The Bombay High Court has ordered garment firm Raymond Ltd to deposit Rs 16 crore in cash and a bank guarantee of the same amount with the Excise Department in a duty evasion case.
According to the order passed by the court on Tuesday, if the amount and the bank guarantee is not deposited within two weeks, interim protection from arrest granted to Raymond's General Manager Vasant Naag would lapse.
The Excise Department contended that Raymond had claimed excise exemption last year on Naag's advice, but it was not entitled to the same. Fearing that he may be arrested, Naag with Raymond moved the High Court in April.
The High Court on April 9 had granted Naag interim protection from arrest. On May 6, after hearing the Excise Department's argument, division bench headed by Justice S Radhakrishnan extended the interim protection, but on the condition that company deposits Rs 16 crore in cash and a bank guarantee of the same amount with the department.
The probe in the matter can go on, court said, adding that if Raymond fails to deposit the amount and bank guarantee in two weeks, the protection from arrest would lapse.
Press Trust of India / Mumbai May 08, 2008www.business-standard.com
About Me
- Kamal Kumar Pandey (Adv. Supreme Court of India)
- Lawyer Practising at Supreme Court of India. Court Experience: Criminal, Civil & PIL (related to Property, Tax, Custom & Duties, MVAC, insurance, I.P.R., Copyrights & Trademarks, Partnerships, Labour Disputes, etc.) Socio-Legal: Child Rights, Mid Day Meal Programme, Sarva Shiksha Abhiyaan, Women Rights, Against Female Foeticide, P.R.Is, Bonded Labour, Child labour, Child marriage, Domestic violence, Legal Literacy, HIV/AIDS, etc. Worked for Legal Aid/Advise/Awareness/Training/Empowerment/Interventions/Training & Sensitisation.
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