Judgment Search Results Home > Cases Phrase: companies act 1956 section 581r powers and functions ofboard Court: chennai Page 10 of about 288 results (0.093 seconds)

New Bridge Holdings B.V. Vs. Ttk-lig Limited and ors.

Court : Chennai

..... by virtue of the provisions of sub-section (1a) of section 10e, the company law board shall exercise and discharge such powers and functions as may be conferred on it under the act or other law. ..... it is further argued that in terms of section 634a of the companies act, any order made by the company law board may be enforced by that board in the same manner as if it were a decree made by a court in a suit pending therein and therefore when such power is conferred on the company law board to prosecute and punish a person who wilfully disobeys any direction or order of such bench, invocation of the provisions of section 10 of the contempt of courts act is unsustainable. ..... it is true that by virtue of the company law board regulations, which are framed under sub-section (6) of section 10e of the companies act, a power is vested on the board to prosecute and punish a person who wilfully disobeys any direction or order of such bench. ..... a close reading of the provisions of section 634a of the companies act would show that the company law board is vested with the power to enforce its order in the same manner as a decree made by a court in a suit. ..... it is also averred that alleging disobedience, the petitioner filed c.a.no.113 of 2011 before the company law board under regulations 44 and 47 of the company law board regulations read with section 406 of the companies act. .....

V. Rangaswami Achari Vs. Mandhai Viswa Brahmana Sarvajana Sahaya Nidhi ...

Court : Chennai

Reported in : [1967]37CompCas730(Mad)

..... if the general body of members themselves were prepared to ignore the past, excuse the faults and repose confidence on one amongst them, and elect him as voluntary liquidator, i am afraid that such a voluntary decision arrived at in a worthy democratic way ought not to be lightly interfered with by courts exercising discretionary jurisdiction under section 515 of the indian companies act, 1956. ..... observed :' unless there are false statements in the balance-sheets of material particulars wilfully made by the auditor and the directors knowing them to be false they cannot be held guilty of an offence under section 282 of the companies act.........one cannot attribute any wilful negligence or dishonesty to directors who are men of position and responsibility if they depend upon and trust the permanent officials and the managing director of the company so far as working of the company is concerned in signing the balance-sheets.........'4. ..... a bare suspicion, a mere complaint and a suspicious retrospect of past events, by themselves cannot be accepted as sufficient within the meaning of the expression ' on cause shown ' in section 515 of the companies act and courts will not encourage the vindication and ventilation of party feelings to achieve an object and to serve their ends. .....

Commissioner of Income-tax Vs. P.N.N. Bank Ltd.

Court : Chennai

Reported in : [1969]39CompCas287(Mad); [1969]72ITR497(Mad)

..... this reference relating to the assessment years 1955-56 to 1960-61 raises the problem of application, to the facts, of section 12(iv) of the banking companies act, 1949, before and after its amendment in 1956. ..... whether the assessee satisfied this provision will have to be decided in the context of section 12(iv) of the banking companies act which places a restriction upon the voting rights of a shareholder in certain circumstances, that is to say, irrespective of the quantum of the shareholding and contribution to the capital, the voting rights of a shareholder do not exceed five per cent. ..... section 23a of the income-tax act provides for power to assess companies to super-tax on undistributed income in certain cases. ..... the word ' act' in the phraseology following as it does the words ' appear and plead ' should be understood in the sense that, apart from appearing and pleading before the tribunal, the authorised representative would have further power to act which would include the authority to sign a reference petition for the commissioner of income-tax. ..... of the total voting power were at no time during the assessment years controlled and held by less than six persons. ..... we do not think that the problem in the reference turns on any distinction between the voting rights and voting power. ..... of the total voting power were at no time during the previous year controlled or held by less than six persons......' 10. ..... has to be ascertained in respect of the total voting power or rights. .....

