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Therefore, all the properties belonging to them stand attached | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Such attachment being automatic, no finding was required to be arrived at that the same had been acquired either during the notified period or the Appellants were involved in offences in transactions in securities | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In Tejkumar Balakrishna Ruia v. A.K. Menon and Another [(1997) 9 SCC 123] 1996 Indlaw SC 2403, this Court held: "In our view, the terms of sub-s | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
3) of S. 3 are clear | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
By reason thereof, the property that belongs to a notified person stands attached simultaneously with the issue of the notification that makes him a notified party | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The words "on and from the date of notification" indicate the point of time at which the attachment takes effect; this is reiterated by the words "shall stand attached simultaneously with the issue of the notification | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
This also indicates that no separate notification or order in regard to the attachment is necessary | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Neither the words "on and from the date of notification" nor the word 'property' lead to the conclusion that what is attached is not only that property which the notified person owned or was possessed of on the date of the notification but also all such property as he might acquire at any time thereafter | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The intention to attach property which did not belong to the notified person on the date of the notification but which he might acquire later would, had it been there, have been clearly expressed and sub-s | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
3) would have stated that such property would stand attached the moment it was acquired by the notified person | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Act would also have made provision for a subsistence allowance or the like for the notified person | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
It seems to us that to give to S. 3(3) the wide meaning that has been ascribed to it in the judgment and order under appeal would render it perilously close to being held unconstitutional, for it would deprive the notified person, so long as he remained a notified person, from earning a livelihood | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Even to say that such interpretation would reduce a notified person to beggary would not be accurate because the alms that he received, being his property, would stand attached | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The apprehension expressed by the Special Court does not appear to be well founded: if what a notified person obtains by way of purported income or gift or inheritance is really his own money, such money would, upon establishment of the fact, stand attached automatically under the provisions of S. 3(3 | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In any event, it is for Parliament to enact a law that meets all contingencies | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The courts must interpret the law as it reads | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
While a purposive interpretation is permissible where two interpretations are possible, the purposive interpretation must be such as preserves the constitutionality of the provision | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
It has further been held that the property, be shares, dividends and bonus and rights shares, would also be attached property | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
ISSUES | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
i)Whether the Appellants being not involved in offences in transactions in securities could have been proceeded against in terms of the provisions of the Act | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
ii)Whether individual liabilities of the Appellants ought to have been separately considered by the Special Court as not a part of Harshad Mehta Group | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
iii)Whether the tax liabilities could not have been held to be due as the order of assessments did not become final and binding | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
iv)Whether the commercial properties could have been sold in auction | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
v)Whether the residential properties should have been released from attachment | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Before adverting to the questions raised herein, we may notice that both the parties have raised several contentions before us which have not precisely been raised before the learned Special Judge | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Several subsequent events have also been brought to our notice | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The parties have also filed several charts before us showing individual assets and liabilities | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
It has, as noticed hereinbefore, further been contended that various best judgment assessment passed by the Assessing Authority against some of the Appellants have been set aside in appeal and the matters are pending reassessment before the Assessing Authority | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Appellants' case is that the individual and corporate Appellants other than Harshad Mehta, Ashwin Mehta and Sudhir Mehta filed applications, within the prescribed period, before the Special Court praying for their de-notifications | Facts | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
However, by an order dated 14.July.2000, the said applications were permitted to be withdrawn with a permission to re-file the same | Facts | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
It is not in dispute that the said applications are pending for consideration before the Special Court | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
They have not been heard | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
What would be the effect of the jurisdictional question as regard maintainability of the said application, being barred by limitation, would indisputably fall for consideration before the Special Court | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
