Judgment Search Results Home > Cases Phrase: central silk board act 1948 section 8f constitution of seed certification agency Sorted by: old Court: company law board clb Page 1 of about 2 results (0.080 seconds)

Jagdishchandra Champaklal Vs. Deccan Paper Mills Co. Ltd. and

Court : Company Law Board CLB

Reported in : (1994)80CompCas159

..... [1985] 57 comp cas 700 (bom) and pointed out that the two-member bench of the bombay high court held that the definition of "securities" in section 2(h)(i) of the securities contracts (regulation) act, 1956, will only take in shares of a public limited company notwithstanding the use of the words "any incorporated company or other body corporate" in the definition.9 ..... the share certificates so lodged with the company constitute more than 30% of the paid-up share capital of the company and there is reasonable apprehension that if the said shares are transferred in favour of ..... the grounds/views stated in the resolution passed by the board of directors on november 14, 1987, the respondent-company has taken additional grounds for rejection of the request for transfer holding the sale of shares void because of contravention of the provisions of section 176 of the indian contract act and the provisions of sections 13 and 18 of the securities contractors (regulation) act, 1956. ..... section 13 states that "if the central government is satisfied, having regard to the nature or the volume of transactions in securities in any state or area, that it is necessary so to do, it may, by notification in the official gazette, declare this section to apply to such state or area, and thereupon every contract in such state or area which is entered into after the date of the notification otherwise than between members of a recognised stock exchange in such state or area ..... to the case of bengal silk mills co. .....

In Re: Urban Improvement Co. Pvt.

Court : Company Law Board CLB

Reported in : (1992)73CompCas107

..... while concluding his arguments, he submitted that in case this board decides to invoke the provisions of section 408 of the act, only three directors be appointed representing the plot-holders, the central government and the government of haryana.he was also not averse to any order that may be passed to protect the interest of the plot-holders and the ..... view of the foregoing, in exercise of the powers conferred on the company law board under sub-section (1) of section 408 of the act, we hereby direct that four persons be appointed by the central government on the board of directors of urban improvements company private limited for a further period of three years with effect from june 22, 1991, one of whom shall be the part-time chairman and will preside over the meetings of the board of directors. ..... the central government, in the department of company affairs, have made a reference dated april 23, 1991, under sub-section (1) of section 408, to this board to consider and decide the appointment of such number of government directors, and for such period as may be deemed fit to effectively safeguard the interest of the company, the plot-holders and public interest, inter alia, ..... in 1976, originally, the company law board had invoked its powers under section 408 of the act having regard to the various allegations against the management including its indifferent attitude towards development of the colony and diversion of funds through investment in and loans to its directors/sister .....

industrial Development Bank of Vs. Dunlop Investments Pvt. Ltd. and

Court : Company Law Board CLB

..... , the company, in its statement of objections, has also stated that it has preferred a writ petition before the hon'ble high court of karnataka challenging the constitutional validity of section 22a of the securities contracts (regulation) act, 1956, and the order dated april 2, 1991, passed^by this bench and the said writ petition has been admitted by issue of rule nisi on april 18, 1991 ..... ' justice were not followed by this bench while passing the order as they were not given any opportunity to represent their case.as some of the petitioners and other financial institutions were represented on the board of directors of the company through their nominee-directors which took the decision to refuse registration of transfer of the impugned shares, this bench in its order, observed that the financial institutions are themselves ..... by this bench does not affect the rights of the petitioners to sell" their holdings in the company, but a reference is required to be made to the company law board so that it can examine whether, by such disposal, there is any possibility of a substantial change in the controlling interest of the company and thereby effecting a change in ..... of their present holdings, in each case in small lots, through approved brokers without making a reference to the company law board, the industrial development bank of india, the industrial finance corporation of india and the industrial finance and investment corporation of india can sell shares of the company in bigger .....

