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| Exchange Disseminated Time 17/05/2016 15:53:38 | Golden Tobacco Ltd has informed BSE that the Hon'ble Supreme Court has disposed of civil Appeal No. 5038 of 2016 filed by Director General of Income Tax (admn.) & Anr against the Company and passed order on May 12, 2016. Essence and major implications of the order are as follows:
1. The Company's Modified Draft Rehabilitation Scheme (MDRS) pending before the BIFR / Monitoring Agency is not Maintainable, as the Company's sanctioned scheme was expired on March 31, 2011.
2. The Memorandum of Understanding (MOU) executed by the Company on December 26, 2009 with M/s. Sheth Developers Pvt. Ltd. and M/s. Suraksha Realty Ltd. for development of the Company's Vile Parle property, was in violation of sanctioned BIFR scheme and accordingly, MOU has no legal force and therefore no rights would accrue to the said parties on the basis of said MOU.
3. Income Tax Department shall be entitled to take steps for attachment and sale of the properties of the Company, including Vile Parle properties up to principal amount of Rs. 51.17 (disputed) and also admitted dues of excise department, subject to right of the secured creditors. The Hon'ble Supreme Court has permitted parties to approach the BIFR to seek clarification for waiver of interest and penalties of Rs. 599.83 Crores. |
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