Court : Punjab and Haryana
Reported in : AIR1956P& H210
..... a preliminary objection was raised on behalf of the accused, and it was that under the companies act a complaint of this type by a private individual was not competent, as under the regulations made by the appropriate government under section 248, sub-section (2) indian companies act the registrar of joint stock companies, or a person duly authorised by him, were the only persons competent to lay a complaint. ..... a complaint by a private person like the present complaint is not competent under the indian companies act.recommendation i direct, therefore, that the record of this case be forwarded to the high court with recommendation that the proceedings pending in the court ol the learned magistrate be quashed.khosla, j.a criminal complaint by the respondent massey was filed under sections 31, 31a and 36, indian companies act against the all india anglo-indian association, its president frank anthony and ..... offences under any law other than the indian penal code are to be investigated, enquired into, and tried according to the manner provided in that special law, and since a regulation has been made under section 248, indian companies act authorizing the registrar of joint stock companies, or a person authorized by that officer, to file complaints and launch prosecutions under the indian cpmp. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1956P& H1
..... not relate to offences relating to companies and that all the offencs under the companies act are non-cognizable and, therefore, the first information report could not be lodged with the police.it was also argued that investigation under the companies act can be made while the company is a going concern under section 137, companies act but once the company goes into liquidation then section 137 automatically ceases to be applicable ..... was dismissed 'in limine' by a division bench of this court in september 1952.soon after the voluntary liquidator made an application under sections 153 and 153a, companies act for sanction of a scheme and when it had been sanctioned the liquidator transferred all the assets and liabilities of the company as well as its books to a new concern, asian udyog limited, which in the course of arguments was described as one ..... argued that in any case the registrar and other authorities concerned had not taken proper proceedings under sections 137 to 141a, indian companies act and the proceedings taken were irregular in law.this court, however, dismissed the petition and rejected ..... it is true that numberof questions of law have been argued in this caseinvolving construction of various sections of theindian companies act, criminal procedure codeand the indian penal code, but by itself this isnot sufficient, as conceded by the learned counsel for the petitioners, to warrant ..... in the meeting held on 13-6-1952 the company resolved by a special resolution that it be .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1961P& H87
..... the petition was not maintainable under sections 430 and 438 of the companies act and in view of the provisions of section 647 of the companies act, 1956, and of the decision of the full bench referred to above, sections 436 and 438 did not apply to the companies which were being wound up when the companies act of 1956 came into force.the second objection was that under section 2(6) and section 53 of the insurance act of 1938 the jurisdiction to wind up an insurance company vested only in the court of the district ..... the winding up proceedings in this case after the passing of the winding up order by the district judge on 20th of may, 1955, were sent to this court under the following circumstances :the district judge, delhi, sent a communication dated 9th of march, 1956, to the high court stating that in view of the provisions of section 10 of the companies act, 1956, if it was desired that the district judge, delhi, should have jurisdiction, the central government might be moved to issue the appropriate notification .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1962P& H433; [1963]33CompCas1043(P& H)
..... avasthy raised an objection which was of a preliminary character, he contended on behalf of his clients that proceedings under section 45-h of the banking companies act were not competent because the condition precedent was that an application is made to the high court under section 543 of the companies act, 1956 against directors and other persons specified therein. mr. ..... (9) the present petition is now under section 543 of the companies act, 1956, on behalf of the first national bank limited, in liquidation, through the official liquidator and is against eight respondents. ..... but, in order to obviate the objection raised by the respondent, he prayed that the heading of the petition may be allowed to be amended by inserting section 543 of the companies act, 1956, as well. ..... by way or abundant caution, i allow the official liquidator to amend the plaint by indicating in the heading that it is also under section 543 of the indian companies act, 1956. ..... on 27th december, 1955, the board of directors had passed a resolution that a compromise be effected and the machinery sold to p. c. ..... 2, 3 and 5 may wish to lead on their behalf with a view to meet the petitioner's case under section 543 of the companies act will be recorded. ..... (on the application coming on for hearing on the adjourned date the court passed the following order:-) (8) my order dated april 28, 1961, may be read as part of this order. ..... i therefore, adjourn this case to 21st july, 1961, when such evidence as respondents nos. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1962P& H101; [1962]32CompCas125(P& H)
..... companies act and on that petition the court had directed their public examination under section 478 of the companies act, 1956, read with section 45g of the banking companies act ..... (27) in air 1961 sc 29, the previous decisions of the supreme court had been reviewed and it was held that when a person is called upon under sec.240 of the companies act, 1956, to give evidence and to produce documents, he cannot be said to be a person who is accused of any offence as required by article 20(3), and, therefore, the provisions of sec.240 do not offend against the fundamental rights guaranteed ..... august,1960, was fixed for recording the evidence for the respondent, and on that day this application (l.m.89 of 1960) was made praying for the adjournment of the proceedings in c.o.38 of 1956 till after the decision of the criminal case pending against the respondent. ..... a brief reference to their ancestry and the historic process through which they passed, and their recognition and development in recent times in the countries of their origin and adoption, will be ..... ordinance no.38 of 1944 was passed with the object of securing the return to the government of the money or property in question on the conclusion of the criminal case if it results in the conviction of the accused.the district judge acting under the ordinance had passed an interim order to the effect that the property mentioned in the schedule be attached and consequently a notice was issued to the petitioner and others for appearance .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1961P& H550; [1961]31CompCas333(P& H)
