RED HERRING PROSPECTUS Dated August 24 ... - Globus Spirits

protest. In case
of an adverse
decision in the
matter, the
Company will
loose the amount
of duty paid.
Recovery Suit Rs. 5,16,045
plus interest @
24% p.a. on the
above amount
from the date
the sum became
payable to the
Company.
The Company
has already
made all the
payments for
which it has
claimed refund.
The Company
will suffer loss of
the amount
(being claimed
as refund) not
paid by the
Respondents.
Revision Suit The Company
has already
made the entire
demand of sales
tax as due. If the
case is decided
against the
Company, the
Company would
not get refund of
the said amount.
A claim petition was filed by the Company
against Rajasthan State Ganganagar Sugar
Mill (RSGSM) for refund of the amount
deducted by RSGSM for delay in the supply
of goods as liquidated damages, Permit fee
and on account of shortfall in increased rates
effected after increase in the excise duty for
Rectified Spirit. The case was heard by a
Sole Arbitrator appointed by the Director in
charge of RSGSM who announced his award
on 13.4.2006 rejecting all the claims of the
Company.
The application of the Company u/s 34 of
the Arbitration and Conciliation Act for
setting aside the award which was pending
for final hearing before the Court of District
and Sessions Judge, Jaipur City has been
transferred to the Court of Additional District
Judge No.1 on March 20, 2009. On March
20, 2009, record of the matter from the Sole
Arbitrator was ordered to be called for and
the matter was fixed for hearing on August
1, 2009. Since on August 1, 2009, the
record from the Sole Arbitrator was not
available, the Court did not pass any order
and fixed the next date of hearing on
October 31, 2009.
The matter was listed on April 05, 2006
wherein the Hon’ble Rajasthan High Court,
Jaipur issued notice to the Respondents.
Subsequently, the matter was listed for
placing additional documents on record and
the same was allowed by the Court. Again
on August 13, 2007, arguments took place
and as no specific counter to the additional
documents were filed by the Department,
the Company sought time to file counter to
the additional document. Subsequently, the
matter was listed on various occasions but
no effective hearing took place in the
matter. The matter is now listed for hearing
on August 24, 2009 as per the tentative list
of the registry.
A classification of the legal proceedings instituted against Associated Distilleries
Limited, a group company and the monetary amount involved in these cases is
given in the following table:
Type of Litigation
Cess Payments etc &
Other Government
Departments
Amount Involved Status
(Rs. in lakhs)
1,65,750/- a. Next hearing is fixed on
November 10, 2009 for
evidence of HSPCB.
b. Next hearing is fixed on
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