9911796707
TMI Blog2022 (8) TMI 1415X X X X Extracts X X X X X X X X Extracts X X X X ..... as been issued. SEBI was not satisfied with Petitioner s claim on merits and therefore this Court does not find any jurisdictional error to entertain the petition. Moreover, as pointed out by Ms. Anand, Rule 11 of the Second Schedule of the Income Tax Act, 1961, applicable to the proceedings under dispute, provides complete mechanism of investigation by the Tax Recovery Officer for adjudication of any claim or objection to attachment or sale of any property in execution of a certificate. The aforesaid Rule is a complete code in itself. Moreover, as acknowledged by the Petitioner and recorded in the order there is an alternate statutory remedy, available with the Petitioner under Section 15T read with Section 28A of the SEBI Act, 1992 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d impugned the attachment order No. RO/NRO/112/2018 dated 9th March, 2018, which was an action taken by the concerned Recovery Officer pursuant to the Recovery Certificate No. 911 of 2016, issued on 3rd June, 2016, against Kuber Planters Ltd. In the said petition, the Court took note of pendency of Petitioner s representation dated 15th July, 2021, against the afore-said attachment order. In that light, the Court, also took note of the alternate statutory remedy available to Petitioner under Section 15T read with Section 28A of the SEBI Act, 1992 and Rule 26 of the Second Schedule to the Income Tax Act, 1961, and passed the following order dated 16th November, 2021: 1. By the order dated 22.09.2021, the objection of Mr. Ashish Aggarwal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Petitioner has once again invoked the writ remedy. 6. Counsel for Petitioner, emphasises that a writ would lie before this Court as there is a jurisdictional error in the impugned order. The Court is however unable to agree. The Petitioner s primary objection, is that the attached property belongs to Kuber Floritech Ltd. [Petitioner] and not Kuber Planters Ltd., against whom the recovery certificate has been issued. This objection was raised in the representation referred above, but not accepted for reasons mentioned in the impugned order, which reads as follows: - a. Kuber Floritech Limited vide letter dated December 09, 2021 was advised by SEBI to submit the certified copies of the title deeds of the immovable assets under c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... antation Ltd (Kuber Floritech Ltd) and Kuber Planters Ltd since inception to SEBI. In this response the representatives submitted that the name of the directors are available on MCA website and that are in public domain. Further, it was submitted that even otherwise it has nothing to do with the representation made by the company. That they are not in a position to submit the same as the details are very old. Kuber Floritech Limited was further advised vide email dated December 31, 2021 to provide the information in this regard. Vide email dated January 01, 2022, Kuber Floritech Limited provided the following documents with respect to Kuber Planters Limited and Kuber Floritech Ltd respectively Copy of certificate of incorporation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isfied with Petitioner s claim on merits and therefore this Court does not find any jurisdictional error to entertain the petition. Moreover, as pointed out by Ms. Anand, Rule 11 of the Second Schedule of the Income Tax Act, 1961, applicable to the proceedings under dispute, provides complete mechanism of investigation by the Tax Recovery Officer for adjudication of any claim or objection to attachment or sale of any property in execution of a certificate. The aforesaid Rule is a complete code in itself. 8. Moreover, as acknowledged by the Petitioner and recorded in the order dated 16th November, 2021, in W.P. (C) No. 10558 of 2021, there is an alternate statutory remedy, available with the Petitioner under Section 15T read with Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
