Court : Chennai
Reported in : [1997]89CompCas732(Mad); 1997(1)CTC382
..... the revision petitioner, who is hereinafter referred to as the complainant in this order, had filed 32 complaints against various companies alleging that some of them have violate section 159 of the companies act and some of them have violated section 220 of the companies act; both offences are punishable under section 162 of the companies act. ..... are other judgments of various other high courts, some holding that the offences under sections 159 and 220 of the companies act are continuing offences and some holding the contra view. ..... the view of the learned magistrate that the offences under sections 159 and 220 of the companies act, are not continuing offences and once an offence is done it is completed for all practicable purposes on that day itself, is opposed to at least three rulings of this ..... violation of section 159 of the companies act is also made punishable under section 162 of the companies act. ..... these cases under consideration, some of the complaints relate to violation of section 159 of the companies act and some of the cases relate to violation of section 220 of the companies act. ..... in view of the settled position of law, i have no hesitation in setting aside the orders impugned in each of the revision cases and remand the matter back to the trial court for further action in accordance with law.8. ..... the question whether the offences referred to above are continuing offences or not is the subject-matter of three decisions and they are as follows :kalaimagal corporation ltd. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1993Bom392
..... hence, the impact of these provisions of section 537 of the companies act, 1956 which is similar to section 232 of the companies act, 1913, could not have been considered by ..... , the proviso to section 529(1) and section 529a, which are inserted in the companies act, 1956 by reason of the companies amendment act, 1985 make any difference to the position of a secured creditorwith a right to sell the property directly without the intervention ..... 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. ..... companies act, 1913 did not have any provision equivalent to the amended section 529 of section 529a of the companies act, 1956 ..... words 'any sale held without leave of the court of any of the properties' in section 232 of the companies act, 1913, which provisions are equivalent to the provisions of the present section 537 of the companies act, 1956. ..... section 529(1) of the companies act, 1956 provides that in the winding up of an insolvent company, the same rules shall prevail and be observed with regard to, inter alia, the respective rights of secured and unsecured creditors, as are in force for the time being under the law ..... does not carry the matter any further. 26 .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1955Cal29,[1954]24CompCas539(Cal),1955CriLJ790,59CWN1
..... this decision is necessary because of the view that i take in this case that the general order under section 179(a) here is good enough authority for the prosecution and the complaint.in my opinion sections 179(a) and 237(1) of the companies act are not exclusive of each other in respect of persons against whom prosecution can be launched and the one is not to be considered with reference to the other in respect of persons ..... add that sub-section 3 of section 183 of the companies act gives complete liberty to the official liquidator to apply to the court for directions in relation to any particular matter arising in the ..... contend that the liquidator having taken action under section 235 of the companies act in regard to the self-same matter, the criminal prosecution is no longer maintainable ..... a further application by which they submitted that the proceedings should be quashed also on the ground that the official liquidator had since commenced proceedings under section 235 of the companies act in regard to the identical matters. ..... the main difference between the english and indian company law on this point now is that while in the english companies act of 1862 the court could direct the liquidator to prosecute and that provision was gradually modified until the present statutory position in england is reached where the liquidator can no longer prosecute but is only directed by the court winding up the company to refer the matter to the director of public prosecutions in england or to .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2003SC2012; [2003]114CompCas614(SC); (2003)2CompLJ166(SC); JT2003(2)SC395; 2003(2)SCALE677; (2003)10SCC482; [2003]2SCR631; (2003)2UPLBEC1022
..... court pointed out therein that section 29 of the sfc act cannot override the provisions of section 29(1) and 529a of the companies act, 1956, inasmuch as the sfcs cannot exercise the right under section 29 ignoring a pari passu ..... meeting its obligations in relation to any guarantee given by the corporation] or otherwise fails to comply with the terms of its agreement with the financial corporation or where the financial corporation requires an industrial concern to make immediate repayment of any loan or advance under section 30 and the industrial concern fails to make such repayment, [then, without prejudice to the provisions of section 29 of this act and of section 69 of the transfer of property act, 1882 (4 of 1882)] any officer of the financial corporation, generally ..... charge is defined under section 100 of the transfer of properties act thus:'section 100 where immoveable property of one person is by act of parties or operation of law made security for the payment of money to another, and the transaction does not amount to a mortgage, the latter person is said to have a charge on the property; and all the provisions hereinbefore contained [which apply to a simple mortgage shall, so far as ..... as well as the single judge permitting the sfc to sell the assets of m/s raheja development corporation without the leave of the company court are set aside, with liberty to the ksfc to move the company court and seek appropriate directions in the matter of realization of its securities.35. .....