P. Chockalingam Vs. Deputy Commercial Tax Officer, Nagercoil, (Rural), ...

Court : Chennai

Reported in : [1990]68CompCas707(Mad)

..... reads as follows : 'not with standing anything contained in the companies act, 1956 when any private company is wound up after the commencement of this act, and any tax assessed on the company under this act for any period, whether before or in th course of or after ists liquidation, cannot be now called upon to pay the tax as well ..... hence, under section 18 of the central sales tax act, 1956, the director, who was active till the date of closure of the company as stated by the petitioner, is liable to pay the arrears of sales tax and penalty for his gross ..... was sent to the first respondent by the commercial tax officer, purasawalkam, to attach the movabvle and immovable properties of the petitioner under section 8 of the revenue recovery act forthe ecovery of central sales tax under section 18 of the central sales tax act, 1956 since as an active director, the petitioner was responsible for paying the arrears of sales tax ..... is common gorund that the company is one registered under the companies act, 1956, it is not a ..... company was also registered under the companies act,1956 as a private limited company ..... of submitting his application for payment in instalments,the petitioner had stated by mistake that he was a partner of the erstwhile company instead of a director.in the government order issued by the second respondent, the petitioner was directed to pay penal interest at 24% on the outstanding arrears til date of clearance under section 24(3) of the tamil nadu general sales tax act. .....

Commissioner of Income Tax. Vs. Ms.Nepc India Limited

Court : Chennai

..... explanation to this section defines 'book profit' to mean the net profit as shown in the profit and loss account prepared under sub section (2) of section 115ja that for the purposes of assessment under section 115ja, every assessee being a company has to prepare its profit and loss account for the relevant assessment year in accordance with the provisions of parts ii and iii of schedule vi to the companies act 1956.12. ..... is stated that the said course was adopted by the assessee, consequent on the order passed by the registrar of companies, on an inspection conducted by him under section 209a of the companies act, 1956 pointing out certain mistake committed, while preparing the original profit and loss account and balance sheet.4. ..... of income tax), the apex court held that while computing the book profits of a company under section 115j, the assessing officer has a limited power of examining whether the books of account are certified by the authorities under the companies act as having been properly maintained in accordance with the companies act. ..... is further seen from the narration that the revision to the profit and loss account and balance sheet was made as regards the inter divisional transfer of 24 windmills from manufacturing unit to power generating unit. ..... assessee is engaged in the business of manufacture and sale of windmills, power generation and airlines. ..... inter divisional transfer of wtg from manufacturing unit to power generating unit as not by way of sale.18 .....

D. Ravikumar and Others Vs. Union of India and Others

Court : Chennai

Reported in : AIR1995Mad58

..... section 20 provides for an opinion forwarded to the high court which has tp necessarily order winding up without any application of judicial mind, while the provisions of the indian companies act, 1956 expressly provides for the high court to order winding up of companies only after applying judicial mind whether it is just and equitable. 3. ..... (2) the high court shall, on the basis of the board, order winding up of the sick industrial company and may proceed and cause to proceed with the winding up of the sick industrial company in accordance with the provisions of the companies act, 1956 (1 of 1956). 2. ..... section 20 of the sick industrial companies act 1985 is bad in law in as much as it deprives the exercise of judicial discretion by the high court. 2. ..... this is so because 'sick industrial company' is difined under section 3(o) of the act and consequently the aobovesaid board established undxer section 4 of the act would come under a separate class by itself as compared with other companies. ..... respondents 2 and 4 have been impleaded in these writ petitions since in respect of 3rd respondent-company in each of these writ petitions, the 2nd respondent has, after making enquiry under section 16 of the act, formed opinion that it is just and equitable that the above referred to 3rd respondent-company should be wound upand has forwarded the said opinion to the 4th respondent-high court at bombay. .....

B.N. Viswanathan Vs. the Assistant Registrar of Joint Stock Companies, ...

