(1.) PETITIONER a registered company incorporated and registered under the Companies Act, 1956 having its factory at Malanpur Industrial area, District Bhind, M. P. , has called in question tenability of order the dated 7-11-2001 (Annexure-Q) passed by the Collector of Stamps, bhind directing for payment of stamp duty and penalty on a document, executed in connection with transfer of certain property conveyed by the deed (Annexure-F) dated 13th June, 1996 so also the order passed by the Board of Revenue, the Chief Controlling Revenue Authority under the Indian Stamp Act, 1899 (Annexure-T) dated 3-1-2002 and the consequential demand notices Annexure-R and Annexure-S dated 12-11-2001 and 22-12-2001 demanding stamp duty of Rs. 23,72,50,000/- and a penalty of Rs. 5,09,05,000/ -.
(2.) IT is the case of the petitioner that originally their unit at Malanpur (M. P.) known as Tyre Cord Manufacturing Unit was owned by the 4th respondent M/s. Ceat Ltd. , who were owners of the undertaking which included the leasehold land, building, immovable plant and machinery and other movable and immovable assets including rights and obligations of the business.
(3.) THAT, on 24-3-1995 vide Annexure-A, a resolution was passed by the shareholders of M/s. Ceat Ltd. to sell the Tyre Cord Division at malanpur. On 29-6-1995, the Board of Director of the petitioners/company also passed a resolution vide Annex ure-B approving the acquisition of the said Tyre Cord Division as a "going concern" for a consideration of Rs. 325 crores, Thereafter on the basis of the aforesaid resolutions a Joint Declaration Annexure-C dated 8/92-1996 was made by the petitioners so also by the respondent No. 4 to the effect that the respondent No. 4 has sold as a going concern the tyre Cord Division owned by it at Malanpur and that the properties, licences, benefits of contracts and various other tangible rights relating to the business of the undertaking stand vested with the petitioner/company w. e. f. 8-2-1996. A copy of the joint declaration is filed as Annexure-C. Thereafter valuation of the properties took place, eminent valuers were appointed to value the properties and report submitted by the valuers have been filed as Annexure-D and E.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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