TaxTMI 
TaxTMI 
2005 (12) TMI 283
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....article 5(d) of the Schedule appended to the Karnataka Stamp Act, 1957, consequent upon the change of the name of the erstwhile company to the appellant-company is the question involved in this appeal. 3. The basic fact of the matter is not in dispute. One "Prasad Garments (P.) Ltd." was a company registered under the Companies Act, 1956. On or about 5-3-1999, it entered into a lease-cum-sale agreement with the third respondent herein upon payment of premium of a sum of Rs. 14,49,453, which amounted to 99 per cent of the tentative cost of the land and one yearly rent of Rs. 966 for a period of eleven years computed from 25-6-1997. The name of the said company, however, was changed to "Prasad Technology Park Pvt. Ltd." 4. The appellant....
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....ry Agreement' vide P.24/2000-01 dated 5-3-1999 original document of lease-cum-sale agreement mentioned fixed deposit of Rs. 14,49,593.00 and annual rent of Rs. 966 totalling to Rs. 14,50,559.00 as per the appendix 5(d) has to pay stamp fee of Rs. 1,45,100.00 along with fine of Rs. 5.00, totalling to Rs. 1,45,105.00 hereby directed to make payment." 5. Aggrieved by and dissatisfied therewith, a writ petition was filed by the appellant before the Karnataka High Court, which came to be dismissed by reason of an order dated 11-8-2003, passed by a learned Single Judge opining : ". . . But unfortunately for the petitioner the supplementary agreement sought to be registered as entered into between the third respondent lessor and the petition....
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.... there is transfer of interest in the company, which the appellant-company can claim under the third respondent. . . ." 7. Mr. S.K. Kulkarni, learned counsel appearing on behalf of the appellant, at the outset, drew our attention to the definition of instrument as contained in section 2(1)(j) of the Karnataka Stamp Act, 1957, and would submit that having regard to the fact that no element of transfer was involved in execution of the said supplementary agreement, article 5(f)( i) of the appendix appended thereto would be attracted and not article 5(d) thereof as has been held by the Deputy Commissioner of Stamps. 8. Mr. Sanjay R. Hegde, learned counsel appearing on behalf of the first and second respondents, on the other hand, would su....
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....Unit Trust of India, Trustees of Debenture Stock of Banks to secure moneys advanced by such Government or bodies for the erection of building, plant and machinery. However, the lessee shall obtain the no objection certificate from the lessor in writing for creation of second and subsequent charges." 9. Change of the name of a company can be allowed by the Registrar of Companies in terms of section 21 of the Companies Act. Once such a name is permitted to be changed, a certificate is issued in terms of section 23 thereof. 10. The appellant indisputably was permitted by the third respondent herein to establish a software park. The execution of supplementary agreement, it has categorically been stated, became necessary consequent upon th....
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....105 of the Transfer of Property Act are not altered, it cannot be said that the parties to the contract entered into a fresh transaction. The third respondent merely reserved unto itself a right of re-entry on expiry of the said period of eleven years. It could in terms of the covenant of the lease also extend the period of tenancy or terminate the same. Unless the lease itself came to an end, the third respondent did not have any right to re-convey the property. By reason of mere change in the name of the company "Prasad Garments (P.) Ltd." the erstwhile lessee also cannot be held to have transferred its leasehold interest in favour of the appellant herein. 12. Section 2(1)(j) of the Act, defines "instrument", to mean : "2.(1)(j) 'in....