Court : Gujarat
Reported in : [2000]100CompCas786(Guj)
..... it is further stated by the petitioner himself that thereafter, he was served with the notice under section 29 of the state financial corporations act, 1951, on june 27, 1994 ..... on october 24, 1994, he was called for personal hearing and for discussion on november 9, 1994, but the petitioner did not turnup and he did not pay any amount, and, therefore, on may 29, 1995, the corporation exercised the powers under section 29 of the state financial corporation act to get the possession of the assets of the petitioner's unit. ..... 25,000 each on may 7, 1994, and as those four cheques were dishonoured, the statutory notice under section 29 of the state financial corporations act was served on june 29, 1994, and he was asked to appear for personal hearing, but he did not pay any amount and did not also turn up at the office of respondent ..... 1 is within the purview of the provisions of the state financial corporations act, 1951, and this is not a fit case for interference of the high court by exercising powers under article 226 of the constitution of india with their statutory action against the ..... is contended that they had given sufficient and ample opportunities to the petitioner to come out of his financial difficulties as well as in making payment of the dues. ..... addressed a letter dated april 29, 1994, expressing therein various difficulties faced by the petitioner and to consider his case sympathetically. ..... 1 about his practical difficulties and had requested to bear with him for some more .....
Tag this Judgment!Court : Gujarat
Reported in : (1978)19GLR294
..... shah, in these claim applications under sections 31 and 32 of the state financial corporation act, 1951, is in effect and like one in application in execution of a decree having regard for the provisions contained in sub-section (a) of section 32 of the said act which provides a fiction that the financial corporation is the decree bolder and an order of attachment of sale of property under section 32(7) is to be carried into effect as far as practicable in the manner provided in civil procedure code, 1908 for the attachment or ..... the relief of sale for speedy and effective enforcement of the claim under sections 31 and 32 of the state financial corporation act, 1951 is no doubt a statutory relief, but, therefore, i do not think ..... state financial corporation act 1951, and for that matter the industrial finance corporation act, 1948, the corporation seeks to enforce its claims by making applications to the competent district judge, if there is a default on the part of the industrial concern to whom the loan has bean advanced by praying for an order of the sale of the property mortgaged or for transferring the management of the industrial concern to the financial corporation or for an ad-interim injunction restraining the defaulting industrial concern from transferring or removing ..... mortgaged debt that these district courts are invested with the power to grant relief of the sale or attachment in the circumstances prescribed under sections 31 and 32 of the state financial corporation act. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1981Guj212; (1981)GLR982
..... the respondent-corporation itself invokes the statutory provisions of section 30 of the state financial corporations act, 1951, it admits the position that it acts, not as a purely contracting party but as a statutory body having certain powers even in ..... by the petitioner-company to the respondent-corporation, which is a financial corporation established under section 3 of the state financial corporations act, 1951. ..... the state financial corporations act, 1951, the respondent-corporation could ..... ' in order to achieve this objective, the respondent -corporation, as per section 24 and section 25 of the state financial corporations act, j951 is authorised to conduct its business, of course, on business principles but with 'due regard being had by it to the interest ..... the respondent-corporation, an instrumentality of state, and therefore, a state under article 12 of the constitution of india, is created for the sole purpose of assisting industrial concerns as defined in clause (c) of section 2 of the state financial corporations act. ..... as disturbing petition, interesting because it raises some important questions of law but disturbing because, as i shall show in the course of this judgment, a public corporation like the gujarat state financial corporation the respondent herein, which floats funds for the purpose of assisting entrepreneurs resorts to strange methods in order to avoid its statutory obligations to achieve which such corporations are conceived and are made to be born.2. .....
