Judgment Search Results Home > Cases Phrase: companies act 1956 section 581s matters to be transacted at general meeting Court: orissa Page 1 of about 5 results (0.093 seconds)

Orissa Textile Mills Ltd. and anr. Vs. Chintamani Sahu and Brothers an ...

Court : Orissa

Reported in : [1975]45CompCas76(Orissa)

..... though in the cause title of the memorandum of appeal, it had also been shown to be under the companies act of 1956 and the rules made thereunder, mr. ..... to-day, an application has been filed in court by sri mohanty under sections 397, 398, 402 and 403 of the companies act against the very opposite parties who are impleaded in the application filed on august 18, 1970. ..... we do not propose to discuss many other aspects which were argued before us in support of the appeal because we consider what we said above to be sufficient to justify a remittal of the proceeding to our learned brother exercising jurisdiction under the companies act to deal with the matter afresh. ..... thereupon, the following order was passed :'on august 18, 1970, an application purporting to be under sections 397, 398, 402 and 403 of the companies act has been filed in court by sri mohanty, advocate, having been authorised to do so by 129 persons whose names appear in the application as petitioners. ..... i may also observe that the 'part' which is determined may be a part of the claim separable from the rest or a determination ofliability generally though the actual measure of liability may be a matter of account. '12. ..... it is not possible to lay down any definite rule which would meet the requirements of all cases and all that we may say is that in determining whether an order or decision constitutes a ' judgment ' or not, the court has to take into consideration the nature of the order and its effect .....

Sevaram Pasari and ors. Vs. Registrar of Companies

Court : Orissa

Reported in : AIR1964Ori14; 29(1963)CLT470; 1964CriLJ64

..... section 166 of the companies act says that every company shall each year hold the annual general meeting within a specified date and the board of directors have the power to call for such meeting. ..... similarly it has been found as a fact that the balancesheet and the profit and loss accounts of the company for the said two years were not laid before the annual general meeting as required by sub-section (1) of section 210 of that act. ..... but where it is held that the act or omission which constitutes the offence under section 168 of the companies act is distinct from the act or omission which constitutes the offence under section 210(5),the aforesaid provision in the general clauses act cannot apply, and it is immaterial as to whether the contravention of section 210 was brought about on account of the commission of the offence under section 168 by the same persons.8. ..... mohanty once it has been found; that no annual general meeting of the company was held, in pursuance of the requirements of section 166, the question of laying the balance sheet or the profit and loss account does not arise, and consequently there can be no separate conviction under sub-section (5) of section 210 apart from the conviction under section 168 of the companies. ..... this amounts to contravention of section 166 of the companies act 1956 which is punishable under section 168 of that act. .....

Baishnab Charan Bagudai Vs. Official Liquidator, Puri Bank Ltd.

Court : Orissa

Reported in : AIR1961Ori67

..... of 1958, the judgment-debtor one baishanab charan bagudai is the petitioner for setting aside an ex parte decree passed against him by this court on april 26, 1957 purported to have been made under section 45-d of the banking companies act, 1949, mainly on the ground that the summons was not served on him and that the said decree was passed without his knowledge and that he had, on merits, a good defence to the ..... and further that this court has got no jurisdiction to condone the delay under section 5 of the limitation act on the ground that the said section is not applicable to the present proceedings, the judgment-debtor appears to rely on the petition,-- supported by authority,-- that in equity no length of time will run td protect or screen fraud -- the right of the party defrauded to have the transaction set aside is not affected by lapse of time, so long as he ..... the note that the summons under order 5, rule 20 had been served properly as reported by the process server and hence the service was considered sufficient.in due course the matter came up before this court for hearing and an ex parte decree was passed as aforesaid. ..... 50 of 1956 on july 20, 1956 at his home address, ..... 50 of 1956 and there was indeed sufficient cause by which he was prevented from appearing on the date fixed for hearing as he did not receive the summons ..... 50 of 1956 in which the ex parte decree was passed.it is not that there was any motive on the part of the bank in choosing a particular course of service .....

Shanti Prasad JaIn Vs. Kalinga Tubes Ltd. and ors.

