Court : Company Law Board CLB
Reported in : (2002)110CompCas874
1. In this order we are considering the issue as to the right of a company to forfeit shares held in the name of certain trusts on the ground that entry of the names of trusts in the register of members is against the provisions of sections 153, 153B and 187C of the Companies Act, 1956 ('the Act').2. The undisputed facts in this case are that the names of 3 trusts, namely, Motiram Hardeodas Charitable Trust, Hardeodas Agarwalla Trust and Ratan Devi Trust had been entered in the register of members of the company during the periods 1962 and 1971 and continued to be shown as members till 1992. During the period, the company not only allotted shares in the names of these trusts but had also allotted bonus shares and paid dividends in the name of these trusts. The lotal number of shares in respect of all these trusts is 57,500. The settler of all these trusts was one Late Arjun Agarwalla who expired in November, 1991. All these shares were forfeited by the company in a Board Meeting held ...
Tag this Judgment!Court : Company Law Board CLB
Reported in : (2002)108CompCas422
1. The 1st petitioner (hereinafter referred to as the petitioner) and the 2nd respondent (hereinafter referred to as the respondent) are wife and husband. They were married in 1975 and have three sons. Besides the res- pondents company there are other business entities either controlled by the petitioner or by the respondent or by both. They are Nitin Rubber which is a proprietary con- cern of the petitioner, Navneel Elastomers, a proprietary concern of the respondent, Nimit Exports (P) Ltd., in which the petitioner has large stake while the respondent has no stake and Navin Kohli and Sons. A large number of properties are also held in the individual names of the petitioner and the respondent. Matrimonial differences had arisen between the two during the middle of 1990s and besides this petition filed by the petitioner, there are other proceedings pending in civil courts. They are, one filed by the respondent for dissolution of the marriage, one filed by the petitioner for restitution...
Tag this Judgment!Court : Company Law Board CLB
Reported in : (2002)110CompCas868
1. M/s. Shapoorji Pallonji Finance Ltd. (hereinafter referred to as "the petitioner") have filed a petition under Section 111A of the Companies Act, 1956, seeking directions to register the transfer of 4,20,000 equity shares lodged with M/s. Mideast (India) Ltd, (hereinafter referred to as "the respondent") as they had failed to register the transfer within two months from the lodgment of shares on October 13, 1997.2. According to the petitioner, they had granted bills discounting facility/ inter-corporate loan facility to the respondent-company on September 5, 1995, and for that purpose the petitioner discounted the bills of exchange for Rs. 1,00,03,091 which were duly accepted by the respondent-company drawn by one Vishesh Commercial (P.) Ltd. and made payable to the petitioner for valuable consideration. The respondent-company had undertaken to pay the said sum for Rs. 1,00,03,091 to the petitioner on the due date, i.e., December 4, 1995.However, on the due date, i.e., December 4, ...
Tag this Judgment!Court : Company Law Board CLB
Reported in : (2001)106CompCas178
1. By means of this petition filed under Section 113(3) of the Companies Act, 1956, (the Act) the petitioner has prayed for a direction to the respondent-company to deliver 10,000 bonus shares to the petitioner.2. Briefly stated, the petitioner's case is that he held 5,000 equity shares of the respondent-company. In the sixth annual general meeting of the share-holders of the company held on September 30, 1999, to transact various businesses as mentioned in the notice (agenda) dated September 1, 1999, item No. 8 was regarding the passing of a resolution to issue bonus shares to such members holding equity shares of the company as per the recommendations of the board of directors of the company.3. The said item No. 8 was duly passed at the annual general meeting and by virtue of the said resolution the petitioner's right to get the bonus shares became crystallised on the said date of the annual general meeting. As the petitioner did not receive the bonus share certificates he sent a no...
Tag this Judgment!Court : Company Law Board CLB
1. Smt. Kaushalaya Atmaram Manghiramalani (the applicant) has moved an application under section 186 of the Companies Act, 1956 ('the Act') for an order for calling an extraordinary general meeting of the shareholders, for appointing the interim Board of Directors authorising them to register the transfer/transmission of shares of Hotel Hiramani P. Ltd. (the respondent company) by the applicant in such a matter as this Board thinks fit.2. Dr. S.D. Israni, the Company Secretary in whole time practice, appearing on behalf of the applicant reiterated the submissions made in the application of the applicant stating that the abovenamed applicant is the legal heir and widow of Late Shri Atmaram J. Manghiramalani, the promoter of the respondent company. The said respondent company, was promoted by Late Shri Atmaram J. Manghiramalani along with his first wife Late Smt. Ishwaribai. Since the said two promoters were the subscribers to the memorandum and articles of association of the company an...
Tag this Judgment!Court : Company Law Board CLB
1. Listed before me are 8 applications involving 8 deposits amounting to Rs. 77,000. The applicant depositors have made these applications under section 58A(9) of the Companies Act, 1956 as Global Infrastructure & Technologies Ltd. (Formerly known as 'Mantri Housing & Constructions Ltd.) has failed to repay their deposits as per the terms and conditions of acceptance of deposits. The applicant depositors have prayed that necessary directions may be issued to the company, namely, Global Infrastructure & Technologies Ltd. to make repayment of their deposits alongwilh interest at contracted rate till the date of repayment.2. At the time of hearing held on 12-6-2000, the authorised representative of the company submitted that Global Infrastructure & Technologies Ltd. (formerly known as 'Mantri Housing & Constructions Ltd.') is a company incorporated under the Act, and is engaged in the business of commercial and housing construction and in the past it had accepted depo...
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