Tag this Judgment!Court : Gujarat
Reported in : (1985)1.GLR57
..... state financial corporations act, 1951 enacted by the parliament provided in section 3(1) for establishing a financial corporation for the state and accordingly the gujarat state financial corporation has been established by the state ..... powers of recovery of dues to state financial corporations cannot be considered as falling within entry 30 of list iii but must be found to fall within entry 43 of list i which entry reads:incorporation, regulation and winding up of trading corporations, including banking, insurance and financial corporations but not including co-operative societies.it is said that the parliament has power to pass a law providing for constitution of state financial corporations as it was done by the state financial corporations act, 1951. ..... judge within the limits of whose jurisdiction the industrial concern carries on its business, in that case the corporation may seek the sale of the property or seek transfer of the management of the industrial concern to the financial corporation and also seek ad interim injunction restraining the industrial concern from transferring or removing the machinery, plant or equipment from the premises of the industrial concern without the permission of the ..... if we construe sub-section (2) in this manner we find no difficulty to construe it so particularly in the light of the very definite stand taken; by the advocate general then the question of need for notice prior to the issue of the certificate under section 3(1) or the invalidity .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1990Guj105; [1992]73CompCas209(Guj); (1985)1GLR57; (1990)1GLR628; (1990)1GLR628
..... corporation had, therefore, resorted to section 29(1) of the state financial corporation act, 1951 (act ..... by their marginal notes which read as follows : section marginal note24 general duty of the board25 business which financial corporation may transact26 limit of accommodation27 power to impose conditions for accommodation28 prohibited business29 rights of financial corporation in case of default30 power to call for repayment before agreed period31 special provisions for enforcement of claims byfinancial corporation32 procedure of district judge in respect of applicationsunder section 3132a power of financial corporation to appoint directors oradministrators of an industrial concern when ..... genuine difficulties, it wants reasonable reschedulement after substantial part payment, the corporation will consider the same in accordance with its policy of encouraging and assisting the industrial growth of viable industrial units and if the corporation is of the opinion that the industrial unit does not fulfill its policy requirement, the corporation may proceed further under section 29 in accordance with law, and, in that case, it would be acting fairly, ..... or breach of agreement under section 31, the court can give specified reliefs only, namely :- (a) sale of the property; or (b) transferring the management of the industrial concern to the financial corporation; or (c) ad interim injunction restraining the industrial concern from transferring or removing its machinery or plant or .....
Tag this Judgment!Court : Gujarat
Reported in : [1992]195ITR518(Guj)
..... by a notification issued under section 8 of the provident funds act, 1925, that act was made applicable to the assessee-corporation and, in exercise of the powers conferred by section 48 of the state financial corporations act, 1951, the board of directors of the assessee-corporation constituted a fund known as the 'gujarat state financial corporation employees' provident fund' (hereinafter referred to as the 'fund'). ..... thus, in the normal course, the amounts which were paid in the fund were required to be deposited by the assessee-corporation as per its own policy with the banks or with the corporation under section 8 of the state financial corporation act, 1951, as was suggested in the audit note in which event the amount so invested would have earned the rate of interest applicable to such fixed deposits on long-term basis. ..... 1,02,471 invested in the corporation's business as on march 31, 1971, be taken out and invested under section 8 of the state financial corporation act, 1951, with the corporation as a fixed deposit and interest be credited at 7.25 per cent. ..... under section 8 of the state financial corporations act, 1951, a financial corporation may accept deposits as provided therein. ..... the assessee is a financial corporation constituted under the state financial corporation act, 1951, with the object of promotion of industrial development in the state by providing long-term finance to medium and small scale industries. .....
Tag this Judgment!Court : Gujarat
Reported in : [1991]72CompCas136(Guj); (1990)2GLR1250
..... over possession of the shop is challenged in this petition on the ground that neither under the agreement entered into between the corporation and the owner of the premises, nor under section 29 of the state financial corporations act, the corporation could have lawfully taken over possession in the manner in which it did, and that the only manner in which they could have lawfully taken possession from the petitioners was by resorting to ..... the funds of the financial corporation are not locked up because of defaults by the industrial concern, various rights and powers have been conferred on it as can be seen from sections 29 to 31 and section 32a of the act. ..... 2) any transfer of property made by the financial corporation, in exercise of its powers under sub-section (1), shall vest in the transferee all rights in or to the property transferred as if the transfer had been made by ..... to the industrial concern from a third party who is put in possession by the industrial concern contrary to the terms and conditions on which financial accommodation was given to the industrial concern the answer must be in the negative because the industrial concern, with a view to frustrate the right of the financial corporation, or to create difficulties in the way of speedy recovery of its dues, may put a third party in possession of the property belonging to it, or the ..... , such a question does not arise because the financial corporation has not exercised that power, but has thought it fit to take over .....
