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

The Company could not
avail the benefits of tax
exemption as granted
under the Scheme on
account of closure of its
factory due to unforeseen
reasons of strike and lock
outs. Thereafter, the
Company filed an
application before the
State Level Screening
Committee (“SLSC”)
seeking extension of the
exemption period to a
further period of 10
months and 4 days.
The SLCC dismissed the
application of the
Company vide order dated
December 02, 2004
against which the
Company filed an appeal
(Appeal No.74 of 2005)
before the Rajasthan Tax
Board, Ajmer. The
Rajasthan Tax Board
dismissed the appeal vide
order dated November 30,
2005 without going into
the merits of the case.
Thereafter, the Company
has vide a revision
petition challenged the
order dated November 30,
2005 of Rajasthan Tax
Board, Ajmer vide which
the benefit of incentive
Scheme as sought to be
extended by the Company
was rejected.
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.
2. LITIGATIONS FILED AGAINST THE COMPANY:
(a)
Writ Petitions
Sl.
No.
Parties/
Case no. /
Court
1. M/s H. H. Bottling
Plant,
Sriganganagar
Rajasthan
Vs.
State of Rajasthan,
Global Agronics
Limited & Ors
Particulars of the Case
The petitioners have filed
the writ petition against
the amendment of the
excise and liquor sourcing
policy for the Year 2005-
06 and 2006-07
implemented by the State
of Rajasthan whereby a
licensee of country liquor
is compulsorily required to
obtain his requirement of
Amount
involved
Can’t be
quantified.
Financial or
other
impact on the
Company in
case of an
adverse
decision
In case of an
adverse
decision it may
effect the
operations and
profits of the
Company in the
State.
Present
Status
As per the
information
available on-line
on the website
of Hon’ble
Rajasthan High
Court, notice
has been issued
on April 23,
2009, however,
the same
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