the Corporation is alleged to have adopted and which adversely affect a large number of policy-holders their investment policies, their expense ratio, availability of term insurance and other cognate matters. Mr. N. C. Krishnan who is a Director of the Corporation wrote a reply to it. His reply was published in The Hindu on 6th November 1978. In that reply, he tried to challenge the conclusions reco...
Tag this Judgment!Court : Gujarat
Reported in : [1995]213ITR560(Guj)
Susanta Chatterji, J.1. The Income-tax Appellate Tribunal, Ahmedabad Bench 'C' (hereinafter referred to as 'the Tribunal'), at the instance of the assessee has referred the following questions for the opinion of the High Court : 'Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the expenditure by way of interest of Rs. 82,283 paid on the borrowings of funds for constructing a factory for the manufacture of dye-stuffs was not a revenue expenditure ?'2. It appears from the materials on record that the assessee at the material time was a dealer in dyes. The assessee set up a factory for manufacturing dyes at different places. For the installation of the assets certain borrowing were made on which interest had been paid. The Income-tax Officer estimated the interest attributable to borrowings in installation of assets of Rs. 82,283 and disallowed the same treating the payment as of capital nature. Being aggrieved by this, an appeal was pref...
Tag this Judgment!Court : Gujarat
Reported in : (2001)1GLR108; (2001)ILLJ783Guj
..... under section 5a and section 5b respectively of the employees' provident fund and miscellaneous provisions act, 1952 (xix of 1952), or the 'indian airlines' and 'air india' corporations established under section 3 of the air corporations act, 1953 (xxvii of 1953), or the life insurance corporation of india established under section 3 of the life insurance corporation act, 1956 (xxxi of 1956), or the oil and natural gas commission established under section 3 of the oil and natural gas commission act, 1959 (xliii of 1959) or the deposit insurance and credit guarantee corporation established under section 3 of the deposit insurance and credit guarantee corporation act, 1961 (xlvii of 1961), or the central warehousing corporation established under section 3 of the warehousing corporations act, 1962 ..... bank by an order dated october 13, 1999 and as the respondent was formed as a state industrial co-operative bank on amalgamation of two co-operative banks, the prohibition contained in clause (b) of sub-section (1) of section 56 of the banking regulations act, 1949, is not applicable in view of the provisions of section 56(o)(2), proviso (ii) of the said act, and therefore, state government was not competent to refer the dispute for its adjudication to the labour court. 6. we have considered the submissions advanced at the bar and the documents forming part of the petition .....
Tag this Judgment!Court : Gujarat
Reported in : [2009]150CompCas499(Guj); [2010]97SCL351(Guj)
K.A. Puj, J.1. The present Company Application has been filed, pursuant to the special resolution passed at the meeting dated 11.02.2009 of the contributories of Gautam Sarabhai Private Limited ('the Company') for permanently staying the voluntary liquidation of the Company and there upon seeking discharge of the liquidators. The Company was in voluntary liquidation in terms of the special resolution passed at the meeting of its shareholders held on 20.01.1970. By the present application, the applicants also seek to revive and restart the Company in terms of the clauses of its Memorandum of Association and Articles of Association and to permit the shareholders of the Company to elect the members of the board of Directors.2. The Company was incorporated under the Indian Companies Act VII of 1913 and was registered with the Registrar of Companies, Bombay. The objects for which the Company was established have been stated in paragraph 3 of the application. 3. The Company had in March 1947...
Tag this Judgment!Court : Gujarat
Reported in : (1964)10GLR223; [1964]54ITR384(Guj)
Shelat, C.J. 1. This reference arises out of a claim made by the assessee for rebate under section 15(1) of the Income-tax Act, 1922, in respect of the premium paid on a policy of insurance. Section 15(1), inter alia, provides : '15. (1) The tax shall not be payable in respect of any sums paid by an assessee to effect an insurance on the life of the assessee...' 2. The question that arises is whether the premium in respect of which the rebate is claimed by the assessee was the sum paid to effect an insurance on the assessee's life. 3. The reference relates to the assessment year 1960-61, the relevant previous year being Samvat Year 2015. On June 23,1959, i.e., during the relevant previous year, a policy called 'Children's Deferred Endowment Assurance' for a sum of Rs. 50,000 was issued by the Life Insurance Corporation of India. The proposer was Harjivandas Kotecha, the father of the assessee, and the life assured was assessee. The premium payable in respect of the said policy was Rs. ...
