Judgment Search Results Home > Cases Phrase: banking regulation act 1949 maharashtra section 6 forms of business in which banking companies may engage Court: company law board clb Page 1 of about 1 results (0.100 seconds)

Bank of Maharashtra Vs. Sangli Bank Limited

Court : Company Law Board CLB

Reported in : (1992)73CompCas125

..... inter alia, that the said transfer was contrary to the banking regulation act, 1949 (section 19); acquisition of more than 1% of the share capital of the bank should be with the acknowledgment of the reserve bank of india ; as per the articles of association, more than 2.5% holding of the issued share capital will not be allowed to any person other than the state of maharashtra ; the appellants had bought the shares of the bank at an exorbitant price which smacked of a mala fide intention and not akin to bona ..... it is common that companies engaged in some business do hold nominal shares in other companies and there is nothing to suggest that their presence as shareholders would shake the confidence of the customers and the initiative of the employees, ..... have erred in refusing to register the transfer of shares in the name of appellants.we are convinced that the respondent-sangli bank has not given a just and proper consideration to the proposal having regard to the facts and changed circumstances of the case while rejecting the transfer only on the ground that the transfer of these shares was earlier rejected in 1982 when they formed part of a lot of 20,562 shares proposed then to be transferred. ..... the board of directors of the respondent-sangli bank in the meeting held on may 8, 1987, rejected the transfer of the said shares under the power vested in the board by the articles of association of the company on the ground that the board had declined to transfer the same shares lodged .....

Gammon India Ltd. Vs. Hongkong Bank (Agency) Pvt. Ltd.

Court : Company Law Board CLB

..... 1 to 9, affidavits have been filed in which a reference has been made to events which have come to their knowledge subsequent to the conclusion of hearing of references under section 22a of the securities contracts (regulation) act on august 9, 1991, and a prayer has been made to give a further opportunity to the respondents to bring subsequent events before the company law board to establish that the refusal to register the transfer of shares in their favour is mala fide and made with a ..... all these circumstances clearly confirm the opinion formed by the board of directors in good faith that the constituents of the bank were chhabrias or companies which are directly or indirectly under the control ..... exchange regulation act violations, the allegations were controverted and it was submitted that, if at all, these are only technical violations committed during the ordinary course of business and in the interest of the company.13 ..... name of these respondents would result in such a change in the composition of the board of directors of the company as would be prejudicial to the interest of the company or to the public interest.they have further submitted that even assuming, without admitting, that the transfer of the said shares may lead to a change in the board of directors, there is no evidence or material at all to suggest that such a change would be prejudicial to the company or to the interest of its shareholders or to the public interest. ..... shares) and maharashtra distilleries ltd. .....

Hemangini Finance and Leasing Vs. Tamilnad Mercantile Bank Ltd. and

Court : Company Law Board CLB

Reported in : (1996)86CompCas875

..... more necessary because banks, being companies, governed by the provisions of the companies act, have to follow the time limit prescribed under section 111 and under section 113 in regard to transfers, as, section 2 of the banking regulation act, clearly states that the provisions of this act are not in derogation of the provisions of the companies act. ..... to be within the limits prescribed under section 12(2) of the banking regulation act, the entire acquisition by those appellants was adjusted among the appellant companies and the books of account were adjusted ..... this connection, it is material to point out that the bank is an unlisted company, unlike a listed company which was earlier governed by section 22 of the securities contracts (regulation) act, 1956, (which has now been repealed) which provided that, notwithstanding anything contained in the articles a listed company may refuse registration of transfer if the transfers were in contravention of ..... way, a group of persons representing themselves to be a part of the share retrieval committee met us and informed us that the nadar community has formed a committee to raise funds for purchase of shares from the essar group and had also got the consent of the essar group in this regard. ..... respondent bank which will continue to carry on the business of banking and the appellants are only shareholders in the bank and by themselves they do not carry on the banking business. ..... state of maharashtra [1995] 82 comp cas 707 (bom) ; air 1993 .....

Ppn Power Generating Company Vs. Ppn (Mauritius) Company and ors.