We, therefore, as at present advised, refrain ourselves from adverting to the said question | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The question, however, before us is as to whether any contention which may not have a direct bearing with the question as to whether the Special Court could entertain their applications for de-notifications could be raised by way of defence | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
It is no doubt true that the law of limitation bars a remedy but not a right | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
See Bombay Dyeing & Manufacturing Co. Ltd. v. The State of Bombay and others, AIR 1958 SC 338, Savitra Khandu Beradi v. Nagar Agricultural Sale and Purchase Co-operative Society Ltd. Ahmednagar and others | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
AIR 1957 Bom 178] 1957 Indlaw MUM 110 and Hari Raj Singh v. Sanchalak Panchayat | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Raj U.P. Govt | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Lucknow and others | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
AIR 1968 All 246], 1967 Indlaw ALL 16 but as observed hereinbefore | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
it would not be proper for us to consider as to whether such a remedy being not available, in terms of S. 4(2) of the Act can still be determined if raised by way of defence | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In L.S. Synthetics Ltd | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
2004 Indlaw SC 715 (supra), this Court observed: "A statute of limitation bars a remedy and not a right | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Although a remedy is barred, a defence can be raised | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In construing a special statute providing for limitation, consideration of plea of hardship is irrelevant | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
A special statute providing for special or no period of limitation must receive a liberal and broader construction and not a rigid or a narrow one | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The intent and purport of Parliament enacting the said Act furthermore must be given its full effect | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
We are, therefore, of the opinion that the provisions of the Limitation Act have no application, so far as directions required to be issued by the Special Court relating to the disposal of attached property, are concerned | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Although, we do not intend to enter into the correctness or otherwise of the said contention of the Appellants at this stage, however, there cannot be any doubt whatsoever that they being notified persons, all their properties would be deemed to be automatically attached as a consequent thereto | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
For the said purpose, it is not necessary that they should be accused of commission of an offence as such | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The contention of the Appellants to the effect that their properties should have been attached only towards the liabilities incurred by the parties in respect of the transactions made during the Statutory Period, cannot be accepted as all the Appellants being notified, the attachment of the assets would be automatic | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
L.S. Synthetics Ltd. 2004 Indlaw SC 715 (supra | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
However, the contention of the Appellants that the properties held by them otherwise are sufficient to meet their liabilities was required to be gone into, as, in our considered opinion, there cannot be a any dispute that the Appellants have such a right | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
A corporate veil indisputably can be lifted on several grounds | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
LIFTING THE CORPORATE VEIL | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The principle of lifting the corporate veil, however, ipso facto would not apply to the individuals | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Custodian in a case of this nature may, however, show that the transactions entered into apparently by Harshad Mehta were intimately connected with acquisition of properties in the name of others | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
A transaction of Benami indisputably can be a subject matter of a lies in terms of S. 4(1) of the Act as and when such a question is raised, the same may have to be dealt with by the Special Court appropriately | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
However, nexus between several persons in dealing with the matter may be established by the Custodian | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The fact, however, remains that the copies of the documents, books of accounts and other records on the basis whereof the Auditors appointed by the Court filed their reports had not been shown to the Appellants herein, on the premise that they were in know of the things | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
As the said question has not been gone into by the learned Judge, Special Court, it is necessary that the same be considered and appropriately dealt with | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Appellants, however, raised the following contentions: (i) That the statement prepared by the Custodian and Exhibited as 'C' to his affidavit in rejoinder dated 1.October.2003 was based on material, at least, all of which were not connected to the Appellants as were pointed out before the Court | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The learned Special Judge has accepted the figures stated by the Custodian at face value without probing the basis on which the statement was prepared, even though the Appellants in their sur-rejoinder asserted that the figures in the statement were contrary to both the books of accounts drawn by them as also the Auditor's report | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In Para 14 of the sur-rejoinder, the Appellants denied the asset and liability position as arrived at by the Custodian | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
According to the Appellants, the Custodian has under-estimated the assets and exaggerated and overstated their liabilities | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
