Judgment Search Results Home > Cases Phrase: companies act 1956 section 581r powers and functions ofboard Court: delhi Page 1 of about 564 results (0.117 seconds)

Neeraj Singal vs.union of India and Ors.

Court : Delhi

..... submitted that the arrest in this case is in exercise of the powers of the sfio under section 212(8) companies act and therefore, the custody of the... ..... to seek regular bail before the special court only under section 212 (6) companies act and no other provision since he is sought to be proceeded against for commission of the offence under section 447 companies act which is cognizable and non-bailable and to which section 212 (6) companies act squarely applies. ..... the matter, which has been adverted to, is the applicability of section 217 (7) companies act which states that the notes of an examination of an arrested person under section 217(4) companies act shall be taken down in writing and shall be read over to or signed by the person examined and may thereafter be used in evidence against him . ..... and one other person in exercise of the powers under section 212(8) companies act ..... inasmuch as section 447 companies act has been made a cognizable offence, this power of arrest given under section 212 (8) companies act, which incidentally became effective from 24th august 2017, enabled the sfio to ..... , therefore, this would not impact the maintainability of this petition which inter alia challenges the constitutional validity of section 212 (6) and (8) companies act in the present petition, which challenge can be considered only by a division bench of this court.70. ..... 2453/2018 page 7 of 35 the constitution and functions of the sfio. ..... no corresponding provision in the earlier companies act 1956. .....

Prem Kumar Aggarwal vs.serious Fraud Investigation Office

Court : Delhi

..... judge (companies act) had taken cognizance of the offences mentioned in the said complaint and directed issuance of summons for the offences under section 128, 129, 447, 448 of the companies act, 2013, section 209, 211 read with 628 of the companies act, 1956, and section 467, 468, 471 read with section 120-b ..... asj/special judge (companies act), dwarka courts, new delhi for offences under section 36(c), 89,90,128,129, 229, 447, 448 of the companies act, 2013, sections 209, 211 read with 628 of the companies act, 1956, and sections 409,467,468,471 read with 120-b of the indian ..... against the petitioner for the offences punishable under section 128, 129, 447, 448 of the companies act, 2013, section 209, 211 read with 628 of the companies act, 1956, and section 467, 468, 471 read with section 120-b ipc. ld. ..... offences alleged in the said complaint against the petitioner are under section 128, 129, 447, 448 of the companies act, 2013, section 209, 211 read with 628 of the companies act, 1956, and section 467, 468, 471 read with section 120-b ipc. ..... counsel that twin conditions for grant of bail described under section 212(6) of the companies act, 2013 are not applicable for the purpose of adjudication ..... are that he submitted false documents under his signature for discounting the lcs to avail illegitimate flow of funds from the banks which the company m/s bsl was not entitled to and the petitioner being a director has failed to discharge his duties provided under the companies act.5. .....

Ashapura Minechem Ltd. Vs.union of India and Ors.

Court : Delhi

..... may make a reference under part vi-a of the companies act, 1956 (1 of 1956) within one hundred and eighty days from the commencement of this act in accordance with the provisions of the companies act, 1956; (ii) which had become a sick industrial company as defined in clause (46-aa) of section 2 of the companies act, 1956 (1 of 1956), before the commencement of the companies (second amendment) act, 2002 (11 of 2003) may make a reference under part vi-a of the companies act, 1956 within one hundred and eighty days from the commencement of the companies (second amendment) act, 2002 or within sixty days of final adoption of accounts ..... till the board is established, the central government shall exercise all powers of the board or designate any financial sector regulator to exercise the powers and functions of the board. ..... fixing a cut off date for enforcement of an act or provision is an exercise of government function and power, be it legislative or executive. ..... it is submitted that section 242 is a provision which merely confers the powers to remove difficulties in the code and cannot be extended to amend the extant provisions of the repeal act, or other enactments like recovery of debts due to banks and financial institutions act, 1993, violation and reconstruction of financial provision and security interest act, 2002 and companies act, 2013.49. .....

M/S Atv Projects (India) Ltd vs.union of India & Ors.

