JUDGMENT

Sanjeev Prakash Sharma, J. - The matter came up for orders on application filed by the respondents under Article 226(3) of the Constitution of India seeking vacation of the interim order dated 13/04/2018 passed by this Court. However, learned counsel for both the parties agreed that the matter may be heard finally at this stage as the pleadings are complete. Accordingly, the case was heard at length and the judgment was reserved. Written submissions have been filed on behalf of the respondent-State as well as the petitioner-Company.

2. Perused the written submissions and also considered the arguments made at bar.

3. Before adverting to the issue involved, it would be appropriate to notice the facts as have come on record.

4. The petitioner-Company is registered under the Companies Act, 1956 at Solan (Himachal Pradesh). It is engaged in the business of manufacturing of telecom equipment, optical fibre cables and also providing telecom turnkey services. By an order and judgment dated 05/01/2011, the High Court of Himachal Pradesh sanctioned the scheme whereby under Sections 391 and 394 of the Companies Act, arrangement and amalgamation of Sunvision Engineering Company Private Limited was allowed with the petitioner-Company (Himachal Futuristic Communications Limited). The transferor and the transferee Companies were allowed to file copy of the order with the Registrar of Companies for the State of Punjab, Chandigarh and Himachal Pradesh and upon filing thereto, the transferor company was dissolved without process of winding up.

5. Accordingly, the assets and properties of Sunvision Engineering Company Private Limited have been vested with the petitioner-company and equity shares were allotted of the petitioner-company to the shareholders of Sunvision Engineering Company Private Limited in the ratio of 47 equity shares of value of Rs. 1 for every one equity share of Sunvision Engineering Company Private Limited having face value of Rs. 10/-. Thus, 47 crore equity shares were issued to the shareholders of Sunvision Engineering Company Private Limited who were holding one crore equity shares of the said Company. It is stated that the Sunvision Company owned 14 parcels of land situated in the State of Rajasthan while the registered office of the Sunvision Company was situated at Solan (Himachal Pradesh).

6. The petitioner-Company, after amalgamation approached the Jaipur Development Authority (JDA) on 09/01/2017 seeking mutation in the revenue records of the aforementioned 14 parcels of the land situated at Shiv Nagar- II/Ramnagariya, Jaipur. The JDA sent the matter for legal examination and the State Government also examined the documents of amalgamation and found that there is a deficit of stamp duty and a demand was, therefore, raised against the petitioner by issuing a notice under Section 51 of the Rajasthan Stamps Act, 1998 (in short, 'the Stamps Act of 1998') by registering the proceedings against it. The Sub-Registrar, Sanganer-I arrived at a valuation of Rs. 1273, 29,36,970 as the valuation of the entire document which had been executed outside the State and raised the demand in terms of Entry 21(iii) of the Schedule of the Stamps Act of 1998.

7. The petitioner-Company, in turn, submitted that the stamp duty as payable for the valuation of 14 parcels of the land situated in the State of Rajasthan of which the petitioner-Company had become owner, were only required to be assessed for determination of stamp duty. The petitioner appeared before the Deputy Registrar and submitted its representation with regard to the notice dated 22/06/2017 and made submissions. The Deputy Registrar held that the valuation of 14 parcels of land was not possible as there was no separate demarcation which would enable such valuation and after examining the reply, vide its order dated 07/03/2018 held the petitioner liable to pay a sum of Rs. 25 crore as stamp duty with the mutation of records of JDA within fifteen days failing which action was t