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

Court : Company Law Board CLB

..... 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 collateral object. ..... matter with a prejudiced mind and wanted to perpetuate their own directorship and management of the company.referring to the written replies filed by the respondents pointing out various irregularities committed by the present board of directors relating to sale of movable property/assets of the company, the enforcement directorate's enquiries and show-cause notices issued and the company's application under the amnesty scheme of the foreign exchange regulation ..... transfer of the shares was refused earlier on the ground that the transfer certificate was incomplete and did not contain the date of execution. ..... to 14 constituting group iii ..... respect of 3 shares lodged by mechno sales agencies pvt. ..... respondent-bank has lodged 2,42,112 (11.2%) shares for registration in the name of hongkong bank (agency) pvt. ..... hongkong and shanghai banking corporation had lodged for transfer of 2,42,112 equity shares (11.39%) in favour of their subsidiary hongkong bank (agency) pvt. ..... 14 involving 49 shares lodged by mechano sales agencies pvt. .....

Yashovardhan Saboo Vs. Groz-beckert Saboo Ltd. and ors.

Court : Company Law Board CLB

Reported in : (1995)83CompCas371

..... the contrary, objections raised by the auditors about applicability of article 105 and disclosure under section 297 of the companies act were taken up by the board of directors and they persuaded the auditors to drop them as in the opinion of the ..... it has been contended by the petitioner that though gb has given from time to time chartered accountant's certificates that the prices charged were on the basis of cost plus "reasonable profit", there is no quantification of this profit and the respondents had ..... in the context of issues like maintainability, application of the principles of partnership to a limited company, what constitutes oppression, the nature of the powers of the bench under section 397/398 and the type of the reliefs that can be given, both the petitioner and the respondents have referred to the decisions in various court cases.the petitioner relied ..... it is further pointed out that the saboo group's very reasonable proposal that a clarification be sought from the central government regarding the applicability or otherwise of section 297 in order to protect the company and its directors from any likely proceedings, was defeated by the gb group by exercise ..... satisfactory to the exim bank to the effect that gb will buy back up to 20 million needles per annum from the company at a minimum average price of dm 165 per 1,000 needles excluding agency commission payable, if any, and the price will be increased corresponding to the increase in the price of the raw material. .....

Hemant D. Vakil and ors. Vs. Rdi Print and Publishing Pvt. Ltd.

Court : Company Law Board CLB

Reported in : (1995)84CompCas838

..... invest these amounts was taken by s/shri mody, gore and ukidave though they and their family members together had substantial controlling interest in these companies and non-disclosure of these investments to the board of directors of rdil ; (ii) inconsistencies in the debenture certificate of aryagene, in respect of the nature of security, amount and rate of interest and date of allotment of debentures as revealed in the documents filed before us and wrong entries in the investment register of ..... mody as alternate director to shri fernandas under article 128 of the articles of association in violation of the provisions of section 313 of the companies act by giving incorrect information to shri fernandes, by a circular resolution and failing in their attempt in the board meeting of april 6, 1992, to appoint him as the alternate director ; (iv) preparation of incorrect and wrong minutes of the meetings of the board of directors held on march 17, 1992, and april 6, 1992, in which attempt was made to appoint s/shri ..... part of the petition as well as arguments advanced by counsel for the petitioner relates to the establishment of a chain of acts and linking them together, to constitute a conspiracy and to substantiate allegations of lack of transparency, probity and fairness in the acts committed by the respondents to gain a majority control and which are prejudicial to the interests of the company and the shareholders. ..... then referred to the various court decisions in bellador silk ltd. .....

Citi Bank Na Vs. Power Grid Corporation of India

Court : Company Law Board CLB

Reported in : (1995)83CompCas454

..... the company law board has become a quasi-judicial body, the powers conferred on the central government cannot be construed as available to the company law board and as such the delay in filing the petition cannot be condoned by the company law board under the provisions of section 637b of the act.8. ..... therefore, according to shri sorabjee the contention that this petition is not maintainable on the basis of the law of limitation is not tenable and the petition is definitely maintainable.in regard to the applicability of section 111, in the case of letters of allotment, shri sorabjee submitted that letters of allotment are as good as bonds and the same are tradable till such time the bonds are issued in place of ..... 42 comp cas 569 ; [1972] tax lr 2192 (headnote of tax lr) : "a transferee, therefore, on the basis of the blank transfer and share certificates issued to the transferor has no right to impeach the forfeiture of the shares without being registered as the owner of the shares in the books of the company ..... shri shanti bhushan argued that, in a literal sense, the high courts could not have and should not have dealt with matters relating to transfers under section 155, he felt that the courts did deal with these matters only perhaps because they were superior courts and also constituted the appeal courts from orders of the company law board. ..... (at page 11) : " the rules of interpretation are not rules of law ; they are mere aids to construction and constitute some broad pointers. .....

