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IN THE HIGH COURT OF ALLAHABAD
PIYUSH AGRAWAL
Fertilizers and Industries Limited – Appellant
Versus
State of U.P. – Respondent
| Table of Content |
|---|
| 1. background on joint venture and stamp duty context. (Para 2 , 3 , 4 , 5) |
| 2. arguments regarding lack of asset transfer. (Para 6 , 7 , 8 , 9) |
| 3. court's examination of joint venture agreement and findings. (Para 10 , 11 , 12 , 13 , 14 , 15) |
| 4. conclusion quashing the impugned order. (Para 16 , 17) |
JUDGMENT :
PIYUSH AGRAWAL, J.
1. Heard Shri Navin Sinha, learned Senior Advocate, assisted by Shri Rohan Gupta, learned counsel for the petitioner and Shri Siddharth Singh, learned Standing Counsel for the State-respondents.
2. The instant writ petition has been filed against the impugned order dated 22.10.2021 passed by the Assistant Commissioner (Stamps), Kanpur Nagar as well as the impugned recovery citation dated 06.12.2021 issued by the Tehsildar, Kanpur Nagar.
3. Learned senior counsel for the petitioner submits that the petitioner is a Company registered under the Companies Act and is wholly owned subsidiary of Jaiprakash Associates Limited. He further submits that the fertilizer complex was first set up by a multi-national company, namely, M/s ICI Limited in the year 1969 for production of a chemical fertilizer 'Urea' by the brand name of Chand Chhap Urea. He further sub
An investor is not liable for stamp duty on an investment agreement if no assets or rights are transferred, as per provisions of relevant law.
Court discretion under Section 536(2) validates interregnum dispositions if bona fide, fair, in company/JV interest, preventing paralysis, ensuring project completion/public benefit.
The court sanctioned the Scheme of Amalgamation under the Companies Act, finding it in the interest of stakeholders and compliant with relevant statutes.
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