A triable issue had been raised and the Custodian's petition should have been converted into a suit | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
This was not done | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In fact, according to the Appellants, there are gross errors in the material relied upon by the Custodian | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The said contention must be properly adjudged | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Several charts have been filed before us by the Appellants to show: (i) liabilities have been exaggerated by the Custodian | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
No credit for Rs | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
1227 crores released to revenue on interest are given by the Custodian | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
ii) liabilities have been shown in relation to unperformed contracts | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Credits not given for relief obtained from Income Tax | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Subsequent to the filing of the present appeal in a large number of cases the revenue demands have been set aside | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
It is open to the Appellants, herein to show that even if they continued to be notified, the Custodian was not right in clubbing all the individual members of the family as a single entity styled as Harshad Mehta Group | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
It is interesting to note that the properties belonging to the mother of Harshad Mehta has since been released from attachment | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The learned Special Court, despite, such a contention having been raised by the Appellants in their affidavit in reply did not advert thereto | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
It is furthermore not in dispute that pursuant to or in furtherance of the directions issued by the learned Special Court, the accounts of all entities, be it corporate or individual, were drawn up separately which approach had not been dis-approved by the Auditor appointed by the Special Court | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Even in the rejoinder filed by the Custodian, e.g., paragraphs 14, 20, 21 and 22, before the Special Court, such contentions have been raised | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
A sur-rejoinder thereto was filed on 15.October.2003 and in paragraphs 1 to 6 thereof, the said statements were denied and disputed | Facts | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Our attention has also been drawn to a letter dated 7.October.2003 addressed by all the Appellants to the Office of the Custodian wherein the attention of the Custodian was drawn to the fact that all the documents relied upon by him had not been permitted to be inspected and he was requested to forward a report prepared by the Chartered Accountants in respect of the individual addressors of the letters | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The said letter was replied by the Custodian by his letter dated 10.October.2003 wherein none of the queries contained in paragraphs 3 to 8 of the said letter was even attempted to be answered | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Appellants, herein contended that the Custodian did not furnish the requisite particulars thereof and inspection was refused on the grounds stated therein | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The learned Special Court, in the impugned order, stated: (i | Ruling by Lower Court | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
the grand total of the admitted liability, thus, comes to Rs | Ruling by Lower Court | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
7,279,127,317.15 | Ruling by Lower Court | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
the amount of priority demand of Income Tax liabilities comes to Rs. 18,297,576,248 | Ruling by Lower Court | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
the estimated value of the immovable properties of this group is Rs | Ruling by Lower Court | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
184,030,038 | Ruling by Lower Court | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Thus, the total value of the assets as per the affidavit filed on behalf of the Custodian of Harshad Mehta Group is Rs | Ruling by Lower Court | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
9,727,332,166.94 | Ruling by Lower Court | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
v | Ruling by Lower Court | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Thus, taking into consideration the total of the decretal amount and the income-tax liability, it is clear that the total assets of Harshad Mehta group would be far below the liabilities | Ruling by Lower Court | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In arriving at the said finding, no contention of the parties raised in their respective affidavits had been adverted to nor any material filed before it was analysed | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In our opinion, the learned Judge, Special Court should have analysed the respective contentions of the parties in greater details and in particular in regard to assets and liabilities of the separate entities and having regard to the contentions raised by them that they are not part of the Harshad Mehta Group and their individual liabilities can be met from the assets held and possessed by them separately | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The statement annexed to the affidavit of the Custodian showed individual break-up and in that view of the matter the net asset picture of each individual of the Appellants herein on individual basis and the effect thereof, in our opinion, should have received serious consideration at the hands of the learned Special Court | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Custodian in terms of the directions issued by the learned Special Court had affirmed an affidavit putting on record the assets and liabilities of each of the members of the so-called Harshad Mehta Group on an individual basis | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Allegedly, therein it was shown that the individuals had received large loans, advances, credits from the Harshad Mehta Group and there had been intermingling of the assets to the tune of crores of rupees | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Subsets and Splits
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