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Search Results for "bank guarantee exemption"

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High Court

Bombay High Court Modifies Bank Guarantee Condition for Provisional Release of Seized Goods Under Customs Act — Instructions of CBEC Require Bank Guarantee Not to Exceed Twice the Duty Amount. The court directed the Commissioner to recompute the bank guarantee in accordance with CBEC instructions, ensuring it does not exceed twice the duty amount, and to release the goods upon compliance.

11 Jul 2011

The petitioner, Bhavik K. Shah, filed a writ petition under Article 226 of the Constitution seeking a declaration that the detention of certain goods ...

High Court

Bombay High Court Modifies Bank Guarantee Condition for Provisional Release of Seized Goods Under Customs Act — Instructions of CBEC Require Bank Guarantee Not to Exceed Twice the Duty Amount. The court directed reduction of bank guarantee from Rs.1.81 crores to twice the duty amount for provisional release of goods under Section 110 of the Customs Act, 1962.

11 Jul 2011

The petitioner, Bhavik K. Shah, filed a writ petition under Article 226 of the Constitution before the Bombay High Court seeking a declaration that th...

High Court

Bombay High Court Discharges Bank Guarantee in Shipping Agency Dispute — Arbitral Award and Section 9 Interim Order Considered. The court examined whether a bank guarantee furnished under an interim order under Section 9 of the Arbitration and Conciliation Act, 1996, must be renewed after the arbitral award was made and enforcement proceedings under Section 48 were pending.

17 Jan 2012

The petitioner, Mitsui O.S.K. Lines Limited, a shipping line, filed a Chamber Summons seeking a declaration that it is not required to renew a bank gu...

High Court

Bombay High Court Dismisses Petition Challenging Condition in Customs Circular Requiring Bank Guarantee for Accredited Importers. Condition Requiring Bank Guarantee for Differential Duty in Provisional Assessment Held Valid as Reasonable Safeguard Under Customs Act, 1962.

8 Nov 2011

The petitioner, Shah Pulp & Paper Mills Limited, challenged the legality and validity of a condition contained in paragraph 7(iii) of a circular issue...

High Court

Bombay High Court Quashes Demand for Bank Guarantee in Customs Valuation Dispute — SVB Proceedings Must Be Concluded Before Demanding Differential Duty. The court held that the demand for bank guarantee for differential duty on imports from related parties before completion of Special Valuation Branch proceedings is arbitrary and unsustainable under Section 14 of the Customs Act, 1962 and Circular No. 5/2016-Customs.

20 Dec 2022

The petitioner, Pernod Ricard India Private Limited, a company engaged in manufacturing, blending, and selling Indian made foreign liquor, filed a wri...

High Court

Bombay High Court Allows Petitioner's Petition for Extension of Bank Guarantee Pending Challenge to Arbitral Award — Section 9 of Arbitration and Conciliation Act, 1996. Post-award interim protection can be granted under Section 9 to preserve the subject matter of arbitration pending challenge to award.

15 Jun 2026

The petitioner, Oil and Natural Gas Corporation Limited (ONGC), filed a petition under Section 9 of the Arbitration and Conciliation Act, 1996, seekin...

Supreme Court

Supreme Court Disposes of Appeals in Competing Takeover Offer Dispute Under SEBI Takeover Regulations — Interim Directions Issued Pending SEBI's Decision on Date of Public Announcement and Exemption Application.

7 Feb 2025

The Supreme Court disposed of two civil appeals arising from Special Leave Petitions concerning competing open offers under the SEBI (Substantial Acqu...

High Court

Bombay High Court Allows Writ Petition of Retired Bank Employee Challenging Discontinuation of Pension in Lieu of Gratuity — Pension Cannot Be Unilaterally Stopped Without Amendment to Service Regulations. The court held that pensionary benefits constitute a package and the bank could not discontinue the petitioner's pension without amending the service regulations, as the petitioner had a vested right to pension under the Pension Rules.

19 Jan 2012

The petitioner, Shapoor M. Mehta, an 87-year-old senior citizen, retired from Allahabad Bank on 30 May 1986 after 39 years of service as a Special Ass...

Supreme Court

Supreme Court Dismisses Assessee's Appeal in Income Tax Case Regarding Exemption Under Section 4(3)(vii) of Income-tax Act, 1922. Receipt Held to be Business Income, Not Exempt as Casual or Non-Recurring Receipt, as it Arose from Services Rendered in the Course of Business.

26 Oct 1966

The assessee firm, Ram Kumar Agarwalla and Brothers, carried on business as share brokers and paper merchants. Together with D, a chartered accountant...

High Court

Bombay High Court Dismisses Multiple Writ Petitions Challenging Amalgamation Scheme of PMC Bank Under Section 45 of Banking Regulation Act, 1949. Petitioners Failed to Establish Violation of Fundamental Rights or Procedural Irregularities; Scheme Upheld as Serving Public Interest and Depositor Protection.

9 Mar 2026

The judgment deals with seven writ petitions filed before the Bombay High Court challenging a Notification dated 25 January 2022 issued by the Ministr...

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