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Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 – Regulations 18(15)(c), 39(2)(a) and 39(3) – Mutual Fund – Winding Up – After Publication of Notices – Consent of majority unitholders Needed.
Bysclaw
Aug 8, 2021By sclaw
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Bank Loan — Auction — Solatium — Co-operative Bank, granted a business loan of Rs. 25,00,000 to respondents 1, 2, 5, and 6 — Upon default, the bank initiated recovery proceedings before the Assistant Registrar of Co-operative Societies, who awarded Rs. 21,92,942 with interest to the bank — The borrowers’ property was auctioned, with the appellant offering the highest bid of Rs. 81,20,000 — A sale confirmation certificate was issued, but the 1st and 2nd respondents challenged the auction in the Karnataka High Court — The court set aside the auction, noting that the borrowers had deposited Rs. 25,61,400 within three months of the writ petition and ordered the bank to refund the auction amount along with 5% additional compensation to the appellant — The appellant argued that the 5% solatium was inadequate and sought interest for being deprived of the auction amount since July 2019 — The court found merit in the appellant’s claim, ruling that the 4th respondent bank, which initiated the auction, must pay the appellant interest at 6% per annum on the Rs. 81,20,000 from 21st July 2019 until the refund — The court modified the earlier judgments, setting aside the 5% compensation and directing the bank to pay interest.
Oct 21, 2024
sclaw
Drugs (Price Control) Order, 1995 — Paragraph 13 — Recovery of overcharged amount of drugs — Demand made by the National Pharmaceutical Pricing Authority (NPPA) to recover an overcharged amount for a Cloxacillin-based drug formulation called Roscilox — The Court found that the appellant’s admission of purchasing the drug directly from the manufacturer made it liable under Paragraph 13 of the Drugs (Price Control) Order, 1995 (DPCO) — The Court also rejected the appellant’s claim that it was only a ‘dealer’ and not a ‘distributor’ under the DPCO, as the definitions of these terms under the DPCO are not mutually exclusive — The Court further noted that the objective of the DPCO is to control the prices of medicinal drug formulations and ensure they are made available to the common man, and thus, the provision should not be subjected to a restricted or hidebound interpretation — Appeal Dismissed.
Jul 20, 2024
sclaw
Drugs (Price Control) Order, 1995 — Paragraph 13 — Recovery of overcharged amount of drugs — Demand made by the National Pharmaceutical Pricing Authority (NPPA) to recover an overcharged amount for a Cloxacillin-based drug formulation called Roscilox — The Court found that the appellant’s admission of purchasing the drug directly from the manufacturer made it liable under Paragraph 13 of the Drugs (Price Control) Order, 1995 (DPCO) — The Court also rejected the appellant’s claim that it was only a ‘dealer’ and not a ‘distributor’ under the DPCO, as the definitions of these terms under the DPCO are not mutually exclusive — The Court further noted that the objective of the DPCO is to control the prices of medicinal drug formulations and ensure they are made available to the common man, and thus, the provision should not be subjected to a restricted or hidebound interpretation — Appeal Dismissed.
Jul 16, 2024
sclaw