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In Re: Deepika Chit Fund (P) Ltd. and ors.

Court : Andhra Pradesh

Reported in : 2004(3)ALD879; 2004(5)ALT155; (2005)3CompLJ51(AP); [2004]56SCL566(AP)

..... that arises for consideration is whether this court in exercise of its power under section 391 of the companies act, make an enquiry into the financial soundness of the transferor and transferee companies, and pending according its approval to the scheme of arrangement, under sections'391 or 394 of the companies act, 1956 can appoint a committee of commissioners to run the affairs of the transferor and transferee companies having regard to the fact that the operations of the transferor and transferee companies have come to a standstill for various reasons stated above?20. ..... the learned counsel submits that the sudden adverse and volte face turn of events, had a cascading effect on the finances and functioning of the transferor and transferee companies, and as of now, the transferor and transferee companies are due and liable to pay a sum of rs. ..... , the collapse of some of the non-banking financial institutions, had a great impact on the finances and functioning of the transferor company having regard to the fact that the deposit holders who had invested their monies, panicking that the transferor company would also down its shutters without paying their monies, indulged in withdrawing their deposits prematurely, and as a result thereof, large chunks of the money mobilized through fixed deposits, which were either invested .....

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. .....

Maheshwari Khetan Sugar Mills (P.) Ltd. and ors. Vs. Ishwari Khetan Su ...

Court : Allahabad

Reported in : AIR1965All135; [1963]33CompCas1142(All)

..... it was held that the directors of the company had no power to make alterations to the register and the (remedy of the company was to apply to the court under section 38 (corresponding to section 155 of the 1956 act) for the rectification of its register and not to take upon itself to alter the register. ..... when a new law was passed in 1956 a different provision was made in section 108 of the companies act, 1956 instead of laying down that 'it shall not be lawful for the company to register' the legislature provided that 'a company shall not register' when the parliament did not follow the wording of the english companies act, 1948, and departed from the corresponding provision of the indian companies act, 1913, as amended undei the companies (amendment) act, 1936, they can be deemed to have had in mind not to declare the ..... non-compliance of section 108 as unlawful and illegal. .....

The State of Gujarat Vs. O.L. of Kengold (India) Ltd. (In Liqn.) and a ...

Court : Gujarat

Reported in : [2009]149CompCas625(Guj)

..... even if it is assumed that there is some conflict between the provisions contained in sections 137 & 151 of the bombay land revenue code on the one hand and the amended provisions contained in sections 529, 529a and 530 of the companies act, 1956 on the other hand, the companies act, 1956 being later in point of time and also being central statute, must prevail upon the bombay land revenue code in view of article 254 of the constitution of india which states that if any provision of a ..... also no substance in the submission that the provisions of the companies act are intended to infringe upon any of the powers of the state. ..... by not paying the tax with interest and/or penalty, the said action would tantamount to interference with the sovereign powers and duties of the state. 8. mr. ..... thus, the function of the assessing and recovery of tax being sovereign function is well within the eminent domain of the state and will have overriding effect on any other party, person, entity including workers, secured creditors and other private parties including contracts entered into subsequent to the adjudication of tax dues including the proceedings initiated and going on for the purpose of recovery of the tax, inter alia, by way of ..... no substance in the submission that the dues of the sales tax department are something more than debts payable whether secured or unsecured and that not paying the tax dues would tantamount to interference with the sovereign powers and duties of the state. .....

P.Elango Vs. Sundaran Finance Ltd.

Court : Chennai

..... the absence of a provision like section 446(2) under the repealed indian companies act, 1913, the official liquidator in order to realise and recover the claims and subsisting debts owed to the company had the unenviable fate of filing ..... the companies act is defined in section 2(11) to mean with respect to any matter relating to a company (other than any offence against this act), the court having jurisdiction under the act with respect to that matter relating to that company, as provided in section 10. ..... is effected through court, still it can be challenged by the company under section 446 of the companies act, as it is open to the company court to entertain any claim by or against the company in liquidation.14. ..... provision so enacted probably did not meet with the requirement with the result that the committee appointed for examining comprehensive amendment to the companies act in its report recommended that a suit by or against a company in winding up should notwithstanding any provision in law for the time being be instituted in the court in which the winding-up proceedings ..... the judgment of the supreme court also shows that the challenge by the company in liquidation can be by the official liquidator, and not by the committee member appointed, as the power with the official liquidator is given under a statute, cannot be performed by ..... be decided in this application is whether appointed member of committee of administrators can perform the function of liquidator of the company".12. .....

