CreateGoodwill
24 July 2012 at 15:19
pl provide details on this law & judegements
P K Jindal
21 July 2012 at 14:21
Facts
A deed of assignment for assignment of loan was registered by an Asset Reconstruction Company (ARC) in Distt. Dhar (Madhya Pradesh). The applicable stamp duty was adjudicated by the Collector of Stamps u/s 31 of Indian Stamp Act, 1899. In addition, affidavit of the authorised officer of ARC was also obtained by the Collector of Stamps in which the total outstanding debt under assignment was also mentioned at Rs.13,43,94,844/- plus interest and costs thereon. The same amount of Rs. 13,43,94,844/- plus interest and costs thereon was also mentioned in the accompanying Assignment Agreement dated 22.09.2011. In the Assignment Agreement dated 22.09.2011, a reference of earlier Assignment Agreement dated 31.03.2010 was also given which was executed at Mumbai but the same could not be registered within stipulated period of four months from the date of execution as it was reported lost by the purchaser/assignee of the Loan. But the old assignment agreement dated 31.03.2010 was found subsequently by the purchaser/assignee as mentioned in the fresh assignment agreement dated 22.09.2011 and the earlier agreement dated 31.03.2010 was returned to the assignor. However, in the demand notice dated 07.10.2011 under SARFAESI Act to the Borrower, the total debt amount was mentioned at Rs.49,78,54,187/-. On the basis of affidavit and Statement recorded under oath of the authorised officer of ARC, Collector of Stamps, Distt. Dhar (MP) passed an Order dated 09.09.2011 assessing Stamp Duty at Rs.1,34,395/- i.e. @ 0.1% of the total debt amount of Rs.13,43,94,844/-. Similarly, Panchayat Duty was also calculated at Rs.1,34,395/- i.e. @ 0.1% of the total debt amount. Both the duties aggregated to Rs.2,68,790/- and the same were deposited. In addition, Registration Fee of Rs.10,75,330/- being calculated @ 0.8% of the loan amount of Rs.13,43,94,844/- was also paid. However, no Municipal Duty was deposited. Further, Panchayat Duty is attracted at higher rate of 1% (one percent) instead of 0.1%. Subsequently, Collector of Stamps filed a Review Petition before the concerned Revenue Board of Gwalior, Bench Indore u/s 56(4) of the Madhya Pradesh Stamp Act.
Query
1. On what amount Stamp Duties and other applicable duties are to be paid i.e. whether stamp duties are to be paid on Rs.13,43,94,844/- or Rs.49,78,54,187/-.
2. In case, Stamp Duties and other applicable duties are to be paid on Rs.49,78,54,187/-, what are the maximum penalties which can be levied for understatement of the loan amount at Rs.13,43,94,844/- instead of Rs.49,78,54,187/- as mentioned in the Notice under SARFAESI Act.
3. What are the minimum and maximum penalties prescribed for underdeclaration of the debt amount by mentioning the applicable Act and its relevant section(s).
4. Whether Review Petition by the Collector of Stamps is permitted under some other section of the Madhya Pradesh Stamp Act which provide for stringent penalties etc.
5. Whether FIR can be registered against the authorised officer and/or directors of the ARC for submission of wrong affidavit before the Collector of Stamps.
6. Please inform the nature and rate of all duties which are attracted for registration of the deed of assignment in this case.
Thanks
P.K Jindal
Abdul Latif
20 July 2012 at 13:49
One of my friend have permit room License u/s. 394 of Mumbai Municipal Commission Act for his restaurant in Mumbai Liquor is being served served in his restaurant. He has other license like Excise License for Liquor, Police License, Eating House License u/s. 394, Shops and Establishment License etc
But he receive the notice from BMC alleging for violation of section 394 of MMC Act. He met with department and the officer is saying that Permit Licese is for serving the alcohol in restaurant but trade license is also required for selling the alcohol in restaurant itself even though the alcohol is sold at the restaurant for consumption in restaurant only. The alcohol is never sold for consumption outside the restaurant.
Does he also require trade license under section 394 of MMC Act. Please guide me.
TAPASH PAUL
20 July 2012 at 13:29
IS THERE ANY CHANGES OR AMENDMENTS IN THE PARTNERSHIP ACT
gunja singh
19 July 2012 at 17:28
Whether Director Retire by rotation is apllicable of the those companies which are registered under section 25 of the companies act 1956?
If Article & Memorandum of association does not contain the clause of director retire by rotation then what will be the remedy if one of the Director who is also the promoter of the company retire under rotation without any notice and information.
The Rest of the Director file the Form 32 of that director without his consent letter and give a reason in his resolution which are attached with form 32 is the director not seek to reappoint. Please suggest if any remedy is there under companies act
vivek
18 July 2012 at 11:15
What is the diff btwn Brokerage and Commission according to laws with sections, if both are same tell me the defination with section from any of the ACTS.
R.vivek,
Article Assistant,
SRIPADA ASSOCIATES,
Chartered Accountants.
Shobhit Gupta
17 July 2012 at 11:30
Hello ,
We want to start an online book selling and renting online shop . We has already applied for Municipal Corporation license , current bank account. Is there any other requirement to fulfill before starting it up .
Ajay
15 July 2012 at 21:10
Dear sir
We have filed an SA in DRT court bangalore,We have paid many instalment after issue of 13/2 notice,even than bank issued 13/4 notice,we ask to resturcture our loan bank refuse to restructure our loan,even no alarm letter were issued by bank to us that if we fail to pay loan our account become NPA,once a letter was issued to pay 1.92 lac before 30th october 2009 but we paid 1 lac on 30th october and another one lac on 31st october,We submiited AP high court judgement copy in DRT court that once 13/2 notice issued and if bank collect instalment than bank cant issued 13/4 notice,
ALL OUR CONTENTION WERE NOT TAKEN INTO ACCOUNT AND HONABLE DRT COURT BANGALORE GIVE JUDGEMENT AGAINST US AND ACCEPTING BANK ALL CONTENTION,IN HIS JUDGEMENT DOURT EVEN DID NOT MENTION WHY OUR ACCOUNT BECOME NPA NEITHER AP HIGH COURT JUDGEMENT WAS DISCUSSED
IF WE MOVE DRAT THAN DRAT MAY ASK TO DEPOSIT 25%,IF WE HAVE MONEY THAN WHY WE HAVE PROBLEM WITH BANK,WHAT IS SOLUTION WITH US
Adil
13 July 2012 at 20:09
I would like to develop a website where in people can play skill games online and bet for real money. Is it legal in India?
Please answer this asap.
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