Court : Andhra Pradesh
Reported in : 2008(2)ALT225; [2008]144CompCas687(AP); [2010]97SCL261(AP)
..... at this juncture, it would be relevant to note sub-section 7 of section 4b and the said provision reads as hereunder:the order made under sub-section (6) shall be published in the official gazette and on the publication thereof, the order shall, notwithstanding anything to the contrary contained in the companies act, 1956 (1 of 1956), or any other law for the time being in force, have full effect.41.emphasis was laid on the words 'within 12 months from the date of publication of the order under sub ..... further, the learned advocate general would maintain that publication of the regulations may not have any serious consequence for the reason that section 5(2) of the act being mandatory, the same to be operative by operation of law and hence, the impugned action cannot be found fault and that section 5(2) of the act is having overriding effect and hence, the contention of the writ petitioners that in the light of section 4b(8) of the act read with the regulations, the action called in ..... the learned advocate general placed strong reliance on the guidelines 2.2.2, which read as hereunder:an unlisted company not complying with any of the conditions specified in clause 2.2.1 may make an initial public offering (ipo) of equity shares or any other security, which may be converted into or exchanged with equity shares at a later date, only if it meets both the conditions (a) and (b) given below:(a)(i) the issue is made through the book building process, with at least 50%of (net offer to .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2004(3)ALD879; 2004(5)ALT155; (2005)3CompLJ51(AP); [2004]56SCL566(AP)
..... only question 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 ..... . to consider this question, a reference be made to sub-section (2) of section 391 of the companies act, which reads thus:(2) if a majority in number representing three-fourths in value of the creditors, or class of creditors, or members, or class of members as the case may be, present and voting either in person or, where proxies are allowed under the rules made under section 643, by proxy, at the meeting, agree to any compromise or arrangement, the compromise or arrangement shall, if sanctioned by the court, be binding on all the creditors ..... , which is based on the abstract statements of suit filed accounts, including decretal amounts, discloses the consolidated statements of general receivables of both the transferor and transferee companies, as under:receivables of the transferee company -rs ..... from all the above, the committee of commissioners shall have the general power to appoint advocates on behalf of the transferor and transferee companies and fix their remuneration .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1976]46CompCas46(AP); [1975]101ITR470(AP)
..... now, under section 530(1)(a) of the companies act, 1956 (hereinafter called 'the companies act'), the government is entitled to priority in respect of arrears of tax owing by a company in liquidation but priority is confined to tax which had become due and payable within 12 months next before the date of the winding-up order. ..... relying upon section 530 of the companies act, 1956, he held that the preferential claim is restricted to the amount due and payable within twelve months next before the date of the winding-up order. ..... it was also held that:'it is difficult, therefore, to give any other meaning to the words 'set aside' under section 178(3) than that the amount set aside is for the object of meeting the income-tax dues.'18. ..... in paragraph 219 of their report, the committee said :'in this connection we should like to refer to a memorandum that we received from the central board of revenue, on the question of a priority to be given to crown demands generally and in particular to arrears of income-tax, super-tax and corporation tax. ..... until the liquidator has set aside an amount to meet the tax liability, he should not part with any of the assets of the company except for paying secured creditors entitled to priority over government dues.9. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [2008]142CompCas170(AP)
..... it is useful, therefore, to read sections 171, 228 and 229 of the companies act, 1913 in juxta-position with sections 446(1), 528 and 529 of the companies act, 1956:companies act, 1913 companies act, 1956 section 171:when a winding up order has been made or a provisional liquidator has been appointed no suit or other legal proceeding shall be proceeded with or commenced against the company except by leave of the court, and subject to such terms as the court may impose. ..... provincial insolvency act, 1920companies act, 1913 companies act, 1956 section 28(7): an order of adjudication shall relate back to and take effect from, the date of the presentation of the petition on which it is made.section 168: a winding up of a company by the court shall be deemed to commence at the time of the presentation of the petition for the winding up.18. ..... in cases where no such presumption arises then, of necessity, the court has to consider whether any such presumption arises under section 434(1)(c) and satisfy itself that, prima facie, the company is unable to pay its debt as its assets are insufficient to meet all its liabilities, actual and contingent.53. ..... a petitioning creditor does not petition for the general good but rather in the hope of recovering his own debt or part of it. as mr. ..... 10,97,574/- with interest at 18% per annum, would state that they are solvent and financially strong having an annual turnover of rs. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2000(2)ALD(Cri)212; [2001]40CLA126(AP); [2002]111CompCas361(AP); 2001CriLJ2729
..... the further statement in the complaint that 'the 'profound fact' is that no such resolution could have been passed at the board meeting as three out of the total strength of four directors were interested in the said contract either directly or indirectly which makes them ineligible to participate or vote in the board proceedings under section 300 of the companies act, 1956' does not detract from the substantive allegation that the accused nos. ..... similarly, if there is a contravention of section 167 of the companies act by committing default in holding general body meeting of a company, for such default the company and 'the officer of the company who is in default' are punishable with fine under section 168 of the act.27. ..... it may, however, be seen that under sub-section (2) of section 197 of the companies act circulating or advertising a report of the proceedings of any general meeting of a company in contravention of sub-section (1) renders every officer of the company who 'is in default' liable for punishment. ..... (3) (a) for the purpose of sub-sections (1) and (2), a general notice given to the board by a director, to the effect that he is a director or a member of a specified body corporate or is a member of a specified firm and is to be regarded as concerned or interested in any contract or arrangement which may, after the date of the notice, be .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [2002]111CompCas373(AP)
