Bhaskar Bhattacharya, J. - (1.) All these writ applications were heard together pursuant to the order of transfer passed by the Hon'ble Supreme Court of India as a pure question of law arises for determination in these applications.
(2.) The question is whether the Accounting Standard 22 ("AS-22"), particularly, the paragraphs 9 and 33 thereof, which have now being incorporated in the form of the Rules framed by the Central Government under section 642(1) of the Companies Act, 1956 are ultra vires the Statute, viz. sections 209(1), 209(3) and 211 of the Companies Act and consequently, void, inoperative and in excess of the statutory provisions of the Companies Act or the Constitution of India. Simplex Concrete Piles vs. Union of India (B. Bhattacharya, ACJ., JJ.)(DB) 145
(3.) Dr. Pal, the learned senior Advocate appearing on behalf of the Simplex Concrete Piles (India) Limited & Ors., the writ petitioners in W. P. No. 1459 of 2002 advanced the main argument on behalf of all the writ petitioners and those were supplemented by Mr. Arvind Datar and Mr. V. Ramchandran, Mr. J.P. Khaitan. the learned senior Counsel for the other writ petitioners.;