..... the reason for this omission is that section 392 of the companies act, 1956, had incorporated section 45-k of the banking companies act which is in ipsissima verba. ..... where a high court makes an order under section 391 of the companies act, 1956, sanctioning 3 compromise or arrangement in respect of a banking company, it shall have power to supervise the carrying out of the compromise or arrangement and may at the time of making such order or at any time thereafter give such directions in regard to any matter or make such modifications in the ..... avasthy, learned counsel for the bank has next drawn my attention to section 37 of the banking companies act which provides that the high court may on the application of a banking company which is temporarily unable to meet its obligations, make an order staying commencement or continuance of all actions and proceedings against the company for a fixed period of time on such terms and conditions as it shall think fit and proper. ..... i am, therefore, satisfied that this court has jurisdiction to entertain the petition and to pass appropriate order in view of the provisions of section 392 of the companies act read with section 391.7. ..... in this petition, it was prayed that the petitioner-bank may be allowed to settle list of its debtors in respect of various amounts shown due from them and payment orders should be passed against the respondents. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1986]59CompCas279(P& H)
..... 304):' the object of enacting section 38 of the indian companies act of 1913, which is analogous to section 155 of the companies act of 1956, was to provide a summary remedy in non-controversial matters or in matters where a quick decision was necessary in order to obviate an irreparable injury to a party ..... is a petition under section 155 of the companies act, 1956, for rectification of the register of shareholders of the respondent company.2. ..... the following preliminary issue :' whether the petition is liable to be dismissed as it involves disputed questions of fact which cannot be decided in summary proceedings under section 155 of the companies act, 1956 ?'9. ..... as he then was, observed that the law seems to be well-settled that the remedy provided in section 155 of the companies act is summary. ..... of 58 comp cas):' as a result of the aforesaid discussion, i find no escape from the conclusion that the scope of enquiry under section 155 of the act is of a summary nature and that the company court may refuse and decline to grant the discretionary relief where serious disputes and complicated questions are involved.'12. ..... company later transferred the shares of the petitioner in the names of karam singh and ujagar singh without obtaining his signatures on the transfer form which is essential under the provisions of the companies act. ..... is next averred that the matter involves complicated questions of law and fact and, therefore, a petition under section 155 of the act is not maintainable. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2005]124CompCas201(P& H); (2004)4CompLJ288(P& H); [2004]55SCL165(Punj& Har)
..... under the employees provident fund and miscellaneous provisions act, 1952;(v) under which deposits are accepted under section 58a of the companies act, 1956;(vi) under which deposits are accepted by a company declared as a nidhi or a mutual benefit society under section 620a of the companies act, 1956;(vii) falling within the meaning of chit business as defined in clause (d) of section 2 of the chit fund act, 1982;(viii) under which contributions made ..... in the statement of objects and reasons while introducing the 1974 amendment act which incorporated section 58a in the companies act, it was designed to meet cases of abuse or distortion of system, which have, of ..... there can be no doubt that the jurisdiction conferred by that article on a high court is with respect to the location or residence of the person or authority passing the order and there can be no question of introducing the concept of the place where the order is to have effect in order to determine which high ..... the directions contained in the impugned order from chandigarh.secondly, in the event of winding-up of the petitioner-company, this court alone, would have jurisdiction to adjudicate upon the issue, since the registered office of the pgfl is located at chandigarh.thirdly, approximately 191.50 acres of land sold by the pgfl is located in the state of punjab, and about 169.09 acres ..... the board'), was established in 1988 through a government of india resolution to promote orderly and healthy growth of the security markets .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1950]18ITR951(P& H)
..... 1943, the official liquidator asked the income-tax officer to make a claim, but the latter sent a demand notice and took proceedings under section 46 of the income-tax act and the official liquidator made an application under sections 171, 228 and 232 of the companies act and the allahabad high court restrained the income-tax officer and the collector from proceeding further, but left the income-tax officer free ..... on 25th march, 1949, because of a certificate sent by the income-tax officer under section 46 of the income-tax act, the authorities attached the property of the company and fixed 6th april, 1949, for sale, and then on 1st april, 1949, john vasica on behalf of the company asked for and obtained stay of sale and during the period of stay a resolution for voluntary liquidation was passed, i.e. ..... customs authorities was not outside revenue or collection of revenue, and until the applicant had exhausted his right of appeal under sections 188 and 191 the court will not interfere by way of mandamus and this in spite of the fact that the assessment of duty was not warranted by any provisions of the act.these cases all go to show that even where the order of the collector in the matter of collection is not ..... a notice had not been sent out convening a meeting of the company for 6th march for the passing of a resolution for voluntary liquidation of the company on the ground of inability to pay the debts ..... interim order continued and the application is adjourned till 11th august, 1949. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1954P& H21; [1954]24CompCas58(P& H)
..... banerjee', 54 cal wn 710 (e), where a distinction was drawn between suspension of limitation and its interruption, and it was held that in computing the period of limitation if time expired within or after this perio_d of one year provided by section 45f, indian banking companies act that year should be excluded but where time has already run out before this period of one year there was no revival of the cause of action. ..... was made for the winding up of a banking company if it refuses to meet a lawful demand at one of its offices or branches within two working days, if such demand is made at a place where there is an office or branch or within five working days if such demand is made at any other place.section 38(2) of the act of 1949 authorises the reserve bank to apply for the liquidation of a banking company if it appears from the results of an inspection under section 35 of the act of 1949 that its affairs are being conducted ..... if so, the order passed by the court under section 221 of the act shall for the purposes of section 45f of the act of 1949 be deemed to be an order of the court for the winding up of the company by the court. ..... section 221 of the act reads:'when a company has by special or extraordinary resolution resolved to wind up voluntarily, the court may make an order that the voluntary winding up shall continue, but subject to such supervision of the court, and with such liberty for creditors, contri-butories, or others to apply to .....
Tag this Judgment!