https://www.taxtmi.com/caselaws?id=112432 The HC held that amounts credited under the Market Stabilization Scheme formed part of the Consolidated Fund of India and were not shown to require transfer to it, so the challenge to the Scheme account failed. It also held that the scope and timing of audit lie within the constitutional and statutory domain of the Comptroller and Auditor General, and no mandamus could compel a specific or additional audit of the Scheme or the Reserve Bank's revaluation account. The Memorandum of Understanding was not shown to be an agreement under section 21 of the Reserve Bank of India Act, so the parliamentary laying requirement did not apply. The Court declined to direct an estimate of economic profit or loss, finding no enforceable constitutional or statutory breach. en-us Tue, 24 Mar 2009 00:00:00 +0530 Thu, 13 Nov 2014 21:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112432 The HC held that amounts credited under the Market Stabilization Scheme formed part of the Consolidated Fund of India and were not shown to require transfer to it, so the challenge to the Scheme account failed. It also held that the scope and timing of audit lie within the constitutional and statutory domain of the Comptroller and Auditor General, and no mandamus could compel a specific or additional audit of the Scheme or the Reserve Bank's revaluation account. The Memorandum of Understanding was not shown to be an agreement under section 21 of the Reserve Bank of India Act, so the parliamentary laying requirement did not apply. The Court declined to direct an estimate of economic profit or loss, finding no enforceable constitutional or statutory breach. Case-Laws Companies Law Tue, 24 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112432