Tag this Judgment!Court : Gujarat
Reported in : AIR1965Guj212; (1964)GLR862
Bhagwati, J.(1) The Revision Application directed against an order made by the Taxing Office under Section 5(2) of the Bombay Court-fees Act, 1959, raises a short question of construction of Section 7(1) of the Act. the question arises in the following manner. The petitioner owned two plots of land situate in Manipur Town Planning Scheme, Ahmedabad. These plots were acquired by the Government by a notification dated 2nd Mat 1957 issued under Section 6 of the Land Acquisition Act, 1894. The petitioner claimed compensation for the acquisition of these plots at the rate of Rs. 13-25 nP per square yard in the course of proceedings before the Land Acquisition Officer. The Land Acquisition Officer, however, awarded compensation to the petitioner at the rate of Rs. 4 per square yard in the case of one plot and at the rate of Rs. 3.50 nP per square yard in the case of the other. The petitioner thereupon applied for a reference under Section 18 and the Reference came up for hearing before the C...
Tag this Judgment!Court : Gujarat
Reported in : (1966)0GLR156
..... act, 1956, a period of fifteen years is provided to shareholders to claim payment of the amount of dividend or return of capital due to them before the moneys are paid over into the public revenues of the union and this period of fifteen years is provided for shareholders who would in all probability be literate and educated. even in the american cases which were referred in the course of the arguments, namely, anderson national bank v. luckett [88 l. ed. 692] and connecticut mutual life insurance ..... claim, the authority shall have the powers conferred by, and shall follow the procedure (in so far as it is applicable) followed in giving effect to the provisions of, that act. (8) if, in deciding any claim under sub-section (7), the authority allows the whole or part of such claim, it shall declare that the unpaid ..... [(1838) 4 m. & w. 171], and was recognized by this court as still being the rule in the case of new york life insurance company v. public trustee [(1924) 2 ch. 101]. the difficulty in that case was that a corporation, unlike an individual, can be residing in two places at one and the same time, a possibility not within the contemplation of ..... the two statutes but by the mere existence of the two pieces of legislation. the reason behind this rule is explained by dixon, j., in ex parte mclean [(1930) 43 c.l.r. 472 at 483] to be that by prescribing the rule of conduct to be observed in regard to a particular subject the paramount legislature shows an intention to cover the .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1966Guj293; 1966CriLJ1429
Shelat, J.1. This appeal arises out of the judgment and Order passed on 22-4-1964 by Mr. N. B. Desai, Special Judge, Rajkot whereby the accused-appellant came to be convicted and sentenced to suffer rigorous imprisonment for four months and to pay a fine of Rs. 500 in default to suffer further rigorous imprisonment for four months in respect of offences punishable under Section 161 of the Indian Penal Code and under Section 5(2) of the Prevention of Corruption Act.2. The accused-appellant was serving as a Medical Officer, Government City Dispensary at Morvi during the period from May to July 1963. He was class III Officer and was in charge of an out-door dispensary. On the upper storey of the dispensary-building, he had his residential quarters. The dispensary was a free dispensary for all people and that its working hours were 8-30 a.m. to 12-0 p.m. and from 4-0 p.m. to 6-30 p.m. On 6-5-1963 one Natvarsinhji alias Natubha Mansinhbhai of Derala had gone to Morvi along with his servants...
Tag this Judgment!Court : Gujarat
Reported in : (1967)0GLR167; (1968)ILLJ160Guj
..... -known judicial principles. 47. in life insurance corporation v. sunil kumar [1964 - i l.l.j. 442] (vide supra) the supreme court was considering the orders of the corporation terminating the services of certain officers called field officers (later designated as development officers). their conditions of service were determined by the provisions of s. 11 of act 31 of 1956 and by orders issued in exercise of the power conferred by sub-section (2) of that section. an order was issued under the same provision ..... to him, is directory. he argues that rule 95 does not control rule 97 but is a self-contained rule dealing with a separate subject, namely, what are the authorities who are entitled to impose punishment and what rules are applicable in respect of powers of proposed punishment. that rule, according to him, has nothing to do with the procedure to be followed in respect of the inquiry to be held by the competent authority before the punishment is inflicted. for that rule 97, he submits, is ..... were of a personal and confidential character and it would be utterly impossible for any court to ensure that in the event of an injunction being granted its terms would be strictly carried out by the parties.' 43. he then referred to ss. 56, 21 and 42 of the specific relief act. he took the view, based on the doctrine of pleasure, that the plaintiff was not entitled to a legal character as contemplated by s. 42 but proceeded to examine the matter on the footing that he was so entitled .....
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