Court : Karnataka
Decided on : Feb-13-2003
Reported in : [2003]116CompCas413(Kar); (2003)4CompLJ13(Karn); [2003]43SCL186(Kar)
..... creditors by three-fourths majority present and voting and therefore the legal requirement of section 391(1) of the act has been complied with, elaborating the contention, he submitted, insofar as the secured creditors are concerned, for the purpose of three-fourths majority what is to be taken into consideration is the ..... generally the end-users of the company's products. the other factors which lead to the decline in profitability are high level of debt, excess labour force and high employee cost, high interest cost, high level of receivables, continuing large losses, continuing poor financial situation and threat of legal cases from creditors/ ..... of the company, to reduce outside liabilities on manufacturing operations, rationalise the debt burden on manufacturing units to long term sustaining level, rationalise the work force and bring the employee cost in line with the industry norms, restore bank ability of business units and achieve long term viability under given economic and .....
Tag this Judgment!Court : Karnataka
Decided on : Feb-17-2003
Reported in : (2003)180CTR(Kar)412; [2003]261ITR15(KAR); [2003]261ITR15(Karn)
..... the supreme court has observed as follows :'it will be observed that we are here concerned with two datum lines : (1) the april 1, 1940, when the act came into force, and (2) the april 1, 1939, which is the date mentioned in the amended proviso. the first question to be answered is whether these dates are to ..... 'the iti'). it is claimed by the beml officers' guild and also by the iti officers' association in these petitions that the associations have been constituted to secure and safeguard the legitimate, legal rights and privileges of its members.4. the petitioner in writ petition no. 8253 of 2002 is the all india state bank officers ..... petitioners have failed to show by placing necessary materials that all of them are similar, identically situated without there being any difference whatsoever. further, i find considerable force in the submission of sri sheshachala that rule 3(1) of the rules has prescribed rate of rent-free accommodation of central and state government employees in terms .....
Tag this Judgment!Court : Karnataka
Decided on : Aug-06-2003
Reported in : ILR2003KAR4678
..... any authority in exercise of its powers under any law for the time being in force;' 51. sub-clauses (ii) & (iii) of the explanation make it very clear that the board need not secure prior permission from the planning authority under the planning act before erecting high tension towers and laying wires, because, the above work is ..... nature, drawing of such line tantamounts to a 'development' within the meaning of section 2(1)(c) of the planning act, read with sections 14 and 76m thereof and since the company did not secure permission from the planning authority to erect high tension towers, the entire work done by the company is rendered illegal and ..... entitle the appellants- petitioners to seek mandamus to the board not to do right thing in conformity with the provisions of the indian electricity act, 1910, the supply act and the indian telegraph act, 1885.20. we find force in the contention of learned senior counsel. the revised scheme prepared by the kptcl under section 28 of the supply .....
Tag this Judgment!Court : Karnataka
Decided on : Mar-26-2003
Reported in : 2003(5)KarLJ164
..... the properties of the industrial concern and its surety is therefore impermissible. we therefore hold that section 29(1) of the act does not empower a financial corporation of sell or lease the property secured by a surety in its favour.22. we are fortified in our view by the decision of the supreme court in ..... no. 22, subedar chatram road, bangalore and house no. 49, house list khata no. 100a, mannarayana palya, cholanayakanahalli village, kasaba hobli, bangalore north taluk, as collateral security in favour of ksfc, as guarantors for repayment of the amounts advanced to a.p. rocks private limited. as the borrower committed default, ksfc passed an order dated 20- ..... principle a guarantor could be sued without suing the principal debtor, there is no reason, even if the decretal amount is covered by a mortgage decree, to force the decree-holder to proceed against the mortgaged property first and then to proceed against the guarantor.15. in view of the above position, the second contention .....
Tag this Judgment!Court : Karnataka
Decided on : Dec-17-2003
Reported in : 2004ACJ1289
..... vehicle involved in the accident not being known, the persons affected cannot prefer any claims for compensation. it is, therefore, considered necessary to amend the act suitably to secure strict enforcement of road safety measures and also to make, as a measure of social justice, suitable provisions, first, for compensation without proof of fault ..... 163-a. special provisions as to payment of compensation on structured formula basis.--(1) notwithstanding anything contained in this act or in any other law for the time being in force or instrument having the force of law, the owner of the motor vehicle or the authorised insurer shall be liable to pay in the ..... year 1994. the statement of objects and reasons for the introduction of the said provisions read as under:'(2) after the coming into force of the motor vehicles act, 1988, government received a number of representations and suggestions from the state governments, transport operators and members of public regarding the inconvenience faced .....