Court : Orissa

Reported in : AIR1962Ori202

..... section 173 of the indian companies act, 1956, requires that where any items of business are to be transacted at such meeting, there snail be annexed to the notice of the meeting a statement setting out all material facts concerning each such item of business. ..... the managing director of the company in his reply dated march 20, 1958 pointed out that the matter was to be decided by the general meeting of the shareholders and did not express any opinion in the matter. ..... the interest of the company or mala fide, the statutory right of the existing shareholders to acquire the new shares continues till the time limited has expired and that right ..... the object of section 81 is to prevent discrimination amongst shareholders and prevent the directors from offering shares to outsiders before they are offered to the shareholders; so long as these two requirements are complied with, the action of the directors in selecting the time when they will issue the shares as also the proportion in which they should be issued is a matter left to their discretion; this is of course subject to the general exception that the directors are not to act against .....

M/S. Marine Diesel Service Vs. Bharat Petroleum Corporation Ltd. and O ...

Court : Orissa

..... advanced by the learned counsel for the respective parties as well as the various judgments cited at the bar as referred hereinabove, we are of the considered view that section 11 of the companies act, 1956 prohibits a partnership consisting of more than twenty-four members to do any business and the object of which is the acquisition of gain and mere registration of the petitionerfirm by the inspector-general of registration-cum-registrar of firms being on the face of it, opposed to law and the prohibition contained in ..... the hon ble supreme court while dealing with the similar provision of section 4(2) of the rewa state companies act, 1935 held that 6 where an association is formed, in contravention of section 4(2) of the rewa state of companies act, 1935, it was contended that by reason of the illegality of the contract of partnership, the members of the partnership have no remedy against each other for contribution or apportionment in respect of the partnership dealings and transactions and, therefore, no suit for accounts lay at the instance of the ..... . the opposite party-corporation is at liberty to proceed in the matter in accordance with law. ..... (c) no.16667 of 2013 in the matter of an application under articles 226 & 227 of the constitution of india. -------------m/s. ..... . it was necessary for the tribunal to ascertain whether on the facts of this case those decisions concluded the matter .....

Gadadhar Dixit Vs. Utkal Flour Mills (Pvt.) Ltd.

Court : Orissa

Reported in : [1989]66CompCas188(Orissa)

..... section 167 of the act provides that if default is made in holding an annual general body meeting in accordance with section 166, the central government may, notwithstanding anything in this act or in the article of the company, on the application of any member of the company, call, or direct the calling of, a general meeting of the company and give such ancillary or consequential directions as the central government thinks expedient in relation to the calling and conducting of the meeting ..... in his cross-examination, the petitioner admitted that he was looking after the day-to-day business transactions of the company like a manager and participating in the management affairs till june, 1981, during which period he was continuing as a ..... is essentially an application under section 433(f) of the companies act, 1956, which permits the court to direct winding up of a company where it is just and equitable ..... has further been stated that the shareholding of the individual in a company is strictly on the basis of shares allotted in the company in favour of the individual and, therefore, the inter se relationship of partners in the erstwhile partnership firm has absolutely no relevance to the company and are, therefore, matters wholly extraneous for the purpose of this winding up application. ..... is being kept out of the picture even when very important business or policy matters of the company are being decided. ..... on being mentioned, the matter was further heard as to what issues are necessary to .....

Orissa Mining Corporation Ltd. Vs. Commissioner of Income Tax

Court : Orissa

Reported in : (2007)208CTR(Ori)380; [2007]293ITR502(Orissa)

..... this court finds that the order of amalgamation was made by the central government under section 396(1) and (2) of the companies act, 1956 in public interest and for the purpose of ensuring co-ordination in policy, efficient administration and economic expansion. ..... purposes, the amalgamation shall be effected with reference to the audited accounts and balance sheets as on 1st april, 1986 of the two companies and the transactions thereafter shall be pooled into a common account, the dissolved company shall not be required to prepare its final accounts as on any later date and the resulting company shall take over all assets and liabilities according to the balance sheet as on 1st april, 1986 and accept full responsibility for ..... court about the amalgamation and tisco has not been impleaded as a party in the suit, the order passed by the high court was quashed by the supreme court and the supreme court remanded the matter to the trial court for deciding the suit after impleading omc alloys ltd. ..... then an application was made to the company court and pursuant to its order a meeting of shareholders was held on 11th feb. ..... the other decision which has been cited by the learned counsel for the revenue was rendered in the case of general radio & appliance company ltd. v. m.a. ..... learned counsel for the revenue relied on a decision of the supreme court in the case of general radio & appliances co. .....

