case no. 501/1997 - Board for Industrial & Financial Reconstruction

Case No. 501/1997M/a Hindustan Antibiotics Ltdd) In case the company fails to make the payment of arrears of sales taxdu es till fin a n cia l yea r 2004-05 forth with a m ou n tin g toRs.28,84,67,443/- (excluding interest and penalties) as per the termsof th e SS-07, th e Sa les Ta x Depa rtm en t, Sta te of Ma h a ra s h tra b ea llowed to ta ke coercive a ction a ga in s t M/ s .Hin du s ta n An tibioticsLtd. for th e recovery of th e s a les ta x du es of Sta te of Ma h arashtra(in clu din g in teres t a n d pen a lties ) u n der th e provis ion s of BST Act,1959.e) In ca s e th e du es a s per a s s es s m en t orders for th e period 2003-04,2004-05 a n d 2005-06 a re n ot con s idered u n der DRS by th e Hon bleBoa rd, th ey be con s idered ou ts ide DRS. Specific order is s oliciteda n d Sa les Ta x Deptt., Govern m en t of Ma h a ra s h tra be a llowed to ta kerecovery a ction a ga in s t M/ s .Hin du s ta n An tibiotics Ltd. for th erecovery of s a les ta x du es u n der th e provis ion s of BST Act, 1959 a sarrears of land revenue.1.7 In th e h ea rin g h eld on 2.12.2011 to h ea r MA Nos.6 6 8 & 6 7 3 , th eBench issued the following directions :-(a) Th e Com pa n y is directed to file a written s u bm is s ion s wh y a n a ctionu n der s ection of 33 of SICA be in itia ted a ga in s t th e Boa rd ofDirectors of th e com pa n y for n ot followin g th e ASC Gu id elin es , a scla im ed by th e a pplica n t com pa n y M/ s EIPL in Mis c. Applica tion(No.668/2011), within a period of one month with copy to MA (IDBI).(b) M/ s Ellora In fra s tru ctu re Pvt. Ltd (EIPL) is directed to file ca s e lawsupportin g th eir locu s -s ta n d i th a t on ce th e biddin g com pa n y onencashing the returned cheque of EMD continues to remain bidder.(c) MA (IDBI) is directed to file a deta iled report on th e is s u es ra is ed byth e a pplica n t com pa n y M/ s EIPL in Mis c. Applica tion(No.668/2011), within a period of one month.(d) PF Depa rtm en t is directed to a tten d n ext h ea rin g before th e Boa rd,with ou t fa il. PF Depa rtm en t is a ls o directed to file writtens u bm is s ion s with rega rd to is s u es ra is ed in Mis c. Applica tionNo.673/ 2011 filed by th e com pa n y with in a period of two weeks withcopy to MA (IDBI) and the Company.5