Court : Chennai

Reported in : AIR1953Mad558; [1953]23CompCas63(Mad); (1953)IMLJ408

..... 131 and 133, companies act, that it is mandatory under section 76 of the eaid act to hold an annual meeting within a calendar year and it is only discretionary to hold other general meeting and that the balance sheet of a company should also be presented only at an annual meeting and not in other meetings and erred in giving double punishment, once for not holding a meeting and again for not laying the balance sheet before a meeting which was not held. ..... the learned magistrate ignored the constitution of the company as embodied in the articles of association of the company with supplementary provisions under the indian com-panies act, wherever the act was permissive and erred in holding that two different meetings were contemplated under sections 76 and 135, companies act.'6. ..... no balance-sheet and profit and loss account had been laid before a general body meeting of the company before 30-6-1950 as should have been done under the provisions of section 131(1), companies act. ..... therefore, this petitioner and three others were charged for an offence under section 131(1), companies act. ..... section 76, companies act, lays down that a genera! ..... it is also seen that this petitioner has also been put up along with other directors for not holding a general body meeting under section 76, companies act. .....

Commissioner of Income-tax Vs. Jawahar Mills Ltd. (No. 1)

Court : Chennai

Reported in : [1997]226ITR227(Mad)

..... section 80 of the companies act, 1956, deals with the power of the company to issue redeemable preference shares, but certain limitations are placed on such power ..... of the department, the tribunal referred the following question for the opinion of this court under section 256(1) of the income-tax act, 1961, read with section 18 of the companies (profits) surtax act, 1964 : 'whether, on the facts and in the circumstances of the case, the amount representing 'preference share redemption reserve' at the beginning of the accounting period should be included as part of the capital base under the second schedule to the companies (profits) surtax act, 1964 ?' 2. ..... counsel for the department submitted that the reserve was earmarked for a known liability, namely, redemption of preference shares of the company, and, therefore, the reserve was in the nature of a provision which has to be excluded from the capital computation. 6. ..... represented 'preference share redemption reserve' on the view that such reserve was earmarked for a known liability, namely, redemption of preference shares of the company, and as such the reserve was in the nature of a provision which has to be excluded from the capital computation. 3. ..... nomenclature of the reserve was different from what was mentioned in section 80 of the companies act, 1956, the reserve was capital redemption reserve referred to therein and referred to in item (2) under the heading 'reserves and surplus' in part i of schedule vi to the companies act. .....

K. Radha Krishnan Vs. Thirumani Asphalts and Felts (P.) Ltd.

Court : Chennai

Reported in : [1999]97CompCas658(Mad)

..... section 2(30) of the companies act defines an officer of the company as under :' 'officer' includes any director, managing agent, secretaries and treasurers, manager or secretary (or any person in accordance with whose directions or instructions the board of directors or any one or more of the director is or are accustomed to act) and also includes-- (a) where the managing agent (or the secretaries and treasurers) is or are a firm, any partner in the firm ;(b) where the managing agent or the secretaries and treasurers is or are a body corporate, any director or manager of the ..... ishtiaq ahmed, contends that the question whether the petitioner ceased to be a director does not arise for consideration in that even as an office holder he had not produced the records of the company, when the company had made such demand by issue of notice and, therefore, the provisions of section 630 of the companies act are attracted. ..... 3011 of 1993, and after enquiry held that the petitioner is guilty of an offence under section 630 of the companies act and sentenced him to pay rs. ..... court has held that merely because the accused had schemingly filed a suit in the civil court it can never be said that the civil court was in seisin of a bona fide dispute between the parties and as such the criminal court should have stayed its hands when the company filed a complaint under section 630 of the companies act. .....

Additional Commissioner of Income-tax, Madras-i Vs. Thirumagal Mills L ...

Court : Chennai

Reported in : [1977]108ITR236(Mad)

..... the corresponding section in the companies act, 1956, in section 217(1) which also requires that there shall be attached to every balance-sheet laid before a company is general meeting, a report by its board of directors, with respect to -'(a) the state of the companys 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 dividend.the next decision is metal box company of india ltd. v. ..... the significant thing to be noticed in our act is the specified reference to a reserve for equalising dividends.section 211 of the companies act, 1956, provides for the form and contents of balance-sheet and profit and loss account. ..... that any amount standing to the credit of any account in the books of a company as on the first day of the previous year relevant to the assessment year which is of the nature of item (5) or item (6) or item (7) under the heading reserves and surplus or of any item under the heading current liabilities and provisions in the column relating to liabilities in the form of balance-sheet given in part i of schedule vi to the companies act 1956 (1 of 1956), shall not be regarded as a reserve for the purposes of computation of the .....