UNION OF INDIA Vs. HINDU BANK KARUR LIMITED

JUDGEMENT

(1.) THE facts leading to these applications may be shortly stated as follows:

(2.) THE third respondent states as follows:

(3.) IN meeting these submissions, the learned counsel appearing for the Registrar of Companies would state that once the income-tax department did not claim preferentially, as it could have done under Section 530 of the Act, it took a calculated risk and it cannot now come forward and ask the contributory to repay, especially when the statement filed under Section 553(3) does not show any other claim.