Tag this Judgment!Court : Karnataka
Decided on : Mar-26-2003
Reported in : AIR2004Kant46; I(2004)BC49; ILR2003KAR3344; [2004]52SCL370(Kar)
..... provisions of the actindicating that only property or assets of the industrial concerncan be mortgaged or hypothecated. it should be possible for theindustrial concern to arrange to secure hypothecation or mortgageof assets belonging to well wishers who are prepared to assistthe concern. that is why the provision (section 25) does notindicate that assets mortgaged ..... the properties of the industrial concern and its surety is therefore impermissible. we therefore hold that section 29(1) of the act does not empower a financial corporation of sell or lease the property secured by a surety in its favour.22. we are fortified in our view by the decision of the supreme court in ..... a guarantor could be sued without suing the principle debtor, there is no reason, even if the decretal amount is covered by a mortgage decree, to force the decree holder to proceed against the mortgaged property first and then to proceed against the guarantor.15. in view of the above position, the second contention .....
Tag this Judgment!Court : Karnataka
Decided on : Nov-20-2003
Reported in : ILR2004KAR1245
..... . in sub-sections (3) and (5) 'service qualification' means - a. being a member of the armed forces of the union ,or b. being member of a force to which the provisions of the army act, 1950 (46 of 1950), have been made applicable whether with or without modifications; or c. being a member of ..... 470 wherein it is held, the provisions of the town and country planning act are not in pari materia with the housing act. 40. the fera act 1973 has been passed by the parliament for regulating the payments, dealing in foreign exchange and securities indirectly affecting foreign exchange, import and export of currencies, for the conservation ..... of foreign exchange etc. the act mainly deals with the economic aspect. similarly , the fema act, 1999 has been passed to consolidate and maintaining law relating to foreign .....
Tag this Judgment!Court : Karnataka
Decided on : Dec-17-2003
Reported in : II(2005)ACC591
..... vehicle involved in the accident not being known, the persons affected cannot prefer any claims for compensation. it is therefore considered necessary to amend the act suitably to secure strict enforcement of road safety measures and also to make, as a measure of social justice suitable provisions, first, for compensation without proof of fault ..... extenso.163a. special provisions as to payment of compensation on structured formula basis.--(1) notwithstanding anything contained in this act or in any other law for the time being in force or instrument having the force of law, the owner of the motor vehicle or the authorised insurer shall be liable to pay in the ..... year 1994. the statement of objects and reasons for the introduction of the said provisions read as under:2. after the coming into force of the motor vehicles act, 1988, government received a number of representations and suggestions from the state governments, transport operators and members of public regarding the inconvenience faced .....
Tag this Judgment!Court : Karnataka
Decided on : Feb-25-2003
Reported in : ILR2004KAR536; 2003(5)KarLJ466
..... stores and to incur other contingent expenditures; to draw, accept, endorse and negotiate bills of exchange and endorse, sell, transfer or otherwise deal with shares and government securities and to exercise all other incidental and subsidiary powers which go with the office held by him. of course, the managing director is entitled to exercise all those ..... mehta v. union of india : [1987]1scr819 .the legal right of an individual may be founded upon a contract or a statute or an instrument having the force of law. for a public law remedy enforceable under article 226 of the constitution, the actions of the authority need to fall in the realm of public law -- ..... as a settlement arrived between the parties in the process of conciliation envisaged under the industrial disputes act, 1947 or any other statute in view of our finding that the first respondent is a 'state'. we, however, also find some force in the contention of sri jayakumar patil that in the premise of important powers conferred on .....
Tag this Judgment!Court : Karnataka
Decided on : Feb-20-2003
Reported in : AIR2004Kant105; ILR2004KAR4068
..... sister's husband. the revenue records, however, continued to be in the name of the plaintiff. it is said that in the year 1986, the defendant tried to secure mutation of his name in the revenue records. the plaintiff, on coming to know about fraud and fabrication of records, challenged the orders of mutation before revenue appellate ..... whom the executant acknowledged the execution and was duly identified. as held in (1907) 9 bom lr 401, thama v. govind, sections 58, 9 and 60, registration act, provide that the facts mentioned in the endorsement may be proved by those endorsements, provided the provisions of s. 60 have been complied with. the facts in ilr 55 ..... registration has been considered by this court in (1907) 9 bom lr 401, thama v. govind, where it was held that ss. 58, 59 and 60, registration act provide that the facts mentioned in the endorsement may be proved by those endorsements, provided the provisions of s. 60 have been complied with. the endorsement of the sub-registrar .....
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