Judgment Search Results Home > Cases Phrase: companies act 1956 section 581r powers and functions ofboard Court: chennai Page 1 of about 288 results (0.133 seconds)

Brahmayya and Co. Official Liquidators, Hanuman Bank Ltd. (In Liquidat ...

Court : Chennai

Reported in : AIR1966Mad247

..... 543 of the companies act, 1956, which specifically refer to breach of trust and provide a period of limitation ..... 543(3) of the companies act, 1956 and s. ..... 235 of the companies act of 1913 and the correspond-section 532 (sic) of the present companies act it has been held in the above decision in : (1958)2mlj167 and in the decisions of other high courts that they cannot be continued against the representatives of a director or other officer against whom they were initiated in case he died during the pendency of the proceedings and it is not open to me to question the correctness of the above decision of this court.in official liquidators v ..... 165 of the english companies act of 1862, and that having regard to the decisions both under the english and the indian law misfeasance proceedings under the said section are of a special nature and are available only against the persons expressly mentioned therein as the persons whose conduct may be investigated into by the court on an application made pursuant to that section and that the misfeasance proceedings taken against the persons mentioned in that section cannot be continued on their death ..... swaminatha iyer, as a member of the managing committee, had large powers of management and control vested in him over the moneys of the bank and that he was liable for misappropriation of such moneys. ..... brown, 1869 8 eq cas 381, directors were held liable for unauthorised investments which are ultra vires of their powers on the basis of breach of trust. .....

Assistant Registrar of Companies Vs. Premier Synthetics Pvt. Ltd. and ...

Court : Chennai

Reported in : [1997]89CompCas732(Mad); 1997(1)CTC382

..... hereinafter referred to as the complainant in this order, had filed 32 complaints against various companies alleging that some of them have violate section 159 of the companies act and some of them have violated section 220 of the companies act; both offences are punishable under section 162 of the companies act. ..... the view of the learned magistrate that the offences under sections 159 and 220 of the companies act, are not continuing offences and once an offence is done it is completed for all practicable purposes on that day itself, is opposed to at least ..... various other high courts, some holding that the offences under sections 159 and 220 of the companies act are continuing offences and some holding the contra view. ..... some of the complaints relate to violation of section 159 of the companies act and some of the cases relate to violation of section 220 of the companies act. ..... section 159 of the companies act is also made punishable under section 162 of the companies act ..... section 220 of the companies act is made punishable in section 162 of the companies act ..... these cases is the assistant registrar of companies, tamil nadu, and the respondents in each case are different ..... of law, as evidenced by a catena of decisions, as referred to above, i thought it fit to dispense with notice to the respondents in the criminal revision petition and on my direction counsel for the revision petitioner filed an affidavit supported by a petition to dispense with notice to the respondents in these cases. .....

Ramakrishna Raja Vs. Registrar of Companies

Court : Chennai

Reported in : [2005]123CompCas319(Mad)

..... is under section 63 of the companies act, 1956. in ..... against the accused is on the same set of facts for offences said to have been committed under section 62(1) of the companies act on the ground that the statement made by the company referred to above was false and the same was made with an intent to defraud the public to whom the shares and debentures were offered.6. ..... 603 of 2002, the allegation is that the petitioner has committed an offence punishable under section 63(1) of the companies act for the reason that the company had issued a prospectus dated december 22, 1995, filed with the complainant on december 2, 1995, in respect of a public issue of ..... the said prospectus to the effect that it will be implementing projects for investment in bank including bought out deals and future projects in the next three years as issued by the company under the heading 'profitability projections', but the company did not take any steps to implement the projects referred to in the prospectus and had thus failed to fulfil the promises made by it to the public while offering shares though the prospectus issued ..... as per section 45 an election agent is to perform only such functions as are authorised by or under the rpa in ..... has resigned from the directorship of the company on august 12, 1996, (ii) he has issued power of attorney in favour of one ..... has signed as power of attorney of ..... fifth accused has given a power of attorney in favour of ..... the petitioner has executed the power of attorney. .....

