Court : Mumbai
Reported in : (1970)72BOMLR679
..... 8) that public examination under section 478 of the companies act and section 45g of the banking companies act had no concern with proceedings under section 545 of the companies act and section 45j of the banking companies act, and a prayer for action under the latter two sections could not amount to an accusation under article 20(3) for the purpose of orders for public examination under the said section 478 or 45g. ..... was of exploratory nature, that is to say, it was a proceeding in the nature of inquiry and investigation for the purpose of collecting information on the subjects mentioned therein, the proceeding under section 543 was a further step in ascertaining and assessing the amount that may be due or accountable by a delinquent director or officer of the company, and that there was nothing in either of the said sections or in any other provision of the companies act to warrant an inference that once a misfeasance summons was taken out under ..... the supreme court, however, pointed out that the power conferred by section 477 was a very wide power and the court must guard itself being made an instrument of vexation or oppression and that the order which was made ex parte was not final but it was always open to the person concerned to apply for vacating or modifying the order 'on the ground that it has been obtained without ..... , which is hi liquidation (hereinafter referred to as 'the company'), under section 478 of the companies act, 1956. .....
Tag this Judgment!Court : Mumbai
Reported in : [1994]51ITD339(Mum)
..... method in accordance with section 205(2) (a) of the companies act, 1956 and in respect of cost of fixed assets, acquired on or after that date on straight line method in accordance with section 205(2) (b) of the said act.the company has now changed its policy of providing for depreciation to w. d. v. ..... 164-165 that in a case where profit and loss account was prepared in accordance with the provisions of part ii & part iii of sixth schedule to the companies act, the assessing officer will have no power to disturb the book profits except as stated in section 115j and the assessing officer is bound to proceed with the computation only on the basis of the book profits as shown in the profit and loss account unless it is discovered that the profit & loss account is not drawn up in accordance ..... with the provisions of the companies act.in this connection, he has also clarified that the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1993)47ITD154(Mum.)
..... it is therefore, apparent that the rates of depreciation prescribed in schedule xiv of the companies act are applicable to working out profits of a company for the purpose of dividend to be paid out of such profits, & (ii) section 350 of the act prescribes mode of ascertainment of depreciation and as has been discussed above, it provides that the amount of depreciation to be deducted in pursuance of section 349(4)(k) of companies act, 1956 shall be the amount calculated with reference to the written down value of the assets as shown by the books of the assessee at the end of the ..... there is no dispute to the fact that schedule xiv of the companies act, 1956 provides for rates of depreciation in the context of provisions of sections 205 and 350 of the companies act, 1956. ..... it is further provided in clause (1a) that every company assessee shall prepare its profit and loss account in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956 for the purposes of section 115j. ..... it was held that in a case where the profit and loss account was prepared in accordance with the provisions of part ii and part iii of the sixth schedule to the companies act, the assessing officer will have no power to disturb the book profit except as stated in section 115j. ..... the learned counsel submitted that in the present case also the assessing officer had no such power.16. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1993Bom392
..... the terms of the indenture of mortgage and further charge referred to above and the provisions of the state financial corporations act, 1951, the appellants took out a judges' summons before the company judge dated 16th august, 1988 seeking leave under section 537 of the companies act, 1956 to proceed with the sale of the land, building, plant and machinery of the company situate at tarapur. ..... the companies act for permission to sell the mortgaged property of the respondent company in liquidation for the recovery of its dues in exercise of its powers under ..... the companies act, the official liquidator has the power to sell the property of the company in winding ..... in case of a dispute between the two in this regard, the company court has the power to decide who should be in charge of conducting the sale bearing in mind the nature of interest of both the claimants, the extent of their share in the security, their ability to obtain a proper valuation, their ability to attract good offers, as also bearing in mind the interest of unsecured creditor of the company in winding up who would be entitled to any excess sale proceeds ..... in fact, it will exercise similar powers and give similar directions as when it sanctions a sale by the ..... creditor as also the official liquidator as a representative of the workman, are entitled to exercise their power of sale to realise their claims by mutual consent and after obtaining sanction of the court or by court's sanction obtained after notice to the other .....
Tag this Judgment!Court : Mumbai
Reported in : [1995]82CompCas342(Bom)
..... in view of the terms of the indenture of mortgage and further charge referred to above and the provisions of the state financial corporations act, 1951, the appellants took out a judges' summons before the company judge dated august 16, 1988, seeking leave under section 537 of the companies act, 1956, to proceed with the sale of the land, building, plant and machinery of the company situate at tarapur. ..... by virtue of section 457(1) of the companies act, the official liquidator has the power to sell the property of the company in winding up. ..... although a secured creditor may not have to file a suit for this purpose in view of his power to sell, leave is necessary under section 537 of the companies act in such a situation. 26. ..... once the company is in winding up and 'its property vests in the court', the state financial corporation cannot exercise its power under section 29 and in such a situation only the official liquidator can sell the properties of the company in winding up. ..... [1991] 70 comp cas 38, the court considered a case where a state financial corporation, as a secured creditor, sought leave of the court under section 537 of the companies act for permission to sell the mortgaged property of the respondent-company in liquidation for the recovery of its dues in exercise of its powers under section 29 of the state financial corporations act, 1951. .....