Court : Company Law Board CLB

Reported in : (2006)129CompCas818

..... medical engineering corporation (court of appeals of texas, ninth district, beaumont) - to show that an anti-suit injunction is appropriate in the following circumstances: the company law board in exercise of the inherent powers under regulation 44 of the company law board regulations, 1991, which is analogous to section 151 of the code of civil procedure, 1908 is empowered to grant an anti-suit injunction against the icc arbitral tribunal, to meet the ends of justice and prevent abuse of the legal process by ..... creating charges in favour of working capital lenders in excess of that ceded by the industrial development bank of india ("idbi"), exposing the company and its directors for civil and criminal liabilities.the petitioners, being minority shareholders and minority on the board of directors of the company, aggrieved by the various alleged acts of omission and commission on the part of the respondents have filed the company petition, with a view to bring to an end the matters complained of by seeking the following ..... party provides services or supplies products or technology to the company or to the any party, such party does so as an independent contractor engaged in its own business. ..... the sole purchaser of power may perhaps be forced not to purchase power generated by the company, in which case, the company would meet the same situation met by dabhol power company in maharashtra. ..... leading to the present application are: the company is engaged in the business of power generation. .....

In Re: Neelachal Auto Ltd.

Court : Company Law Board CLB

..... ('the company') has filed this petition under section 17 of the companies act, 1965 ('the act') for confirmation of the alteration to the situation clause of memo- randum of association ('memorandum') of the company for shifting the registered office from the state of bihar to the state of maharashtra, as approved by a special resolution passed at the extraordinary general meeting ('eogm') held on 23.4.1997 in accordance with section 189 of the act. ..... the company has served a copy of the petition upon the chief secretary, government of bihar, patna, on 5.10.1998 and again on 1.7.1999 together with the enclosures, pursuant to the order of this bench; and (b) the company published general notice in 'uditvani' (hindi) and 'the avenue mail' (english), both in circulation in the district of west singbhum, bihar, where admittedly the registered office of the company is situated which, in my view, meets the requirement of regulation with 36(1)(i) of the company law board regulations, ..... . while the decision to shift the registered office of the company to another state being a domestic matter, rests with shareholders, the company is the best judge of how to run its business more economically or conveniently or where to locate the registered office for efficient running of business, as has been held in the following among other reported decisions: * commercial & industrial bank ltd .....

Maharashtra Power Development Vs. Dabhol Power Company and ors.

Court : Company Law Board CLB

Reported in : (2003)117CompCas467

..... regulation 75 of table a reads "the continuing directors may act notwithstanding any vacancy in the board: but, if and so long as their number is reduced below the quorum fixed by the act fora meeting of the board, the continuing directors or director may act for the purpose of increasing the number of directors to that fixed for the quorum, or summoning a general meeting of the ..... the bombay high court has already held that disputes between the company and the mseb in regard to the ppa should be resolved through the maharashtra electricity regulatory commission, but after the board was reconstituted on 4.6.2002, the company activated the arbitration proceedings without the consent or knowledge of the petitioner as is evident from the letter written by these three to sr clerk, ..... that no one can file a petition under section 397 of the act with a view to stop prosecuting legal proceedings but the petitioner is questioning the context in which the respondents have sought to re-open the arbitration proceedings which had almost come to a stop in ..... purpose of appointing him as an additional director in the meeting held on 4^th june, 2002 was for the purpose of forming a quorum, the same excuse is not available for appointing him as a director in the agm as with the ..... as a matter of fact, article 10.7 only stipulates that not less than 5 business days' notice shall be given to each of the directors and there is ..... on company law (pages 692 -- 694) and in re ferrow's bank .....

T.R. Srinivasa Reddy Vs. Swapna Ghose and ors.

Court : Company Law Board CLB

Reported in : (2006)132CompCas295

..... by virtue of regulation 21(3) of company law board regulations, 1991 ("the regulations") any notice which is required to be served on any person other than a company, shall be served by delivering or tendering a copy thereof to such person or his authorised representative or by prepaid registered post, acknowledgement due addressed to the ..... by virtue of illustration (e) to section 114 of the indian evidence act, 1872, official acts are presumed to be rightly and duly performed until the contrary is shown.section 114, illustration (f) of the indian evidence act enables the court to presume that the common course of business has been followed in particular case ..... judicial record, cannot be now challenged as held in state of maharashtra v.ramdas srinivas nayakunion of india v. ..... however, liberty is reserved to the appellant, if he so desires, to make an appropriate application before the company law board, subject to the objection that may be taken up by the respondents herein, to recall the earlier order dated 24.11.2003, ordered accordingly.the applicant after obtaining certified copy of the order of the high court of karnataka on 20.03.2005 ..... as the shares are in dematerialised form, the company and the petitioners will take appropriate steps ensuring the transfer of the impugned shares in dematerialised form in favor of the petitioner by taking up with the 11^th ..... respondents, counsel for the petitioner and counsel for the eleventh respondent (vysya bank limited) were also present. .....

