The Supreme Court ruled last week that a mortgagor can file suits for redemption so long as the mortgage subsists. Dismissal of an earlier suit for redemption would not bar the mortgagor from filing a second such suit, the court held in the case, L K Trust vs EDC Ltd. In this case, Falcon Retreat Ltd took a loan from the Goa Government-owned investment company, EDC Ltd by mortgaging its property for a hotel project.
The Supreme Court has upheld the Delhi high court ruling and dismissed the appeal of Larsen & Toubro in its lost bid for fast patrol vessels for the Indian Coast Guard. The government sent request for proposal to several parties, and L & T claimed its bid was the lowest. However, in its commercial and technical bids, it declared its intention to claim the benefit of ‘foreign exchange rate variation benefit’, without specifying which currency was the basis of the foreign exchange component. Larsen and Toubro Ltd. & ANR. Vs. Union of India & Ors.
M/s Hans Steel Rolling Mill Versus Commnr. of Central Excise, Chandigarh – (SUPREME COURT OF INDIA ) – Recovery of amount due under compounded levy scheme – application of period of limitation – Section 11A of the Central Excise Act, 1944 – Held that: – In the case of Collector of Central Excise, Jaipur V. Raghuvar (India) Ltd as reported in (2000 -TMI – 45411 – SUPREME COURT OF INDIA), this court has categorically stated that Section 11A of the Act is not an omnibus provision which stipulates limitation for every kind of action to be taken under the Act or Rules. An example can be drawn with the Modvat Scheme, because even in that particular scheme, Section 11A of the Act had no application with regard to time limit in the administration of that scheme.
The International Monetary Fund’s selection process for a new managing director will kick off with nominations on Monday,and the final decision expected by June 30, the institution has said. I am very pleased to announce that the Fund’s Executive Board has adopted a procedure that allows the selection of the next managing director to take place in an open, merit-based, and transparent manner, A Shakour Shaalan, dean of the IMF executive board, said in a statement late yesterday.
The Income-Tax Department has started scrutinising over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts. Investigation and intelligence wings have started looking into the frozen accounts with substantial amounts lying in them to see if they are linked, a revenue official said.
Ministry of Corporate Affairs has asked corporate fraud investigating agency SFIO to outsource part of its work to private sleuths to overcome the problem of staff shortage that was causing delay in completing probes timely. The Ministry, in an internal note to the Serious Fraud Investigating Office (SFIO), has directed the body to hire private detective agencies to share the work load for significant cases.
The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month. A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black money (which is illegally acquired), money laundering, and in extreme cases, terror funding. The Directorate would be notified within this month, a Finance Ministry official told PTI.
The government may consider bringing in a legislation to make anti-glare technology in automobiles mandatory in an effort to reduce night accidents caused due to blinding by lights of oncoming vehicles. The government has been supporting the development of an automotive anti-glare technology by the International Centre for Automotive Technology (ICAT), which is has reached demonstration stage.
There are more foreigners than Indians receiving patents in India, prompting the government to say much needs to be done to encourage more domestic innovations. The number of patents granted to Indian applicants has steadily decreased from a high of 41 per cent in 2002-03 to a low of 17 per cent in 2009-10, according to an Industry Ministry document.
Over Rs 2,000 crore was lost by the country”s banking sector in frauds during 2009-10 with more than 200 of these incidents involving deception of above one crore each, CBI Director A P Singh has said. The CBI chief has warned the banks of latest trends emerging in banking frauds in areas like electronic payments, technology-related payments like RTGS, credit cards, ATM, cell banking, internet banking among others.
