Punjab State Industrial Development Corporation Limited (hereinafter
referred to as 'PSIDC') and the PSIDC held 46.13% shares in it. On
recommendation ... date
of winding up.
Considering that there is resource constraint within the
PSIDC, the offer of Finance Department to permit
PSIDC to raise resources
Psidc,, Kanpur vs Department Of Income Tax on 21 August, 2014
1
IN THE INCOME TAX APPELLATE TRIBUNAL
LUCKNOW BENCH "A", LUCKNOW
BEFORE
Punjab State Industrial Development Corporation (hereinafter referred to as "the PSIDC") got a letter of intent from the Government of India for establishing ... twenty thousand preference shares of Rs. 100 each. The holding of PSIDC was to be 26 per cent, and that of CCL 25 per cent
company. The Punjab State Industrial Development Corporation (hereinafter called the 'PSIDC' is the promoter of the company, holding majority shares ... Directors. This application is pending consideration with the trial Court. PSIDC entered into an agreement dated 25th of September, 1986 with the appellants and under
Punjab State Industrial Development Corporation (hereinafter referred to as "PSIDC") against the judgment of the Punjab and Haryana High Court. The industrial undertaking ... Northland Sugar Complex Ltd. (hereinafter called the Company) had taken loan from PSIDC and having failed to pay the instalment dues, the assets
dispute in the present case that PSIDC
holds 44.26% of share holdings in the respondent-Company.
37.35% shares are held by general public and balance ... company. At
present, out of nine Directors, three have been nominated by
PSIDC, two by lending institutions and four by the share
holders. Merely because
chosen to fasten liability
on a third party, i.e., the PSIDC while seized of proceedings
with respect to the company in liquidation (The PNFC ... Government no can it has any
binding force so far as the PSIDC is concerned. The
submission of the learned counsel for the appellant
following directions:-
i) The company shall supply copies of ABS to PSIDC which
had been enclosed with the Form-A at the time of
submission ... Form-A with the Board.
ii) PSIDC shall not revoke its OTS entered with the company
till the final decision is taken by the Corporation
issued by the Punjab State Industrial Development
Corporation Limited (for brevity, 'PSIDC') to the Collector, Mohali,
for effecting recovery of its dues ... arrears of land revenue.
2. Brief facts of the case are that PSIDC-respondent No. 1
is a public sector undertaking owned and controlled
wholly unwarranted, need immediate mention at this stage:-
"1. That the PSIDC agrees to sell and the purchaser agreed to purchase the fixed assets ... NSCL taken over by the PSIDC under Section 29 of the State Financial Corporation Act, more particularly described in the Schedule I attached to this
