CP No.108 of 2011
With
CA No.12 of 2011
IN THE HIGH COURT AT CALCUTTA
ORIGINAL JURISDICTION
ORIGINAL SIDE
In the matter of:
Vijaya Home Makers Pvt. Ltd. & Ors.
Before:
The Hon’ble Justice
I.P. Mukerji
Date: 13.06.2011
Appearance:
Ms. Tanushree Ghosh Adv.,
. . . for the petitioners.
Ms. Kanta Roy Adv.,
. . . for the U.O.I.
The Court: The Objection of the Central Government regarding
issuance of shares at a premium was dealt with by me in detail in my
judgement and order dated 16th May, 2011 in CP No.536 of 2010 with CA
No.815 of 2010 (in the matter of Astha Dealcom Pvt. Ltd. & Ors.). In that
judgement I observed that the objection of the Central Government with
regard to non receipt of fees was not relevant in an application for
sanction of the scheme. I kept that issue open for the Central
Government to be taken at an appropriate place and time.
I notice that in their affidavit the Central Government stated that
this method of issuing shares at a premium adopted by the company,
was “prejudicial to public interest”. I am unable to accept this argument.
Assuming that a fee was payable and not paid it is a dispute between the
2
Government and the company/companies. As such non payment of fees
to the Government by a company cannot be said to be prejudicial to
public interest.
I adopt in this order the view taken by me in the above other
matter. The question regarding share premium account is kept open.
The learned Counsel for the petitioner assures the Court that steps
will be taken to comply with accounting standard 14.
On such assurance I allow this application by passing orders in
terms of prayers (a) to (k) of the petition.
In the event the petitioner supply a legible computerized print out
of the scheme and the schedule of assets in acceptable form to the
department, the department will append such computerized print out,
upon verification, to the certified copy of the order without insisting on a
handwritten copy thereof.
The petitioner is directed to pay costs assessed at 200 Gms. to the
Central Government.
All parties concerned are to act on a signed photocopy of this order
on the usual undertakings.
(I.P. Mukerji, J.)
SP/