..... it is stated in the affidavit that in order to prove the said offence of contravention of offences under sections 299 and 300 of the companies act, it is necessary to show that there was no resolution as required under the companies act, 1956, which constitute an offence. ..... the circumstances of the case as noted above would show that there was a justification for issuing a general search warrant also as contemplated under section 93(1)(c) of the criminal procedure code.34. ..... whereas under section 93(1)(b) of the criminal procedure code, a search warrant could be issued where the required document or thing is not known to the court to be in the possession of any person but obviously when the place is known, the search warrant which could be issued under section 93(1)(c) is apparently an exception to the requirement of particularity or specificity inasmuch as a general search warrant could be issued without specifying the particular place or the name of the person in whose custody the document is ..... it has been held that search of an institution under the authority of a general search warrant can easily be sustained under section 93(1)(c) of the criminal procedure code.31. ..... under these circumstances, though the learned special judge has purportedly issued a search warrant under section 93(1)(a) of the criminal procedure code, the facts and circumstances of the case appear to justify the issuance of the general search warrant under section 93(1)(c) of the criminal procedure code also.32. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1995AP302
..... 122 of 1993 was filed by the corporation under section 446 (i) of the companies act, 1956 read with sections 29 and 46b of the state financial corporations act, 1951 (for short 'the sfc act') read with rule 9 of the company court rules seeking permission to pursue its remedies under the sfc act by staying outside the liquidation proceedings. ..... 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 supreme court.'17 ..... the companies act, 1913 did not have any provision equivalent to the amended section 529 or section 529a of the companies act, 1956. ..... synthetics & chemicals, (1994) 81 com cas 872, in which the court has held that the option of a state financial corporation, as a secured creditor of a company, to remain outside the winding up of the company was not affected by the insertion of section 529a of the companies act, 1956. ..... (2) the debts payable under clause (a) and clause (b) of sub-section (1) shall paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions.11. ..... section 31 of the sfc actprovides that any officer of the financialcorporation, generally or specially authorisedby the board in that behalf may apply to thedistrict judge within the limits of whosejurisdiction the industrial concern carries onthe whole or a substantial part of its business,for one or more of the following reliefsnamely: (a) .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [2001]105CompCas350(AP)
..... 43 of 1999 is filed by the andhra pradesh state financial corporation purportedly under section 446 of the companies act, 1956, seeking the permission of the court to stand outside the liquidation proceedings. ..... therefore detrimental to the interests of the applicants, learned counsel for the petitioner made the following legal submissions :firstly, that the state financial corporation could not have sold away the assets of the company now in liquidation without the leave of this court in view of the provision under section 446 of the companies act, 1956, read with section 441(2). ..... i am afraid that the submission of learned counsel cannot be accepted for the reason, the general right of the creditor to proceed against the assets of his debtor cannot be taken away except by an express declaration of law or by an implication, which is so necessary that it would exclude any other possibility. ..... if that is so on the completion of the enquiry if the bifr reaches the conclusion that the company is not likely to make its net worth positive within a reasonable time to meet all its obligations, and therefore it is just and equitable that the company be wound up, the bifr is required to record the same and forward the matter to the concerned high court for winding up of the company. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1996]87CompCas92(AP)
..... where, in respect of an industrial company, an inquiry under section 16 is pending or any scheme referred to under section 17 is under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under section 25 relating to an industrial company is pending, then notwithstanding anything contained in the companies act, 1956 (1 of 1956) or any other law or the memorandum and articles of association of the industrial company or any other instrument having effect under the said act or other law, no proceedings for the winding up of the industrial company or for execution, distress or the like against any ..... the petitioner defaulted in the payment of sales tax assessed under the andhra pradesh general sales tax act, 1957 ('the apgst act', for short) for the assessment years 1992-93 and 1993-94 and the sales tax authorities have initiated action under section 17 of the apgst act for the recovery of the said dues. ..... we, therefore, hold that no coercive steps for the purpose of recovery of tax dues, including action under section 17 of the andhra pradesh general sales tax act, can be taken by respondents nos. ..... there can be no doubt that action under section 17 of the andhra pradesh general sales tax act is attracted by sub-section (1) of section 22 of the act, which prohibits, inter alia, 'proceedings for execution, distress or the like against any of the properties of the industrial company' without the consent of the board/appellate authority. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2009(6)ALT677
..... if he had frankly and fairly stated in his application that he was seeking interim stay of the conviction order to avoid the disqualification which he was likely to incur by virtue of the language of section 267 of the companies act, the delhi high court would have applied its mind to that question and would have, for reasons to be stated in writing, passed an appropriate order with or without conditions. ..... as stated earlier, if the order of conviction is to result in some disqualification of the type mentioned in section 267 of the companies act, we see no reason why we should give a narrow meaning to section 389(1) of the code to debar the court from granting an order to that effect in a fit case ..... whether such a person has attracted any disqualification to continue as a managing director of a company, in terms of section 267 of the companies act, was one of the important questions that was called upon to be decided by the supreme ..... no one can be allowed to play hide and seek with the court: he cannot suppress the precise purpose for which he seeks suspension of the conviction and obtain a general order of stay and then contend that the disqualification ceased to operate. ..... ] the rest have made general observations highlighting the significance of this feature ..... following terms should ordinarily be applied in judging whether a certain offence involves moral turpitude or not:(1) whether the act leading to a conviction was such as could shock the moral conscience of society in general. .....
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