Court : Delhi

..... companies act, 1956, (1 of 1956) and shall be dealt with in accordance with the provisions contained in part via of the companies act, 1956; and, whereas, section 424d of the companies act, 1956 provided for review or monitoring of schemes that are sanctioned or are under implementation; and, whereas the companies act, 1956 has been repealed are re-enacted as the companies act, 2013 (18 of 2013) which, inter alia, provides for scheme of revival and rehabilitation, sanction of scheme, scheme to be binding and for the implementation of scheme under section 261 to 264 of the companies act, 2013; and, whereas, sections 253 to 269 of the companies act ..... , difficulties have arisen regarding review or monitoring of the schemes sanctioned under sub-section (4) or any scheme under implementation under sub-section (12) of section 18 of the sick industrial companies (special provisions) act, 1985 (1 of 1986) in view of the repeal of the sick industrial companies (special provisions) repeal act, 2003 and omission of sections 253 to 269 of the companies act, 2013; the section 242 of now, therefore, in exercise of the powers conferred by the sub-section (1) of the insolvency and bankruptcy code, 2016 (31 of 2016), the central government hereby makes the .....

Laguna Holdings Pvt. Ltd. and ors Vs. Eden Park Hotels Pvt. Ltd. and o ...

Court : Delhi

..... nageswara rao and others, (a judgment delivered under the companies act, 1913) had an occasion to discuss the scope of section 153-c (equivalent to section 397 of the companies act, 1956); relevant extract of which reads as under:the true scope of section 153-c is that whereas prior to its enactment the court had no option but to pass an order for winding up when the conditions mentioned in section 162 were satisfied it could now in exercise of the powers conferred by that section make an order for its management by the court with ..... it had noted as under:a company has inherent power to take all steps to ensure its proper working and that, of course, includes the power to appoint directors to the board of directors and such delegation will be binding upon it but if there is no legally constituted board which could function or if there is a board but that is unable or unwilling to act then the authority delegated to the board lapses and the members can exercise the right inherent in them of appointing directors. ..... however, if the board has become non-functional as is so in the instant case, to prevent criminal prosecution which is a necessary consequence of a company not getting its accounts approved yearly (section 217 (5) of the companies act), the logical conclusion would be that in such a scenario, the shareholders would be competent to approve the accounts of the company. .....

Kamla Luthra vs.serious Fraud Investigation Office

Court : Delhi

..... asj/special judge (companies act) had taken cognizance of the offences mentioned in the said complaint and directed issuance of summons for the offences under section 447 of the companies act. ld. ..... a complaint has been filed against the petitioner for the offences punishable under section 447 of the companies act, 2013. ld. ..... asj-03 cum special judge(companies act), south west district, dwarka courts in criminal complaint no.770/2019 directing issuance of nbw issued against the petitioner.2. ld. ..... asj/special judge (companies act) for cancellation of nbws as well as for grant of bail. ..... asj/special judge (companies act) is contrary to law laid down by the hon ble high court. ld. ..... asj/special judge (companies act) had also directed appearance of petitioner for 14.10.2019. ..... asj/special judge (companies act) naming 287 persons as accused. ..... asj/special judge (companies act) on 14.10.2019. ..... asj/special judge (companies act). ..... asj/special judge (companies act). ..... asj/special judge (companies act).10. ..... asj/special judge (companies act). ..... asj/special judge (companies act). ..... asj/special judge (companies act). ..... the petitioner was intimated about the pendency of the complaint and issuance of summons for 14.10.2019 by one of the co-accused and on becoming aware about the same, the petitioner through counsel inspected the court records pertaining to the compliant and immediately filed two applications viz an application for cancellation of nbws and another application under section 438 cr.p.c. .....

Dy. Cit Vs. U.P. Straw and Agro Products Ltd.

Court : Delhi

Reported in : [2001]79ITD372(Delhi)

..... for the purposes of section 115-j, book profit will be the net profit as shown in the profit and loss account prepared in accordance with the provisions of the vith schedule to the companies act, 1956 after certain adjustments.11. ..... he made a reference to section 205(1)(b) of the companies act, 1956. ..... shri malik also read out the provisions of section 205(1)(a) of the companies act, 1956.9. ..... our attention was also invited on the provisions of section 205(1)(a) of the companies act, 1956. ..... the assessing officer found that the profit and loss account of the assessed for the relevant previous year was not in accordance with the provisions of parts ii & iii of schedule vi to the companies act, 1956, in as much as the assessed debited arrears of depreciation to the extent of rs. ..... the learned counsel, shri mehrotra, pointed out that the depreciation claimed by the assessed was computed in accordance with section 205(2) of the companies act and this fact was disclosed by way of a note in accordance with the provisions of the companies act. ..... the profits were computed in accordance with the provisions of parts ii & iii of schedule vi to the companies act, 1956. ..... the explanationn to sub-section (1) of section 115-j gives the definition of the 'book profit' by the incorporating the requirement of section 205 of the companies act in the computation of the book profit. ..... it is beyond the powers of the assessing officer to tinker the book profits computed in accordance with the provisions of law. .....

