Court : Punjab and Haryana
Reported in : AIR1959P& H328
..... 186 of the indian companies act, where a call has been made by the directors before the liquidation of the company and when the date-for payment has passed, it becomes a debt like any other debt due from the share-holder of the company.if, later on, the company is wound up,- the debt, owed by the shareholder becomes an asset of the-company and it has to be realised by the liquidator. ..... under section 186(1) of the indian companies act of 1913'the court may, at any time after making a winding up order, make an order on any contributory for the time being settled on the list of contributaries, to pay, in the manner directed by the order, any money due from him or from the estate of the person whom he represents, to the company exclusive of any money payable by him or the estate by virtue of any call in pursuance of this act.'10. ..... 389:'i find that the custodian has no power to proceed against the applicant under section 48 qf the act for the recovery of the debts when the applicant objects to the recovery of those debts inter alia on the ground that the debts are barred by time'.the learned chief justice was of the view that sections 7 and 48 of the administration of evacuee property act, 1950, did not empower the custodian to revive remedies barred by limitation or to create ..... on 24-3-1954 the directors passed a resolution forfeiting the shares of the shareholders, who had not paid the call money, and they included the three respondents in these cases. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1969]39CompCas249(P& H)
..... the opinion of my lord that section 10 of the companies act, 1956, by its own force and effect, excludes by necessary implication jurisdiction of other courts in regard to matters provided by that act or that, in connexion with the exclusion of jurisdiction of other courts, the line of enquiry should be, not whether there is any provision besides section 10 ofthe act giving the company court exclusive jurisdiction in company matters but whether there is any ' otherwise ' provision in the act excluding the jurisdiction of the company court in matters falling under ..... on these allegations, he filed a suit in january, 1968, in the court of the subordinate judge, khanar, for a declaration to the effect that he was the director of the company entitled to all the privileges as to emoluments, attendance at the meetings and participation in the management of the affairs of the company, that the election held on december 30, 1967, by the general meeting of the shareholders was illegal, ultra vires and void and that the election of shiv kuinar gupta, defendant no. ..... thus, it would be seen that the plaintiff was not wanting any order for the regulation of the conduct of the company's affairs in future to be passed by the company court. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1973)75PLR558
..... one of the resolutions passed at the meeting was to convene an extraordinary general meeting of the company to be held on december 3, 1970, at 3 p.m. ..... in the present case, the appellant was a director and was removed by a resolution of the company as provided in section 284 of the companies act and it has not been shown how the resolution removing him from directorship was illegal. ..... the matter with regard to the validity of the transfer of shares is pending in this court in a petition filed under section 155 of the companies act and his removal from directorship was by the company in a general meeting held in accordance with section 284 of the companies act. ..... the appellant was thus removed by a resolution of the company under section 284 of the companies act.8. ..... we have gone through the petition and find that the entire case of the appellant depends on the validity of the transfer of shares effected on may 27, 1969, and november 7, 1970, in the meetings of the board of directors which have been challenged in the petition under section 155 of the companies act by the appellant's sister, mrs. ..... he has filed the petition under sections 397 and 398 of the companies act himself with the support of his mother without making his sister a party, while the petition under section 155 of the companies act has been filed by his sister, to which the appellant and his mother have not been made parties. ..... nageswara rao [1956] 26 comp cas 91 ; air 1956 sc 213 and mrs. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2006]133CompCas759(P& H); [2006]70SCL424(Punj& Har)
..... it would be relevant to mention here at this stage that under the provisions of section 192 of the companies act, 1956, a copy of every resolution taken in a meeting is required to be filed, within 30 days, before the registrar for registration. ..... in fact, his appointment was as a result of the resolution passed by psedpcl in their meeting held on april 29, 1996. ..... he submits that a perusal of the resolution dated may 29, 1996, passed by the board of directors in its 78th meeting appointing him as the managing director (annexure p3) and of the minutes of the 100th meeting by which the board of directors extended his term as managing director (annexure p4) would establish that no where the word 'contract' has been used. ..... it is further submitted that the impression being attempted to be given out by the petitioner to the effect that the resolution was managed to be approved by the three ex-officio government directors, is totally misconceived and false because the directors passed the resolution absolutely voluntarily and the same was duly ratified by all the directors on march 25, 2003. ..... but in the present case, the petitioner was directly handed over the termination order without even intimating the resolutions passed against him by which it had been decided that he could be removed by the addition of a new clause. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2000]101CompCas245(P& H)
..... of 1997 and the grant of stay by the division bench of the high court, the board of directors of the appellant-company passed a resolution to make reference to the board for industrial and financial reconstruction (hereinafter described as 'bifr') under section 15(1) of 1985 act to declare the appellant a sick undertaking. ..... he argued that in view of the prohibitive language used in section 22(1) of the act of 1985, which also contains a non obstante clause, the hearing of the company appeal must be adjourned sine die till the decision of the petition filed by the appellant before the ..... - (1) where, in respect of an industrial company, an inquiry under section 16 is pending or any scheme referred to under section 17 is under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under section 25 relating to an industrial company is pending, then, notwithstanding anything contained in the companies act, 1956 (1 of 1956), or any other law or the memorandum and articles of association of the industrial company or any other instrument having effect under the said act or other law, no proceeding for the winding up of the industrial company or for execution, distress or the like against ..... after issuing notice of the petition, the learned company judge granted three adjournments to the appellant-company on december 15, 1995, march 14, 1996, and may 16, 1997, in view of its undertaking that the amount due to the petitioner (respondent herein) will be .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2008)151PLR765
