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A gift of immovable property made by a Muslim is valid even if it is not registered under the Transfer of Property Act or the Stamps and Registration Act, the Supreme Court today ruled. The apex court said though the TP Act mandates registration of a gift, the same would not apply to a Muslim donor as the community has been exempted from the provision.
The ‘Industrial Loan’ is required for an industry which is a social activity generating employment for the masses (direct as well as indirect), generation of public revenue by way of taxation for meeting public expenses through the government, making available goods indigenously and thus saving valuable foreign exchange, creating possibilities for export and thus earning valuable foreign exchange, creating wealth to improve standard of living of the citizens etc. Thus the ‘Industrial Loan’ is an object and purpose oriented loan for creating an activity for the benefit of the public. In this context, the PAYMENT OF INTEREST AND REPAYMENT OF SAID ‘INDUSTRIAL LOAN’ IS PRIMARILY, WHOLLY AND SOLELY OUT OF EARNINGS OF THE SAID INDUSTRY. In fact all the project reports and appraisal reports prepared by the banks/financial institutions show only this mode of repayment of industrial loan as well as interest. In a running unit, all the transactions ultimately leave only the net profit in the hands of the Company. Average net profit in the business is 2% to 4% of the turnover. Out of this if the Company reserves half, the balance half i.e. 1% to 2% is only available which the Company can use the way it likes say for keeping reserves for business risks, security and safety of key persons etc.
CBI has registered a case U/S 8 of Prevention of Corruption Act against an official of Registrar, Firms & Societies, Punjab on the basis of a complaint received from Secretary of an Association alleging demand of bribe of Rs.1.5 crore by the official, of Registrar, Firms & Societies, Punjab, Sector 17, Chandigarh for closing the complaint against the Association without any action. The accused also threatened that in case of non-payment of the bribe amount, control of the Association shall be taken over by the Government and a criminal case will be registered against the office bearers of the Association. The accused official also allegedly told the complainant that he has approached a Minister in Punjab Cabinet through Chief Parliamentary Secretary for closing the complaint. He said that initially an amount of Rs.2 crore was demanded for settling this matter but, however, he has been able to reduce it to Rs.1.5 crore. The accused official also allegedly told that the bribe amount has to be delivered at the residence of Chief Parliamentary Secretary.
In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government,being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the following rules apply, and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange,whether in India or outside India, shall get its cost accounting records, in respect of each of its financial year commencing on or after the lst day of April, 2011, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959).
In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the following rules apply, and wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds hundred crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India, shall get its cost accounting records, in respect of each of its financial year commencing on or after the 1st day of April, 2011, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959).
Supreme Court restricts cultivation of cash crops like areca nut, coconut, cashew, and black pepper in Karnataka’s reserved forests. Lease cancellations justified.
Section 34 of the DRT Act, 1993 (short for ‘Recovery Of Debts Due To Banks and Financial Institutions Act, 1993’) provides that “the Act to have overriding effect”. Similarly, Section 35 of the Securitisation Act, 2002 (short for ‘The Securitisation and Reconstruction Of Financial Assets and Enforcement Of Security Interest Act, 2002’) provides that “the provisions of this Act to override other laws”. However, on the contrary, Section 37 of the Securitisation Act, 2002 provides that “the application of other laws not barred”. Now, let us consider in detail as to how and when does the “overriding effect” operate.
Kindly give opinion whether the jurisdiction of civil court is not excluded and the DRT does not have power to decide tenancy and ownership issues? (This has become necessary to convince the Civil Court, before whom a suit is to be filed by the Owner of a Property, whose assets have been attached and auctioned, treating that tenant (borrower) is holding ownership/transferable tenancy rights)
Not considering the Law laid down by Supreme Court will amount to an error apparent on face of record [2004(2) MPLJ 492 (498 para 10)] and is a ground for Review. The term ‘Sufficient reason’ is wide enough to include a misconception of fact or law by a court [AIR 2005 Supreme Court 592 (605-para 88-90)]. The objective of Review is to do away with quickly the Injustice which may be necessitated by way of invoking the doctrine “actus curie neminem gravabit’
It is settled law that, matters involving moral questions or questions of public law are not resolved by arbitration. For instance, the following matters are not referred to arbitration: * Matrimonial matters, like divorce or maintenance; * Insolvency matters, like declaring a person as an insolvent; * Criminal offences; * Dissolution or winding up of a company.
