NATIONAL BEARING COMPANY LTD Vs. STATE OF RAJASTHAN

JUDGEMENT

(1.) THE petitioner which is a registered company under the Indian Companies Act, 1956 is challenging the order dated 27-7-1999 passed by the Additional Collector (Stamps), jaipur by which it was required to deposit stamp duty for registration of its amended Memorandum of Association @ 0. 5% ad valorem on the enhanced share capital amount.

(2.) THE petitioner-company was incorporated in the name and style of National bearing Company (Jaipur) Ltd. under the Jaipur Companies Act, 1942 at Jaipur on 13-1-1948 with its registered Office at Jaipur. Clause 5 of its Memorandum of Association prior to the amendment dated 16-10-1998 contained thus :?

(3.) SHAREHOLDERS of the company in the annual general meeting held on 16-10-1998 resolved to substitute aforesaid clause 5 by the following :?