A.V. Sampat, Official Liquidator Vs. Dunlop India Ltd. and anr.

Court : Company Law Board CLB

Reported in : (1996)87CompCas398

..... central government exercises judicial powers of the state to adjudicate upon rights of the parties in civil matters when there is a lis between the contesting parties, the conclusion was that it acts as a tribunal and not as an executive body.hence, the central government in exercising appellate powers under section 111 of the companies act, 1956, is a tribunal exercising judicial functions and is, therefore, subject to the appellate jurisdiction of the supreme court under article 136 of the constitution ..... 387 ; air 1961 sc 1669, wherein while comparing the provisions of the erstwhile sections 111 and 155, the supreme court held that the restrictions which are applicable in the exercise of the powers of the court also apply to the exercise of the appellate power by the central government (now the company law board).therefore, he stated that if an application for rectification should be barred after three ..... tribunal is a court or not with reference to the context in which the word court is used, this being so in the present case, we have to consider whether the company law board is a court or not in the context of the limitation act, 1963.since the pronouncement of the supreme court on this issue is amply clear as reflected in the two judgments cited above specifically on the applicability of article 137 to tribunals other than ..... , that the registration could be made only in the name of the person who has submitted the transfer deed in his favour along with the share certificates. .....

Tracstar Investments Limited and Vs. Gordon Woodroffe Limited and ors.

Court : Company Law Board CLB

Reported in : (1996)87CompCas941

..... comp cas 583 (bom); [1994] 2 comp lj 407, has prescribed a test and has stated as follows (at page 596) : "if the question arises as to whether a major capital asset of the company constitutes the undertaking of the company while examining the authority of the board to dispose of the same without the authority of the general body, the test to be applied would be to see whether the business of the company could be carried on effectively even after disposal of the ..... (4) whether the sale of shares of sspl is deemed to be the sale of the undertaking (5) whether gwl has violated the provisions of section 84(2) of the act and the companies (issue of share certificates) rules, 1960 (6) whether the removal of the name of sspl and consequent entry of the names of respondents nos. ..... from the replies filed, it is seen that the sequence of events relating to registration of transfer of impugned shares is as follows : on june 2, 1994, the board of directors of sspl passed a resolution to seek duplicate certificates in respect of the impugned shares from gwl on the ground that the original certificates had been lost as they had been illegally removed from the custody of sspl, sub-dividing these 5 lakhs shares into 3 lots of 1.75 lakhs, 1.75 lakhs and ..... even though in the resolution dated june 8, 1994, a letter from gordon woodroffe agencies private limited dated june 1, 1994, was reported to have been placed, this was not reflected in june 2, 1994, resolution to indicate ..... woollen and silk mills co .....

In Re: Thapar Agro Mills Ltd.

Court : Company Law Board CLB

Reported in : (1998)93CompCas170

..... in addition to sub-section (3a), the amendment act, 1988 , also introduced sub-sections (9) and (10) to empower the company law board to take cognizance of any case of non-repayment of deposits on maturity and to direct the company to make repayment of such deposits within such time and subject to such conditions as may be ..... also did not make any comments with regard to the compliance with section 58a of the act in his report on the accounts for the year ended june 30, 1995 ..... a period of time the total number of petitions received under section 58a(9) of the companies act, 1956 (hereinafter called "the act"), has swelled to 1029 in respect of fixed deposits amounting ..... the company law board has, therefore, been invoked under section 58a(9) of the act by the aggrieved ..... company was also liable to deduct income-tax at source from such dividend as per the income-tax act, 1961, and has failed to deposit the same with the tax authorities, (iv) the company was liable ..... thereafter, the companies (amendment) act, 1988, introduced sub-section (3a) to provide that "every deposit accepted by a company after the commencement of the companies (amendment) act, 1988, shall unless renewed be repaid in accordance with the terms and ..... all the deposits in respect of which applications are submitted to the company law board will be extended by a further period of two years and immediately on the expiry of two years from the date of maturity, they shall be repaid in ..... fixed deposits constitute hardly 25 .....