Tag this Judgment!Court : Gujarat
Reported in : [2001]104CompCas353(Guj)
..... a further notice was given on june 14, 1993, and finally, on october 12, 1993, the corporation gave a notice under section 29 of the state financial corporations act, 1951, requiring the company to pay the dues within seven days. ..... to the company, in or about 1992, when the company was under the management of the earlier directors, there had arisen problems regarding discharging of dues of the gujarat state financial corporation and the company had sought time for making payment of the dues, from the corporation by its letter dated may 27, 1992. ..... affidavits of two outgoing directors were also filed in support of the stand taken up by the company, in which it was stated that at the time of the change in the management of the company, it was agreed and under-stood by all concerned including the outgoing directors that the respondent-company under the new management will be liable ..... the appellants, therefore, issued the statutory notice contemplated by section 434(1)(a) of the said act, requiring the company to pay the dues of the appellants ..... according to the company, in view of these financial difficulties, the erstwhile management had decided to retire and hand over the management of the company to the present directors and accordingly, a letter was addressed on october 26, 1993, to the corporation, requesting them to approve the change in the management of the company ..... thereafter, by letter dated january 27, 1993, the corporation again called upon the company to make the payments .....
Tag this Judgment!Court : Gujarat
Reported in : 1997CriLJ492; (1997)1GLR190
..... vi of the electricity act and sections 26, 79(j) and 40 of the supply act along with the provisions of the state financial corporation act, 1951 were very much considered by the honourable supreme court ..... , as elaborate arguments were advanced on the basis of various provisions both of electricity act and the supply act, the honourable supreme court has dealt with those arguments and in relation to the dues of the previous customer, it has, without any difficulty, held that clause vi of the schedule to the electricity act and section 49 of the supply act do not empower the board to insist upon the dues of the previous customer.13. ..... lays down that if the act (motor vehicles act, 1939) had intended to give the power to the state government to vary the conditions of a stage carriage permit granted to a particular person it would have specified such a power in this section. ..... was submitted, at the bar, before the honourable supreme court that section 49 gives untramelled power to the board and therefore, guidelines be prepared. ..... at this stage, we would like to make it clear that exercising the power under the contempt of courts act, we would not enter into the larger question of the validity or otherwise of the demand of augmentation ..... could have easily been the position, if after providing for 20% safety margin as per the original installed capacity of 20 mva, there was surplus of up to 20 mva from which power needs of the customer including the petitioners could have been met with. .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)104CTR(Guj)236; [1992]196ITR822(Guj)
..... ) in respect of any special reserve created by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development in india, an amount not exceeding - (a) in the case of a financial corporation or a joint financial corporation established under the state financial corporations act, 1951 (63 of 1951), or an institution deemed under section 46 of that act to be financial corporation established by a state government for the state within the meaning of the act, forty per cent. ..... assessee is a state financial corporation established under section 3 of the state financial corporations act, 1951. ..... that was a case in which the assessee, a state financial corporation, established under the state financial corporations act, 1951, filed a return for the assessment year 1975-76, declaring that it had created a sum of ..... observed that the reserve bank of india had, in its communication to all state financial corporations, clarified the position by referring to the opinion given to it by the central board of direct taxes by which it was clarified deduction under section 36(1)(viii), has to be given on the basis of total income before making any deduction under chapter vi-a as also under the said section 36(1)(viii). ..... andhra pradesh state financial corporation : [1989]175itr87(ap) ; the decision of the madhya pradesh high court in ..... bihar state financial corporation : [1986]159itr275(patna) ; the decision of the andhra pradesh high court in .....
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