9911796707
TMI Blog2017 (3) TMI 1800X X X X Extracts X X X X X X X X Extracts X X X X ..... embers, is subject to their prior rights in view of the income tax dues payable to it by Respondent No.2 (Mr. Khona and Mr. Dalal) and it is the case of the Respondent No.1 Exchange that the aforesaid amounts are in the nature of ex-gratia payments, being made to defaulting members - HELD THAT:- Provisions to Section 226(3) would not apply as it is neither a debt due from Respondent No.1 Exchange ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 1,60,46,276/with the Prothonotary and Senior Master, High Court, Bombay, within a period of two weeks from today. - M. S. Sanklecha And A. K. Menon, JJ. Mr. Anil Singh, Addl. Solicitor General with Mr. A. R. Malhotra, Mr. N. A. Kazi and Ms. Geetika Gandhi, for the Petitioner Mr. Pesi Modi, Senior Advocate with Mr. Kingshuk Banerjee and Mr. Arnav Mohanty i/b. Wadia Ghandy Co., Mr. Nishan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the Petitioner's claim that the sale proceeds of the membership rights of the defaulting members, is subject to their prior rights in view of the income tax dues payable to it by Respondent No.2 (Mr. Khona and Mr. Dalal). As against the above, it is the case of the Respondent No.1 Exchange that the aforesaid amounts are in the nature of ex-gratia payments, being made to defaulting members. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f which, all parties are adidem. 6 Respondents are directed to deposit the amounts of ₹ 1,60,58,253 and ₹ 1,60,46,276/with the Prothonotary and Senior Master, High Court, Bombay, within a period of two weeks from today. Prothontary and Senior Master is directed to invest the said amounts in Fixed Deposit, initially for a period of one year, and thereafter, renew it from time to time, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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