Finance judiciary-2

CAG can audit Pvt. Companies if Govt Revenue is in question

Association of Unified Telecom Service Providers of India Versus Union of India & Others (Delhi High Court)

The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Union of India & Others on the powers of CAG to audit the revenues of Private Telecom Companies flowing to the Consolidated Fund of India...

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Publishing loan defaulter’s photos in newspapers is illegal

Ujjal Kumar Das & Anr. Vs State Bank of India & Ors. (Calcutta High Court)

Whether or not a secured creditor, which has initiated action for enforcement of its security interest in terms of the provisions of the Securitisation and Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002...

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SAT held Ranbaxy Director Guilty of insider trading

V.K. Kaul Vs Adjudicating Officer, Securities & Exchange Board of India (Securities Appelate Tribunals Mumbai)

It is highly improbable to believe the statement of Mrs. Bala Kaul that she bought shares of the target company because of its intrinsic value and strong fundamentals. If that was so, it is not clear, what made her sell these shares on April 10, 2008, when Solrex was still in the process of investing more money into the scrip of the targe...

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Posted Under: Finance |

Stamp Papers valid even after six month of Purchase

The Indian Stamp Act, 1899, nowhere prescribes any expiry date for use of a stamp paper. Section 54 merely provides that a person possessing a stamp paper for which he has no immediate use (which is not spoiled or rendered unfit or useless), can seek refund of the value thereof by surrendering such stamp paper to the Collector provided it...

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Posted Under: Finance |

Courts should not interfere in policy matters of State unless policy violates mandate of Constitution

Division Benches of this Court in Bhagwat Dayal Sharma Vs. UOI ILR (1974) Del 847 and Peoples Union for Democratic Rights Vs. Ministry of Home Affairs ILR (1987) Del 235 have held that where the power to do or not to do a thing is optional and discretionary and there is no statutory obligation, direction to the Executive to do a particula...

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Posted Under: Finance |

A person who preferred his evidence on affidavit, need not make oral deposition in court, before the accused is summoned or required to cross-examine

Having gone through the judgment relied upon by the learned counsel for the petitioner, we find that the same is wholly inapplicable to this case. In Mandvi Coop. Bank’s case (supra) the accused on being summoned under Section 145(2) of the Negotiable Instruments Act, raised the plea, that inspite of the complainant having filed his evi...

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Posted Under: Finance |

Merely because there was no evidence of denial or rebuttal, the plaintiff’s case could not be held to have been proved

High Court was legally justified in setting aside the judgement and decree of the trial court and allowing the appeal to the limited extent of remanding the matter to the trial court for a de-novo trial after permitting the defendant-respondent to file the written statement. The appeal consequently stands dismissed....

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Notification seeking to grant a concession enabling schools to re- employ teachers cannot be treated as conferring any rights on the teachers to continue in employment till the age of 62 years

As per the judgment of the Division Bench of this Court in Kathuria Public School vs. Director of Education 123 (2005) DLT 89 and which had not been interfered with in judgment dated 27th August, 2010 in Ref. 1/2010 titled Delhi School Tribunal v. GNCTD, also, unnecessary interference with the management and functioning of unaided school...

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Posted Under: Finance |

Demand to return amount essential ingredient to constitute offence punishable u/s. 138 of NI Act

The Delhi high court has stated that while issuing a notice under Section 138 of the Negotiable Instruments Act, an omnibus notice without specifying the amount due under the dishonoured cheque, not even calling upon the alleged accused to pay the amount of cheque, will not meet the requirement of the law. Quashing the complaint in the ca...

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Mandatory death penalty unconstitutional – Supreme Court

The Supreme Court has ruled that mandatory death penalty for an offender under the Arms Act was unconstitutional as it violated fundamental rights guaranteed to a citizen.A bench of Justices Asok Kumar Ganguly (since retd) and J S Khehar said Section 27(3) of the Arms Act, which imposed mandatory death penalty, was also "ultra vires and v...

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