Cheran Group of Companies Vs. State of Tamil Nadu and Others

Court : Chennai

Reported in : [1999]97CompCas478(Mad)

..... under 16 is pending or any scheme referred to under 17 is under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under 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 proceedings for the winding up of the industrial company or for execution, distress or the like against any of the properties of the industrial ..... - (1) with effect from such date as the central government, may, by notification, appoint, there shall be established a board to be known as the 'board for industrial and financial reconstruction' to exercise the jurisdiction and powers and discharge the functions and duties conferred or imposed on the board by or under this act. ..... herein, was not functioning since october, 1996, and consequently 1,200 workers were rendered jobless since the existing management of the third respondent has reported that they had finally made certain financial arrangements and hence have approached the government to hold talks in that regard, and, therefore, the ninth respondent, namely, the chief conciliation officer of the state, by exercising powers under s 11 and 12 of the industrial disputes act, initiated conciliation proceedings, and hence, the ninth .....

T.G. Krishnamurthy Vs. the Assistant Registrar of Companies

Court : Chennai

Reported in : [2009]148CompCas226(Mad)

..... it is further averred in the complaint that the balance sheet and profit and loss account pertaining to the first accused company for the financial years 1991 to 2000 respectively, have not been filed and thereby the statutory requirements contemplated under section 220 of the companies act 1956 have been violated. ..... kumaresan, learned senior central government standing counsel would submit that as per section 162 of the companies act, if a company fails to comply with any of the provisions contained in section 159, 160 or 161, the company and the every officer of the company who is in default, shall be punishable with a fine which may extend to rs. ..... 2, in his capacity as the managing director of the first accused company, having not chosen to comply with it and as per section 162 of the companies act, every officer of the company who is in default, shall be punishable with a fine which may extend to rs. ..... the view of the learned magistrate that the offences under section 159 and 200 of the companies act, are not continuing offences and one an offence is done it is completed for all practicable purposes on that day itself, is opposed to atleast three rulings of this court. ..... but in the case on hand as per section 162 of the companies act, if a company and every officer of the company failed to comply with any of the provisions contained in sections 159, 160 or 161, 162(1) they shall be punishable with a fine which may extend to rs. .....

M.K. Ranganathan and anr. Vs. Govt. of Madras, Represented by the Secr ...

Court : Chennai

Reported in : AIR1955Mad331

..... the debenture-holders had taken possession of the security and said: in my judgment, sub-section 4(b) of section 264 (corres-i ponding to section 230(2)(b), indian companies act) only operates if at the moment of the winding up there is still floating a charge created by thecompany and it only/gives the preferential creditors a priority over the claims of the debenture holders in any property which at that moment of time is comprised in or subject to that charge. ..... it was sought to be argued on the basis of this difference in language that there was a real difference in the content of the provisions of india, as contrasted with that in england and that whatever be the law in england, any sale by a mortgagee even if outside court was within the mischief of section 232, indian companies act and would be avoided, unless the sale were held with the sanction of court. ..... position that no leave of court was needed before the receiver appointed by the mortgagee debenture holders exercised the power of sale and that as there is no allegation of want of 'bona fides' or recklessness or, fraud against the receiver in exercising such a power, it would follow that the sale held by the receiver is valid and effectual to convey title to the purchaser and that such a sale cannot be avoided on the ground either of want of due notice given by the receiver before effecting ..... brookes was functioning here as a receiver appointed by the debenture-holders. .....

Usv Limited Vs. Systopic Laboratories Limited and anr.