..... the provisions of the rdb act, 1993 confer exclusive jurisdiction in the tribunal and the recovery officer in respect 'of debts payable to banks and financial institutions and there can be no interference by the company court under section 442 read with section 537 or under section 446 of the companies act, 1956. ..... been moved invoking section 446 of the companies act, 1956 to seek a direction for protection of property of respondent no. ..... the provisions of the rdb act, 1993 are to the above extent inconsistent with the provisions of the companies act, 1956 and the latter act has to yield to the provisions of the former. ..... (3) whether after a winding up order is passed under section 446(1) of the companies act or a provisional liquidator is appointed, whether the company court can stay proceedings under the rdb act, transfer them to itself and also decide questions of liability, execution and priority under section 446(2) and (3) read with sections 529, 529a and 530 etc. ..... be necessary fully to identify the shares or securities in question; and(b) the bank or person in whose name or custody the shares or securities are held.the register kept under sub-section (7) shall be open to the inspection of any member or debenture holder of the company without charge, during business hours, subject to such reasonable restrictions as the company may, by its articles or in general meeting, impose, so that not less than two hours in each day are allowed for inspection. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2009]150CompCas834(P& H)
..... is not so much a matter of an academic exercise but an attempt to lay down specific guidelines for the official liquidator to follow before resorting to action under section 454(5) and (5a) of the companies act, 1956. ..... 'any persons without reasonable excuse', occurring under section 454(5) of the companies act in the context of the liability for submission and verification of the statement of affairs by 'one or more of the persons who are at the relevant date the directors and by the person who is at that date, the manager, secretary or chief officer, of company or by such of the persons' occurring under section 454(2) and urges that the act makes no distinction between various classes of directors ..... hada [2000] 4 comp lj 226 (p & h), it was held that the expression director in section 2(13) of the companies act made no distinction between a nominee director or other directors by simply asserting that he was a nominee director would not absolve ..... (iii) person who did not regularly attend to the meetings of the company and who by consecutive absence obtained vacation of their offices as such ..... . the andhra pradesh high court was dealing with the cases of winding up order that was passed on may 4, 2005 and there was evidence to show that some of the persons against whom notices have been issued had ceased to be directors with ..... ] 56 comp cas 380, was with reference to a director who did not attend the meetings of the board for more than three years prior to winding up of the court .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1966P& H44
..... , the head-note, which is based upon the body of the judgment, reads as under :'the object of enacting section 38 of the 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 this provision was not intended for settling controversies under several heads necessitating a ..... , but on appeal the matter was compromised seth shiv prasad thereafter with an ulterior motive and without notice to others got passed a special resolution amending the articles of association so as to include therein clauses enabling the forfeiture of fully paid up shares. ..... the petitioner refused to carry out her contractual obligations by paying the calls made thereon and allowed those shares to be forfeited, in respect of which a resolution was passed by the directors of the company on 9th november, 1947. ..... the special resolution allowing forfeiture, which was passed before the forfeiture, has also been assailed on the ground that it was got passed with ulterior motive and without notice to the petitioner. ..... passed an order that the particulars of fraud given by the petitioner were insufficient to amout to an averment of fraud of which notice could be taken. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2007)210CTR(P& H)215; [2008]303ITR279(P& H)
..... according to the learned counsel, the language of clause (b) of the proviso to section 205(1) of the companies act, 1956, has been clarified by hon'ble the supreme court by holding that it applies to those cases where the depreciation has been ..... question of law for the opinion of this court:whether on the facts and in the circumstances of the case, the tribunal was justified in holding that 'loss' mentioned in clause (b) of the first proviso to sub-section (1) of section 205 of the companies act, 1956 read with section 115j of the i.t. ..... are of the opinion that the term 'loss' as occurring in clause(b) of the proviso to section 205(1) of the companies act has to be understood and read as the amount arrived at after taking into account the depreciation ..... the significance of the formula prescribed in clause(b) of the proviso to section 205(1) of the companies act can well be demonstrated by two examples as given hereunder:example amount of profit/ ..... the explanation to sub-section (1) of section 115j gives the definition of the 'book profit' by incorporating the requirement of section 205 of the companies act in the computation of the ..... the section 205(b) of the companies act, referred to in above-said board's circular is for the purpose of declaration/payment ..... commissioner of income-tax (appeal) upheld the order passed by the assessing officer. ..... the application made by the assessee, seeking reference of various questions of law arising out of the order dated 31.12.1996 passed in i.t.a. no. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1975]98ITR517(P& H)
..... be profitable to refer to section 217 of the companies act, 1956. ..... in fact, the observations made by their lordships of the supreme court, after referring to sections 131(a) and 132 of the indian companies act, clearly show that when a reserve is being created, the directors should apply their mind ..... made to regulation 87 of table a of the first schedule to the companies act, 1956.'22. ..... to sections 131(a) and 132 of the indian companies act. ..... :'subject to the other provisions contained in this schedule, the capital of a company shall be the sum of the amounts, as on the first day of the previous year relevant to the assess'ment year, of its paid up share capital and of its reserves, if any, created under the proviso (b) to clause (vib) of sub-section (2) of section 10 of the indian income-tax act, 1922 (11 of 1922), or under sub-section (3) of section 34 of the income-tax act, 1961 (43 of 1961), and of its other reserves in so far ..... (1) there shall be attached to every balance-sheet laid before a company in general meeting, a report by its board of directors, with respect to- (a) the state of the company's affairs: (b) the amounts, if any, which it proposes to carry to any reserves in such balance-sheet; (c) the amount, if any, which it recommends should be paid by way of ..... by the resolution of the shareholders on the 3rd april, 1946,the amount was shortly afterwards distributed ..... thereafter, the income-tax officer passed a fresh order on 10th ..... the commissioner passed his order on 31st .....
Tag this Judgment!