Tag this Judgment!Court : Allahabad
Reported in : [2008]141CompCas438(All); [2008]85SCL148(All)
..... saxena, official liquidator it is necessary to refer to certain provisions of the companies act, 1956.section 454 of the companies act, 1956 lays down as under:454. ..... 5 is exempted from complying with the provisions of section 454 of the companies act, 1956.so far the other directors are concerned, the matter shall be considered on the next date fixed. ..... of affairs shall be submitted and verified(i) by one or more of the persons who are at the relevant date the directorsand (ii) by the person who is at that date the manager, secretary or other chief officer of the company.hence, this part of sub-section (2) of section 454 of the companies act, 1956, requires that one or more of the persons, who ore at the relevant date the directors, and the person, who is at that date the manager, secretary or other chief officer of the ..... 2 to the said supplementary counter affidavit, which is a copy of the notice dated 6.12.1991 with explanatory statement issued for convening 15th annual general meeting of the aforesaid company in question.it is pointed out that the said explanatory statement, interalia, mentioned as follows:since sri satish kumar modi from the inception of modi carpets ltd. ..... 1) had submitted his resignation letter dated 7.2.1992 which was placed before the board meeting on 26th may, 1992.113. ..... 1) was placed on the table at the board meeting dated 26th may, 1992. ..... the evidence on record clearly shows that he did not attend any of the board meetings after march 28, 1974. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1957Cal520,61CWN709
..... the words of the proviso in sub-section (7) of section 45g, banking companies act, by using the expression 'exculpated from any charges made or suggested' do not convert proceedings under section 45g of the act into a criminal prosecution or a criminal charge or a criminal trial and are only used for the purpose of awarding costs to the director and do not alter or modify the substantial or essential nature of the proceedings described in the substantive provisions of section 45g of the statute. ..... the argument is that as the notes of the examination of such evidence may be used later in evidence against the person in any proceeding, civil or criminal, under section 45-g (8), banking companies act, a public examination of the director is bad under that particular provision of the constitution. ..... before applying the general clauses act, it is good to bear in mind article 367(1), constitution of india, which begins with the words of caution, 'unless the context otherwise requires, the general clauses act, 1897, shall...........apply for the interpretation of this constitution..............''. ..... 12 and 13 being respectively asoke kumar sen and jotindra chandra rui, have been released from these proceedings by me on the ground that they were not concerned with the transactions complained of during the relevant period.3. ..... 45-h and 45-i, are not the subject-matter of this application, and i do not propose to express any opinion thereupon. .11. .....
Tag this Judgment!Court : Allahabad
Reported in : 2000CriLJ310
..... and 3 only ;(d) the purported requisition notice dated june 15,1998, under section 169 of the companies act, 1956, be declared as null and void and the respondents be restrained from holding any extraordinary general meeting of the company and from exercising any rights as shareholders that are detrimental to the interest of the company or for toppling the existing management;(e) respondents nos. ..... reading of sections 402(a) and 402(g), there can be no doubt that the intention of the legislature was to confer wide and ample powers upon the court for the regulation of the conduct of the company's affairs and to provide for any other matter which the court thinks just and equitable to provide for, in the interests of the corporate body and the general public.'46. ..... has also rightly observed that after amendment of the articles of association of the company consequent upon the family settlement of 1991, article 68 provided for passing of special resolutions in respect of certain matters and article 109 provided for affirmative vote from both the groups on certain matters coming before the board. ..... for the appellants has urged on the basis of this decision of the supreme court that the principle applicable to dissolution of partnerships is to be invoked in the matter of a company in rare cases to order winding up. ..... 53 comp cas 883 that the court has ample power to pass any order for putting an end to the matter complained of including the division of assets between the two factions.47. .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1996)87CompCas398
..... tribunal and as the central government exercises judicial powers of the state to adjudicate upon rights of the parties in civil matters when there is a lis between the contesting parties, the conclusion was that it acts as a tribunal and not as an executive body.hence, the central government in exercising appellate powers under section 111 of the companies act, 1956, is a tribunal exercising judicial functions and is, therefore, subject to the appellate jurisdiction of the supreme court under article ..... the word 'court' used in section 9a of the special court act, is intended to encompass all curial or judicial bodies which have the jurisdiction to decide matters or claims, inter alia, arising out of transactions in securities entered into between the stated dates in ..... the petitioner through a resolution under section 490(1) passed at the extraordinary general meeting of bob fiscal. ..... that the supreme court has observed in that case that "though any person or company is lawfully entitled to purchase shares of another company in the open market, if the transaction is done surreptitiously with a mala fide intention by making use of some public financial institution as a conduit in a clandestine manner such deal or transaction would be contrary to public policy and illegal". ..... of dunlop that the impugned shares are also in the nature of such transactions and as the supreme court has held that such transactions are against public policy and illegal the register of members should not be .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1964Cal247,68CWN302
..... the grounds are first that by reason of the provisions of the companies act and particularly sections 166, 186, 210, 211 and 217 and the provisions in schedule vi, part ii, clause 3 (xiv) no dividend can or could be declared excepting at an annual general meeting; secondly, according to the true construction of the articles of association declaration of dividend it a matter pertaining to the board of the company for the relevant year and the recommendation for the declaration of any dividend for any particular year has ..... at least fourteen days' notice (exclusive of the day on which the notice is served or deemed to be served but inclusive of the day on which notice is given) of every general meeting shall be given la writing to the members specifying the place, day and hour of meeting with a statement of business to be transacted at the meeting in the manner hereinafter provided. 99. ..... , (ii) the balance-sheet, (iii) the reports of the directors, and of the auditors, (b) to elect directors, auditors, and other officers in the place of those retiring by rotation or otherwise, (c) to declare dividends, (d) fixing of remuneration of the auditors, and (e) to transact any other business which under these presents ought to be transacted at any ordinary general meeting and any business which arises out of the reports of the directors issued with the notice concerning the .....
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