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Court orders petitioner to remit additional amount for tax payments, emphasizes clarity on interest. Follow-up hearing scheduled. The court was satisfied with the petitioner's compliance with previous directions and set further instructions. The petitioner was ordered to remit an ...
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Court orders petitioner to remit additional amount for tax payments, emphasizes clarity on interest. Follow-up hearing scheduled.
The court was satisfied with the petitioner's compliance with previous directions and set further instructions. The petitioner was ordered to remit an additional amount by specified dates for remaining tranches and tax payments. The court emphasized the need for clarity on the interest component and directed the respondents to provide necessary information for determining the final amount owed. The next hearing was scheduled to monitor progress and finalize the balance amount payable towards tax, demonstrating the court's commitment to ensuring compliance and transparency in financial matters.
Issues: Compliance with court directions for remittance of funds, setting timelines for remaining tranches, interest component on remittance, balance amount payable towards tax.
Compliance with Court Directions: The petitioner, represented by Ms. Vibhooti Malhotra, informed the court that compliance had been made with the directions issued in the previous order dated 05.03.2021. It was acknowledged that a substantial amount of &8377; 9,08,70,000/- had been remitted to the respondents, a fact not disputed by Mr. Satish Aggarwala, representing the respondents. Consequently, the court was satisfied with the petitioner's compliance and proceeded to set further directions.
Setting Timelines for Remaining Tranches: Given the compliance of the petitioner with the previous order, the court, comprising HON'BLE MR. JUSTICE RAJIV SHAKDHER AND HON'BLE MR. JUSTICE TALWANT SINGH, decided to issue specific directions regarding the remaining tranches. The court ordered the petitioners to remit an additional amount of &8377; 5.00 crores to the respondents on or before 20.05.2021. Furthermore, the balance amount claimed by the respondents as tax was to be remitted by the petitioner on or before 01.07.2021, thus providing a clear timeline for the completion of the financial obligations.
Interest Component and Balance Amount Payable: During the proceedings, Mr. Aggarwala highlighted that the remittance involved an interest component. He indicated that the determination of the balance amount payable towards tax would be possible only after the instalment due by 20.05.2021 was remitted by the petitioner. The court directed Mr. Aggarwala to provide this information on the next hearing date, emphasizing the importance of clarity regarding the final amount owed. This step aimed to ensure transparency and accuracy in the financial transactions between the parties involved.
Conclusion: The court scheduled the next hearing for 24.05.2021 to review the progress and receive the necessary information regarding the balance amount payable towards tax. The judgment exemplifies the court's commitment to overseeing compliance with its directives, setting clear timelines for financial transactions, and addressing any complexities such as interest components to facilitate a fair resolution of the matter at hand.
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