S. Balasubramanian and ors. Vs. Aruna theatres and Enterprises

Court : Company Law Board CLB

Reported in : (2008)141CompCas797

..... punjab national bank (supra) unequivocally reveals that - (a) the companies act is a general statute, and hence the rdb act which is a special act, overrides the general statute; and (b) in view of section 34 of the rdb act, the said act overrides the companies act, to the extent there is anything inconsistent between the acts. ..... the clb is empowered during the pendency of a petition under sections 397 and 398 to make any interim order under section 403 for regulating the conduct of the company's affairs on such terms as appears to the clb to be just and equitable, which however cannot override the provisions of other statutes. ..... the respondents 2 to 4 failed to call a meeting as required under law and therefore, the requisitionists were constrained, in terms of a notice dated 08.12.2006, called an extraordinary general meeting of the company on 05.01.2007 at the registered office of the company, upon which, this bench by an order dated 14.12.2006, restrained the company from implementing any of the resolutions that may be passed at any such extraordinary general meeting, without leave. ..... thus, the decisions in bank of maharashtra v. ..... the chairman of the meeting deposited with the clb, the proceedings together with scrutineer's report, original proxy forms, ballot papers etc. .....

Dr. S. Mangalam Srinivasan Vs. Mani Forgings Private Limited,

Court : Company Law Board CLB

Reported in : (2006)129CompCas544

..... such change may take place due to alteration in the company's board of directors or manager or in ownership of its shares or membership or in any other manner whatsoever.at this juncture, the provisions of section 83 of the representation of the people act, 1950, relied on by the respondents assumes importance which reads as under:- (a) shall contain a concise statement of the material facts on which the petitioner relies; (b) shall ..... the conclusion that the requirements of section 397 must exist before the court entertains an application under that section, thereby in my view, it is for the clb to form opinion on the facts alleged in the petition, whether the requirements of section 397 have been met, before ..... diversion of business of the company and removing the raw-materials and machinery belonging to the company, thereby the company is made ..... representation of the people act, 1951 was dismissed in view of the petitioner's failure to furnish the material facts and particulars as mandated in section 83, which are essential to clothe the petition with complete cause of action relating to charge of corrupt practice.maharashtra power development corporation ltd ..... company have opened a bank account and started realising the cheques drawn in favour of the company and collecting the receivables due to the company for ..... section (5) and (6) of section 10e, the clb, while exercising its power, shall be guided by the principles of natural justice and shall act in its discretion and regulate .....

In Re: Jindal Vijayanagar Steel

Court : Company Law Board CLB

Reported in : (2006)129CompCas952

..... company law board.the condition that the registered office cannot be shifted without the consent of ksiidc goes against the spirit of section 17 of the act which stipulates that the registered office can be shifted by passing a special resolution of the members of the company and such condition in direct contravention of section 17 of the act is void as per section 9 of the act ..... company also forms part of the "jsw group", whose headquarter is situated at mumbai.though there is no necessity to pass the special resolution for shifting the company from the state of karnataka to the state of maharashtra by postal ballot, yet as a matter of good corporate governance, the approval of special resolution was sought by way of postal ballot from the members of the company ..... the company, supplementing the arguments of shri r.murari, learned counsel, submitted that the company law board regulations 1991 ..... their other official engagements will be having difficulty ..... affirming that the company would in the normal course of business supply the required materials in accordance with the terms as agreed by the company to all those persons ..... and further reported that the company may be directed to redress the ..... banks numbering eleven to whom preference shares were issued on partial conversion of their loans under corporate debt restructuring scheme, and the icici bank limited being the lead bank has given no objection for shifting the registered office from the state of karnataka to the state of maharashtra .....