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Bombay High Court Quashes Stamp Duty Demand on BOT Concession Agreement — Agreement Not a Lease Under Maharashtra Stamps Act. Concession Agreement for Build, Operate and Transfer of Bridge Held Not to Create Leasehold Interest Under Section 2(n)(iii) of Maharashtra Stamps Act, 1958.

The petitioner, Abhijeet Ashoka Infra Structure Pvt. Limited, entered into a Concession Agreement with the State of Maharashtra on 16/11/1998 for cons...

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Bombay High Court Dismisses Section 9 Arbitration Petition and Winding Up Petition Against Corporate Debtor — No Prima Facie Case for Interim Relief or Insolvency as CDR Scheme Was Under Consideration and Debt Was Not Clearly Due.

The petitioner, Tata Capital Financial Services Ltd., a non-banking financial company, granted a term loan of Rs. 50 crores to the first respondent, U...

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Bombay High Court Allows Section 11 Application for Appointment of Arbitrator in Insurance Dispute Despite Discharge Voucher. Dispute as to Quantum Under Fire Insurance Policy Referred to Arbitration Under Clause 13 of Standard Fire and Special Perils Policy.

The applicant, MIRC Electronics Ltd., filed an application under Section 11 of the Arbitration and Conciliation Act, 1996, seeking appointment of a so...

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Supreme Court Dismisses Power Trust's Appeal Against CIRP Initiation for Appellant(s), Upholds NCLAT Order Admitting Section 7 IBC Application Due to Default and Non-Compliance with Restructuring Conditions

The Supreme Court dismissed an appeal challenging the initiation of corporate insolvency resolution process (CIRP) against Hiranmaye Energy Ltd. under...

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High Court of Karnataka Allows Appeal in Insurance Nomination Dispute — Mother of Deceased Policyholder Entitled to Insurance Proceeds as Nominee Under Section 39 of Insurance Act, 1938. Nominee is a Trustee, Not Beneficial Owner; Suit for Declaration and Injunction by Legal Heirs Not Maintainable.

The appellant, Smt. Yashodha, is the mother and nominee of the deceased policyholder, Sri Rohith S, who died intestate. The respondents, Smt. Rashmi J...

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Supreme Court Upholds Assessee Bank in Tax Dispute Over Appreciation of Blocked Foreign Exchange. Appreciation in Value of Pakistani Rupee Remittances Due to Devaluation Held Capital Receipt, Not Revenue Under Section 10 of Indian Income-tax Act, 1922.

The litigation concerned the tax treatment of appreciation in the value of foreign exchange held by a bank abroad, which arose upon devaluation of the...