In Re: Calcutta City Bank Ltd.

Court : Kolkata

Reported in : AIR1957Cal508,62CWN39

..... the ordinary provisions for pri- vate and public examinations under sections 195 and 196 of the old companies act, 1913 (corresponding to sections 477 and 478 of the new companies act, 1956) were not considered sufficient to deal with this situation that the special statute of the banking companies act made this special provision.10. ..... it will defeat the whole object of this legislation to say that such public examination under the special provisions of section 45g of the banking companies act was intended to be nothing more than the ordinary public examination provided for under section 196 of the old companies act, 1913 or the corresponding section 478 of the new companies act, 1956. ..... with the special statute in this case and the special provisions made in this particular section 45g of the banking companies act, that it would be wrong to apply the doctrine of fraud and the prima facie proof of fraud and the particulars suggested in the two english decisions of the house of lords and the english court of appeal. ..... order that a public examination of the directors named in paragraph 5 of the court liquidator's report under section 45g of the banking companies act be held in accordance with prayer (b) of the report on monday, the 6th day of may 1957 ..... extensive powers were given fcr investigation and report, and special provisions were made for speedy disposal of winding up proceedings which under the ordinary company law ..... power to inspect and power to call for returns and information .....

The Ing Vysya Bank Ltd. Vs. Shamken Spinners Ltd. and Others.

Court : Allahabad

..... the court noted the provisions of the companies act, the amendment in the companies act in section 483 and then observed that where appeal has been decided from an original order by a single judge, no further appeal has been provided and that power which used to be there under the letters patent of the high court has been subsequently withdrawn. ..... , reported in (1988) 1 scc 523, that the power was exercised by the learned single judge under sections 397 and 398 of the companies act and against that order appeal lay to the division bench of the high court under section 483 of the companies act. ..... having held that an intra-court appeal would lie against an order, the only issue is, whether considering that the companies act has only provided for an appeal under section 483 in a category of cases, that would oust the jurisdiction of the court in entertaining the appeal under other orders passed under the companies act, which may not be under sections 397 and 398 of the companies act. ..... in that case, the company had filed an application before the high court of bombay in terms of sections 391 of the 1956 act and a scheme was presented. ..... " the supreme court proceeded to hold that it is not possible to harmonize the provisions of sections 391-394 of the 1956 act with the provisions of sica. ..... the bombay high court held that the provisions of sica have overriding effect on other acts, which would include the companies act, 1956. .....

Bank of Rajasthan Limited Vs. State of Bihar and anr.

Court : Patna

..... sub-section (1a) provides that the board shall exercise and discharge such powers and function as may be conferred on it by or under this act or any other law and shall also exercise and discharge such other powers and functions of the central government under this act or any other law, as may be conferred on it. ..... from a perusal of the definition of court as defined under section 2(11) of the act read with section 10e of the companies act, it is manifest that irrespective of any matter relating to company other than any offence against this act, the court constituted and vested with the power under section 10e shall have the jurisdiction to decide and adjudicate the matter relating to company. ..... it is alleged that the limitation of time for issuing such certificate as has been prescribed under section 113 of the companies act, is two months after the date of application for registration of the transfer of shares. ..... the allegation is that till date neither have the share certificates been sent by the accused persons evidencing transfer of the shares in the name of the complainant nor has he received any reply in spite of reminders and, thereby the accused persons have committed an offence as prescribed under section 113(2) of the companies act. 3. ..... 437 of 1997, under section 113(2) of the companies act, 1956, now pending before the judicial magistrate, first class, ranchi. 2. .....

Official Liquidator, Nagpur Glass Works Ltd. Vs. (In Liquidation) V.D. ...

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. .....

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. .....