Court : Chennai

Reported in : 2003(27)PTC203(Mad)

..... the only other statutory provision was held to be that in section 148 of the companies act which is similar to section 51 of the companies act, 1956. ..... it was contended before the supreme court that the definition of an officer given in the companies act is an artificial definition and only for the purpose of the companies act and not for the code of civil procedure. ..... the supreme court observed that, 'that appellate court did not accept this contention and was of the opinion that the definition of an officer given in the companies act can also be utilised for the purpose of the code of civil procedure, and we think that that view is correct. ..... merely because the proceedings do not arise under the companies act, the applicant cannot be excused for not giving the registered office of the corporation which is sought to be sued and which was within the applicant's knowledge. ..... the learned senior counsel would submit that the provisions regarding the registered address of the corporation would apply only to proceedings under the companies act and not to any other proceedings. ..... the drugs were dropvit and protovit, nimulid and remulide, rechlor and curechlor, dispirin and medisprin, sorbilene and sorbitone, mexate and zexate, lipicard and lipicor, menscure and mensurol, liv-52 and liv-t, micronix and microtel, cera and re cera vitreous. .....

Escorts Finance Ltd. Vs. Fidelity Industries Ltd. and anr.

Court : Chennai

Reported in : [2003]117CompCas282(Mad)

..... up proceedings, in view of the fact that it satisfies the statutory compliance with section 125(1) of the companies act, 1956, and of the fact that the contract being bona fide, fair, just and reasonable and in view of the power conferred on this court under sub-section (2) of section 536 of the companies act, 1956, it is clear that the charge created by the second respondent in favour of the applicant and registered with the registrar of companies on august 16, 2000, is valid and a exclusive charge in respect of immovable properties of the second respondent measuring to an extent ..... of 42 acres and 50 cents located at kilai and ulandai village, sriperumbudur taluk, chengal-pattu district and gets .....

K. Saravanan and Another Vs. M/S. Cosmopolis Properties Pvt. Ltd, Rep ...

Court : Chennai

..... revision petitioners in c.r.p.pd no.2009 of 2012 submitted that as per the provisions of section 2(11) and 10 of the companies act, 1956, in respect of company matters, the court is the high court when the cause of action arose within the jurisdiction of the city of madras and in any other place, the district court and therefore, the suits filed before the munsif court is not maintainable and the munsif court has no jurisdiction to entertain the matters relating to company and therefore, the suits are liable to be struck off. ..... first plaintiff company and as per section 111 of the companies act, any person affected by any transfer of shares, may appeal to the tribunal against such sale or transfer of share and therefore, under section 2(11) and 10 of the companies act, the company courts are given exclusive power in the matter of transfer of shares and therefore, a suit praying for permanent injunction restraining the revision petitioners and any other from selling or transferring their share in the first plaintiff company comes within the scope of section 111 of the companies act and therefore, such ..... madras bar association ((2010) 11 scc 1), the constitution of tribunal as per the act has been stayed by the honourable supreme court and unless the members are appointed as per the guidelines given in that judgment, the tribunal cannot function and therefore, section 10gb could not be invoked in support of the contention of the learned counsel for the revision petitioners. .....

S. Rajalakshmi Vs. the Official Liquidator High Court, as the Official ...

Court : Chennai

Reported in : [2005]123CompCas412(Mad); 2004(4)CTC737; [2005]272ITR257(Mad); [2005]64SCL361(Mad)

..... that were made before the learned single judge, contends that in view of section 530(1)(a) of the companies act, in a winding up, the payment shall be preferred to the debts in preference to all revenues, taxes, cesses and rates due from the company to the central or a state government or to a local authority, at a relevant date, and therefore, the income tax authority, who issued notice under section 222 of the income tax act for the capital gain tax towards the sale of 81% of shares of ..... investigate into the affairs and diversification of the funds of rps benefit fund limited, and who is appearing as amicus curiae in the matter, invited our attention to the orders of this court dated 29.9.2000 and 25.3.2004, wherein it is held that the funds available with the official liquidator are meant for repayment of funds to the innocent depositors and the same cannot be diverted for any other purpose and in any event, section 530 of the companies act is not attracted to ..... the administrator appointed by this court in the matters of rps benefit fund limited, objected to the same contending that section 530(1)(a) of the companies act is not attracted in the instant case, in view of the fact that ajith diary industries ltd. ..... for the income tax authority contends that the income tax department has got a preferential right to recover the said capital gain tax out of the sale consideration referred to above, by exercising the powers conferred under section 530(1)(a) of the companies act.4.3. .....