The legal criticism was filed by the Pune Municipal Company (PMC) beneath Sections 398 and 401 of the Bombay Provincial Municipal Firms Act, 1949 (BPMC Act) alleging octroi evasion on gold bullion and cash imported into town between April 1, 2006 and August 31, 2009.
PMC claimed that ICICI Financial institution introduced gold bullion and cash into the municipal limits for distribution with out paying octroi, regardless of being issued notices on September 11 and October 3, 2009.
It computed unpaid octroi at about ₹1.27 crore.
Following these notices, the civic physique lodged a criticism earlier than the JMFC, which on November 20, 2009 issued summons to the financial institution and its officers.
The Excessive Court docket had earlier stayed the private look of the financial institution and its administrators after observing that the criticism didn’t prima facie allege an intention to defraud the company.
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