HCC Directed Metkore Alloys To Produce Purchase Documents Of Ferrochrome

AGENDAINDRODUCTION

HIGH COURT COMMITTEE MEMBERS

COMMITTEE MEETING HELD ON MARCH 2015

METKORE DENIES TO PAY EXCISE DUTY

THE COMMITTEE DIRECTED METKORE ALLOYS TO PRODUCE PURCHASE DOCUMENTS

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INDRODUCTIONThe Bombay High Court by an order of September

2014 appointed the High Court Committee (HCC)

HCC was appointed to Ascertain the liabilities of nearly two-dozen defaulters on NSEL.

HCC is also appointed to facilitate mutual settlements between the defaulters and NSEL and monetize defaulter assets for distribution to investors under the HC's supervision

HIGH COURT COMMITTEE MEMBERS

The appointed committee is led by retired High Court Judge Justice V. C. Daga.

The Committee also includes J.S. Solomon (Advocate and Solicitor) & Yogesh Thar (Chartered Accountant).

COMMITTEE MEETING HELD ON MARCH 2015

Ms. Anuja Jhunjhunwala alongwith Counsel Mr. Chirag Kamdar were present on behalf of National Spot Exchange Limited (NSEL).

Metkore Alloys was one of the defaulter scheduled to appear for the meeting.

An Advocate appeared on behalf of Metkore Alloys

METKORE DENIES TO PAY EXCISE DUTY

The Advocate appearing on behalf of Metkore stated that Metkore is not liable to pay excise duty as they are not the manufactures of ferrochrome and they used to only purchase and trade in such commodity.

To support The said argument, the Advocate appearing for the Metkore tendered the order dated 23rd September 2014 passed by the MPID Court.

THE COMMITTEE DIRECTED METKORE ALLOYS TO PRODUCE PURCHASE DOCUMENTS After hearing the parties, the Committee was

pleased to record that the contentions of the Advocate for Metkore are accepted.

however, no documents are submitted to that effect by Metkore Alloys.

therefore the committee has directed to produce purchase documents to prove that they have purchased the goods.

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The Committee has also directed them to produce stock register with entry of every goods and also a statement on behalf of Metkore

The above compliances were to be complied within 1 week

Later the Hon'ble Committee adjourned the matter to next date