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Harendra H. Mehta and ors. Vs. Mukesh H. Mehta and ors. - Court Judgment

LegalCrystal Citation
SubjectFERA
CourtSupreme Court of India
Decided On
Case NumberC.A. No. 4006 of 1995
Judge
Reported inAIR1999SC2054; 1999(3)ALLMR(SC)348; [1999]97CompCas265(SC); [1999]238ITR158(SC); JT1999(4)SC50; 1999(3)SCALE641; (1999)5SCC108; [1999]3SCR562
ActsForeign Awards(Regulation and Enforcement) Act, 1961 - Sections 2, 4, 6 and 7; Foreign Exchange Regulations Act, 1973; Civil Practice Law Rules - Article 7503; Income Tax Act, 1961 - Sections 269UA and 276 AB; Arbitration(Protocol and Convention) Act, 1937; Arbitration Act, 1940 - Sections 30; Income Tax Rules, 1962 - Rule 48 L(2); Registration Act, 1908 - Sections 17(1); Transfer of Property Act - Sections 118; Constitution of India - Article 134A; Code of Civil Procedure (CPC) , 1908 - Sections 11, 13, 14 and 44A
AppellantHarendra H. Mehta and ors.
RespondentMukesh H. Mehta and ors.
Books referred; The Concise Oxford Dictionary; Black's Law Dictionary
Excerpt:
fera - foreign award - section 44a of cpc, 1908, sections 17 and 118 of transfer of property act, 1882 and section 269ua of income tax act, 1961 - according to section 118 exchange means transfer of property where two persons mutually transfer ownership of one thing for ownership of another - when we consider exchange of immovable properties under section 118 both properties to be situated in india - under section 269ua of act of 1961 net has been thrown wide to bring within its purview all shorts of immovable properties but that net is not wide enough to cover foreign awards covering properties both in india and foreign country - under section 17 (1) decree or order of any court does not require registration - decree passed by foreign court execution of which is sought under section 44a.....ordered and adjudged, pursuant to cplr 7510 and 7514 that the award of the arbitrator, lalit mehta, dated october 31, 1990 is hereby confirmed and shall constitute a judgment of this court provided however, that payment by a.d. development ltd. to mukesh mehta for the purchase of his shares of a.d. development ltd. shall be limited pursuant to business corporation law *314 to the availability, of surplus and it is further,
Judgment:
ORDER

ED AND ADJUDGED, pursuant to CPLR 7510 and 7514 that the award of the arbitrator, Lalit Mehta, dated October 31, 1990 is hereby confirmed and shall constitute a judgment of this Court provided however, that payment by A.D. Development Ltd. to Mukesh Mehta for the purchase of his shares of A.D. Development Ltd. shall be limited pursuant to Business Corporation Law *314 to the availability, of surplus and it is further,


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