Tag this Judgment!Court : Mumbai
Reported in : [1980]50CompCas646(Bom)
..... and 398 of the companies act, 1956, asking for various reliefs set out in the petition on the ground of oppression and ..... 397 and 398 of the companies act basically the provisions of both these sections provide for relief in cases of oppression of minority shareholders and in cases where the affairs of the company are being conducted in a manner prejudicials to public interest or in a manner oppressive to any member ..... in any case, assuming that the two sections do apply, and that the petitioners will have no say in the conduct of litigation on behalf of the company, the only person who will be in charge of the conduct on behalf of the company will be sardar bakshi dalip singh who is to-day 90 years old and against whom a number of allegation have been made in ..... 561) : 'both under sections 397 and 398 the interests of the company are of paramount importance and the proceedings should not be conceived as a mere dispute ..... a moot point whether these two sections will apply in a case where the directors of the company have suits against the company which the company is required to defend. ..... suggested should be acceptable to the court whose powers are set out in section 402. ..... 784, it is stated as follows : 'proceedings under sections 397 and 398 cannot be compromised in the same way as suits between ..... powers are given under these sections to the court to pass an order which will be in the interests of the company ..... should be acceptable to the court whose powers are set out in this section.' 8. .....
Tag this Judgment!Court : Mumbai
Reported in : (1971)73BOMLR333; [1971]41CompCas524(Bom); 1970MhLJ686
..... pestonjee jamasjee padshah it was held in respect of section 214 of the indian companies act, 1882, which corresponded to section 235 of the indian companies act, 1913, and now corresponds to section 543 of the companies act, 1956, that section 214 of the indian companies act, 1882, gave no new rights but simply provided a summary mode of enforcing rights which must otherwise have been enforced by suit. ..... masodkar contended that, where the court finds as a result of an investigation under section 477 of the companies act that some such person is indebted to the company or holds the property of the company, the court will have no power to make an order of payment or restoration except in cases where the claim is admitted, for the non-admitted part of the claim for which a director or officer becomes liable, there is no provisions under section 477 for an effective order an ultimately the official liquidator will ..... it was held that the liquidator had already obtained from the defendant the answers to the interrogatories and thereafter further answers wish are refused and it was then that he came and sought to take advantage of the inquisitorial power conferred on him by the companies act. ..... lord justice bowen had described the power under section 115 of the english companies act, 1862, which corresponds to section 477 of the companies act, 1956, as inquisitorial power in in re north australian territory co. .....
Tag this Judgment!Court : Mumbai
Reported in : 2004(3)BomCR317; (2004)3CompLJ58(Bom); [2004]52SCL224(Bom)
..... the powers of the court while deciding the petition under sections 397 and 398 of the companies act, 1956. ..... whether the board meeting held on 4th june, 2002 was illegal;(a) as it was carried on in violation of regulation 75 of table a of companies act, 1956;(b) as no notice was issued for convening the meeting at san francisco; the meeting was in violation of the provisions of section 286 of the companies act, 1956 and article 10.7 of the articles of association;(c) as there was no written agenda, the meeting was in violation of the provisions of article 10.7:(d) ..... (india) holdings ltd, : [1981]3scr698 the supreme court extensively considered the law and the concept of oppression with reference to section 397 of the companies act, 1956 and section 210 of the english companies act, 1948. ..... into. besides that, in the proceedings under section 397, the correctness of the order of the supreme court in mauritius appointing the provisional liquidators but at the same time allowing board to function and continue to manage the company affairs in all respects, can hardly ..... of the four shareholders through their parent holding companies has a specific role to play, running and functioning of the ..... intended to render the board of the company non-functional for want of ..... 's nomination as a director on 4th june, 2002 was out of necessity to complete the quorum and have a functional ..... no mandatory requirement that the board must always have 10 shareholder directors and the board will still .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)88ITD18(Mum.)
..... the crux of the matter in this appeal is therefore as to whether or not the cit(a) has correctly applied explanation (b) to section 115ja(2) that reads as under :- during the course of hearing before us, the learned counsel for the assessee has argued that both the expressions "provision" and "reserve" have been defined in part iii of schedule vi to the companies act, 1956 and therefore, no different meaning or interpretation should be assigned to these terms. ..... this inspect is clear from the following-extract at page 280 :- therefore, we arc of the opinion, the assessing officer while computing the income under section 1 15j has only the 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. ..... that the assessing officer while proceeding to make an adjustment under explanation (b) has power to examine whether any "provision" created in the accounts of the assessee may be considered or construed to be a 'reserve' and not 'provision'.further, we find that such a course of action has been contemplated in clause 7(2) of part iii of schedule vi to the companies act itself.this clause 7 reads as under :- 7(1) for the purpose of parts i and ii of this schedule, unless the context otherwise requires,- (a) the expression "provision" shall .....
Tag this Judgment!Court : Mumbai
Reported in : (1959)61BOMLR1245
..... the appeal court also pointed out that the terms of section 38 of the companies act were wide and the remedy was speedier and cheaper. ..... he contends that questions of forgery and fabrication of documents are not proper to be tried under the summary procedure of application made under section 155 of the companies act. ..... 155 of the indian companies act is a summary remedy ;and should not be allowed to be resorted to in matters involving companies act is a summary remedy and should not be allowed to be resorted to in matters involving complicated questions such as have arisen in this petition ..... 38 (which is the same as the present section 155) of the companies act. ..... 38 of the indian companies act and that the petitioners should be left to a separate suit, more especially as mr ..... 38 of the companies act and referred him to an action ..... (8) in all matters arising under the companies act the rules of this court provide that the application must be by ..... the petitioner and the said shantaram both continued to act as and were directors of the 1st respondent company on 1-7-1955 ..... the register of shares of the 1st respondent company as 1-7-1955 these shares were transferred and registered in the name of the 2nd respondent. ..... on 31-12-1947, the petitioner and one shantaram then being wife and husband floated the first respondent company as a private limited company. ..... para 7 of the petition the petitioner has referred to a suit which she has filed against the 1st respondent company and the said shantaram. .....
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