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PETITIONER: PETLAD TURKEY RED DYE WORKS LTD.
Vs.
RESPONDENT: DYES & CHEMICAL WORKERS’ UNION,PETLAD & ANR.
DATE OF JUDGMENT: 03/02/1960
BENCH: GUPTA, K.C. DAS BENCH: GUPTA, K.C. DAS GAJENDRAGADKAR, P.B. SUBBARAO, K.
CITATION: 1960 AIR 1006 1960 SCR (2) 906 CITATOR INFO : R 1962 SC1221 (24) R 1969 SC 612 (8) RF 1971 SC2567 (8) R 1972 SC 330 (11)
ACT: Working capital-Reserve fund utilised as such-Return, if any available-Balance sheet, if proof of reserve actually used as working capital.
HEADNOTE: The Industrial Tribunal, in the process of ascertaining the available surplus, disallowed a claim of the appellant employer for interest on a certain sum of money standing in the depreciation fund and alleged to have been used as working capital. If this claim was allowed and the amount claimed deducted as a prior charge, the employees would not be entitled to any bonus as there would be no surplus. The Industrial Tribunal was of opinion that even if the depreciation reserve was utilised as working capital no return thereon was allowable in deciding what amount was to be deducted as prior charge. On appeal the appellant contended, inter alia, that the balance sheet of the employer company placed before the Industrial Tribunal itself showed that.,the entire sum of depreciation f...