Bakeman'S Industries PVT LMT Vs. New Cawnpore Floor Mills And Ors.

Court : Delhi

..... . section 446(1) of the companies act, 1956 reads as follows:suits stayed on winding up order - (1) when a winding up order has been made or the official liquidator has been appointed as provisional liquidator, no suit or other legal proceeding shall be commenced, or if pending at the date of the winding up order, shall be proceeded with, against the company, except by leave of the [tribunal] and subject to such terms as the [tribunal] may impose.thus, in the instant case, since no winding ..... ' case (supra) it was held that the power and right under section 29 of the sfca is an independent right which can be exercise without any reference to the companies act ..... petition in the order dated 19th april 2004 the court made certain observations which are as follows:it is an admitted position that m/s sicom exercised the powers under section 29 of the state financial corporation act and took over possession of the factory premises of m/s bakemans industries pvt. ..... the matter, accordingly, is transferred to the learned company judge to continue the further proceedings and to pass appropriate orders in accordance with law.at this stage, counsel appearing for m/s sicom states that the power and right of m/s sicom under section 29 of the state financial corporation act is an independent right which could be exercised by the said financial institution without any reference to the provisions of the companies act which is also so held in the decision of the supreme court in international .....

Super Cassettes Industries Ltd Vs. Dy.Commissioner of Income Tax

Court : Delhi

..... once it has been certified to have been prepared in accordance with parts ii and iii of schedule vi of the companies act, 1956, it is not open to the respondent to call the same in question as held by the supreme court in ..... per the profit and loss account, stated to be prepared in accordance with part-ii and part-iii of schedule vi to the companies act, 1956 disclosed a profit of ..... it is submitted that section 205 of the companies act which provides for providing of depreciation before declaring dividend and under the aforesaid provision the companies are required not to distribute ..... cannot be concluded, as now your are attempting to conclude, as a result of your change of opinion, that the rates of deprecation stated in the schedule xiv are statutory rate of deprecation under companies act and no balance sheet even for the purposes of section 115j(1a) can be prepared providing depreciation at per the schedule of deprecation under the income tax act. ..... the counter-affidavit that the petitioner was required to provide depreciation under section 205 of the companies act and since it failed to do so it had suppressed material facts and in these circumstances the initiation of proceedings to reopen the assessment after the expiry of 4 years from the end of the relevant assessment year was permissible and in accordance with law. ..... depreciation of `1,08,104/- claimed by the petitioner in respect of its building at bombay, which was held under power of attorney basis, without legal ownership. .....

In Re: Jvg Leasing (Securities and Finance) Ltd. and ors.

Court : Delhi

Reported in : [2008]144CompCas780(Delhi); (2006)2CompLJ242(Del); [2007]79SCL541(Delhi)

..... ; or(b) has by virtue of the provisions of section 45ia become disqualified to carry on the business of a non-banking financial institution; or(c) has been prohibited by the bank from receiving deposit by an order and such order has been in force for a period of not less than three months; or(d) the continuance of the non-banking financial company is detrimental to the public interest or to the interest of depositors of the company, may file an application for winding up of such non-banking financial company under the companies act, 1956 (1 of 1956). ..... it was, thereforee, considered necessary to maintain necessary liquidity and for making it a statutory obligation to provide for this liquidity, companies (amendment) act, 1974 was enacted introducing section 58a and 58b of the companies act, 1956. ..... thereforee, if any of these conditions exist in a particular case, legislature considered it proper that (a) such a company should be wound up and (b) rather than conferring power on another agency/authority like registrar of companies or the company law board, it is specifically to the regulator, namely, the rbi as the regulator is in a better position to enlighten the court on these aspects. ..... would it be wise to allow such a company to continue to function by diverting its business activity? ..... the court does not function as a mere rubber stamp or post office and it is incumbent upon the court to be satisfied prima facie about the genuineness of the scheme. .....