H. Naik, Official Liquidator, Puri Bank Ltd. Vs. Kanhu Charan Das

Court : Orissa

Reported in : AIR1954Ori186; 20(1954)CLT417; [1954]24CompCas392(Orissa)

..... is being wound up (including claims by or against any of its branches in india) or any application made under section 153, indian companies act, 1913 (7 of 1913) by or in respect of a banking company or any question of priorities or any other question whatsoever, whether of law or fact, which may relate to or arise in the course of the winding up of a banking company, whether such claim or question has arisen or arises or such application has been made or is made before or after the date of the order of the winding up of the ..... act was ultra vires.his contention however is that on a matter of mere construction, when there is any inconsistency between any provision of the banking companies act (as amended) and the orissa estates abolition act the former should prevail. ..... let a copy of this order be given to the advocate general and also to the official liquidator of the puri bank ltd. ..... the orissa estates abolition act is a general earlier act dealing with acquisition of all estates within the state; the determination of compensation payable to the persons whose interests were so acquired and the manner of payment of such compensation. ..... the advocate general appeared on behalf of the government to oppose the reference. .....

Rajendra Prasad Bagaria Vs. Bhubaneswar Stock Exchange Association Ltd ...

Court : Orissa

Reported in : 85(1998)CLT681; [1999]97CompCas182(Orissa)

..... has been added to section 29 of the companies act by 1960 amendment that nothing in the section shall be deemed to prevent a company from including any additional matters in its articles so far as they are not inconsistent with the provisions contained in the form of tables c, d and adopted by the company. ..... also argues that the 1956 act was enacted the same year as that of the companies act. ..... clause 14 of table 'c', it is stated that every member shall have one vote but in clause 16, it is stated that no member shall be entitled to vote at any general meeting unless all the sums payable by him to the company up to date have been paid. ..... reliance was placed on sub-section (3) of section 9 to show that the provisions of the 1956 act have not been infringed by the articles of association or bye-laws of opposite party no. ..... stock exchange instead of carrying out the direction of the central government, illegally squared up the transaction, carried forward the same to the next settlement and imposed a penalty of rs. ..... association was incorporated under the companies act, 1956, in the year 1989-90 and the said association has been recognised by the central government in terms of the provisions of the securities contracts (regulation) act, 1956. ..... were found in conformity with the 1956 act and the rules made thereunder. ..... 1 are not contrary to the 1956 act and a member like the petitioner cannot ask for the relief in the manner as asked ..... 42 of 1956 as also the rules and the regulations framed .....

Raghunath Prusty Vs. Orissa Bank Ltd. and anr.

Court : Orissa

Reported in : AIR1961Ori26; [1961]31CompCas617(Orissa)

..... companies act, 1956, no banking company which holds a licence granted under section 22 may be voluntarily wound up unless the reserve bank certifies in writing that the company is able to pay in full all its debts to its creditors as they accrue, and without prejudice to the provisions contained in sections 521 and 441 of the companies act, 1956, the high court shall, on the application of the reserve bank, order the winding up of the company if at any stage during the voluntary winding up proceedings the company is not able to meet ..... for convenience of ready reference, the relevant portions of the minutes containing the resolutions passed at the said extraordinary general meeting are set out as follows :'the shareholders after examining the present financial position of the bank considered that the liability can be met from the assets if only the bank -be voluntarily liquidated. ..... the definition of 'banking as given in section 5(b) is that 'banking' means accepting, for the purpose of lending or investment, of deposits of money from the public repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise, section 5(c) defines 'banking company' to mean any company which transacts the business of banking in india.it was contended on behalf of the plaintiff company that this did not relate to past investment as in the present case. ..... in this view of the matter i maintain the order of the learned additional subordinate judge. .....