Finance judiciary-2

Buyer has to bear extra price due to enhancement in duty/tax rates prior to delivery of the vehicle

Ravindra Raj Vs M/s. Competent Motors Co. Pvt. Ltd. & ANR. (Supreme Court of India)

In the absence of any evidence of any deliberate intention on the part of the respondents to delay delivery of the vehicle, we are unable to agree with the petitioner that the increase in price has to be borne by the respondents. The petitioner had r...

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PSU COD Law Reversed By Full Bench- Supreme Court

Electronics Corporation of India Ltd. Vs Union of India & Ors. (Supreme Court of India)

Electronics Corporation of India Ltd. is a Central Government Public Sector Undertaking (PSU). It is registered as a Government Company under the Companies Act, 1956. It is under the control of Department of Atomic Energy, Government of India. A dispute had been raised by the Central Government (Ministry of Finance) by issuing show cau...

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Right of nominee to exclusion of others

Harsha Nitin Kokate Vs. The Saraswat Co-op. Bank Ltd. & Ors. (Bombay High Court)

Mr. X. held certain shares in dematerialized account with a depository. Mr. X executed nomination in the prescribed form following the prescribed procedures in favor of his nephew (Mr Y). Upon the demise Mr. X, wife of Mr. X (say Mrs. X) filed a suit claiming an interest in those shares as a legal heir and representative. The Bombay Hi...

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Contract for sale of moveable property amounts to conveyance and is subject to stamp duty

State of Uttaranchal (now known as State of Uttarakhand) & Ors. vs. M/S. Khurana Brothers. (Supreme Court)

The Supreme Court in view of the facts of the matter analyzed the Sale of Goods Act, 1930 [SGA] and ISA and held that, the true and real meaning of a document needs to be ascertained to answer whether a contract for sale of movable property amounts to conveyance, and if yes, whether stamp duty is chargeable. The Supreme Court held that t...

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Successor Company gets rights to initiate debt recovery proceedings

Industrial Investment Bank of India Ltd. Vs. M/s Jain Cables Pvt. Ltd. & Ors. (Supreme Court)

The Supreme Court stated last week that the debt recovery proceedings of Industrial Reconstruction Bank of India (IRBI) may be continued against a defaulting company by its successor, Industrial Investment Bank of India Ltd (IIBIL). The new institution was brought into being by the Industrial Reconstruction Bank (Repeal) Act in 1997. In t...

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Compensation for land acquired to be based on fair market value not on auction sales value- SC

Executive Engineer, Karnataka Housing Board Vs. Land Acquisition Officer, Gadag & Ors. (Supreme Court of India)

The compensation for land acquired should be based on the fair market value received for similar land in the neighbourhood, but not sold in auction, the Supreme Court has asserted in the case, Karnataka Housing Board vs Land Acquisition Officer. This, said the court, was because auction sales stood on a different footing. In auction, ther...

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Doctrine of unconscionable contract cannot be invoked for frustrating action initiated by a bank for recovery of its dues under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

Indian Bank Vs Blue Jaggers Estates Ltd. (Supreme Court of India)

Those who take loan and avail financial facilities from the bank are duty bound to repay the amount strictly in accordance with the terms of the contract; any lapse in such matters has to be viewed seriously and the bank is not only entitled but duty bound to recover the amount by adopting all legally permissible methods...

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Can’t evict those against redevelopment without fulfilling the terms of the development agreement- Bombay HC

Ruling in favour of a minority group of members opposing redevelopment of their housing society, the Bombay High Court, on Thursday, held that the developer could not seek their eviction without fulfilling the terms of the development agreement. Just...

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Corruption on high, nothing moves without money- Supreme Court

Stating that “nothing moves without money”, the Supreme Court has expressed concern over the growing corruption in government machinery, particularly in the Income Tax, Sales Tax and Excise departments. ...

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Hindu Marriage- Conditions for valid marriage

Ranjan Kumari Singh Vs. Santosh Kumar Singh AIR 2010 Orissa 62

The case of the appellant was that she and respondent Santosh Kumar Singh were coworkers and were known to each other. They fell in love and ultimately the respondent proposed to marry the appellant. The appellant agreed to such proposal and on 21.03...

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Posted Under: Finance |
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