Court : Allahabad
Reported in : [1945]13ITR480(All)
..... the conclusion we have reached, therefore, is that, subject to the final question whether a revenue proceeding taken in pursuance of section 46 of the indian income-tax act, 1922, is an 'other legal proceeding' at all within the meaning of section 171 of the indian companies act, we are unable to hold that the assessment of the 25th february 1943, constitutes a debt which is protected from the general scheme for the distribution of the assets in the winding-up. ..... 'with deference, we must say that we cannot see the justification for placing so restricted a general definition on the words 'suit, or other legal proceeding' in section 171 of the indian companies act as to confine them to 'proceedings ejusdem generis' (with a suit) 'that is to say, original proceedings in a court of first instance, analogous to a suit, initiated by means of a petition similar to plaint'. ..... in in re briton medical and general life assurance association it was held that a summons in a police court against a company to recover penalties for alleged offences under the companies act, 1962, and the life assurance companies act, 1870, was a 'proceeding' within the meaning of the expression contained in section 85 of the companies act of 1862, '... .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1996)87CompCas398
..... 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 136 of the constitution. ..... (hereinafter called "bob fiscal") under section 111 of the companies act, 1956, praying for an order directing the respondent-company to register the transfer of 7,42,400 equity shares in the name of the petitioner and for other consequential reliefs. ..... the company has disputed that bob fiscal is an investment company within the meaning of section 372 of the companies act, 1956. ..... in fact the investments made by bob fiscal were far in excess of the limits prescribed under section 372 of the companies act and as such was required to be sanctioned by a general body resolution and also required to be approved by the central government. ..... it has been substantiated by the petitioner through a resolution under section 490(1) passed at the extraordinary general meeting of bob fiscal. ..... the board of bob fiscal, at its meetings held on may 17, 1988, has accepted the ceiling prescribed under section 372 and now it cannot contend that it is an investment company. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1960Ker243; [1960]30CompCas135(Ker)
..... 's purchase therein were completely void and gave no title whatsoever to the defendant because(a) no leave of the winding up court had been obtained as required by sections 446 of the companies act, 1956 and(b) because the alleppey munsiffs court had no jurisdiction to entertain the execution application in view of sections 456 of the banking companies act under which exclusive jurisdiction is vested in this court.2. ..... all this he did without obtaining the leave of court required by sections 446 of the companies act, 1956 and, in due course, on 16-7-1938 he obtained delivery of the property he had bought.on 26-2-1959, the plaintiff bank came forward with the present suit asking ..... court having jurisdiction to try a proceeding (whether the jurisdiction be under the ordinary law, or whether it be the special jurisdiction conferred on this court itself by sections 45b of the banking companies act or whether it be a jurisdiction saved from sections 45b by sections 45c (5) of that act, makes no difference) shall not do so after a winding up order has been made unless leave of the winding up court has been obtained and, further, ..... that that decision does not lay down that property held by a company in liquidation as a trustee is not a property or an effect of the company so as to rule out the application of sections 537 of the companies act but only lays down that it is not an asset available for distribution among the general body of creditors but is an asset which must be made over .....
Tag this Judgment!Court : Gujarat
Reported in : [2006]131CompCas652(Guj); [2005(107)FLR951]; (2005)3GLR2019; [2006]68SCL311(Guj)
..... principal employer by the employee for the purpose of paying the contribution in respect of which it was deducted and as the dues of the esi corporation would have priority over other debts under section-530 of the companies act, 1956 and as the amount, deducted by the company from the salary/wages of the workmen towards the contribution, tantamounts to revenue of the state, the esi corporation even at this stage is entitled to recover the money from the official ..... (2) the debts payable under clause (a) and clause (b) of sub-section (1) shall be paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions.section-530(1)(a) of the companies act, which is necessary for disposal of this reference, reads as under:530. ..... that the dues of the corporation relating to contribution would have priority over all other debts, but, if we look into the body of the section, it would clearly appear that these shall be deemed to be included among the debts which under section-530 of the companies act, 1956 are in distribution of the property/assets of the company being wound up, be paid in priority to all other debts, the amount due in respect of any contribution or any other amount payable under the .....
Tag this Judgment!Court : Chennai
Reported in : AIR1985Mad199; [1987]62CompCas414(Mad)
..... 22-8-1984, a learned single judge of this court has held that no valid annual general meeting was held on 22-7-1983 and that petitioners 1, 5 and 6 in the company petition, who are defendants 1, 2 and 3 in the suit, continued to be the directors as per the unamended ..... is that at the annual general meeting held on 22-7-1983, the first three defendants were not elected as directors and consequently the first defendant had automatically vacated office as whole-time director of the company. ..... the learned judge has further held that since there was no annual general meeting on 22-7-1983 the term of directors had to be reckoned ..... only disputed questions with regard to the present right of the plaintiff to the ownership of the shares in question, but as already pointed out, important questions of law are involved in respect-of the provisions of the companies act, and it was wholly improper on the part of the trial court to make an order of ad interim mandatory injunction in the present case. ..... of transfer, it is proved to the satisfaction of the board of directors that the instrument of transfer signed by or on behalf of the transferor and by or on behalf of the transferee has been lost, the company may register the transfer on such terms as to indemnity as the board may think fit : provided further that nothing in this section shall prejudice any power of the company to register as a shareholder or debenture holder any person to whom the right to any shares in, or debentures of, the .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1970Cal349,[1971]41CompCas477(Cal),[1971]80ITR108(Cal)
..... it is the contention of the official liquidator that issue of notices by the department on the basis of the provisions in the said sections or the taking of any steps by the department on the basis of the said provisions in relation to assessment of a company in liquidation, are legal proceedings against the company within the meaning of section 446(1) of the companies act, 1956 and the said proceedings cannot be commenced or continued against the company by the department without obtaining necessary leave of court, as required under section 446(1) of the companies act. ..... in these circumstances, the official liquidators made an application to the high court under sections 171, 228 and 233, companies act, 1913, against the governor-general in council, asking for an order that the income-tax department should be directed to put in a formal claim to the official liquidators in respect of the said sum of rs. ..... over debts due to government on the date of the liquidation or for meeting such costs and expenses of the winding up of the company as are in the opinion, of the commissioner reasonable,(4) if the liquidator fails to give the notice in accordance with sub-section (1) or fails to set aside the amount as required by section (3) or parts with any of the assets of the company or the properties in his hands in contravention of the provisions of that section, he shall be personally liable for the payment of the tax which .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1957Cal438,61CWN448
..... utility and occasion of filing returns of forfeited shares under section 75(1) of the companies act are considerably whittled down by the annual returns that the company has to file in respect of the share capital under section 159 of the companies act, 1956. ..... shall now try to give in brief the reason why it was not found necessary either in the older indian acts or in the present english acts and why the present provision as contained in sub-section (5) of section 75 of the companies act, 1956, is only a measure of abundant caution and no more.18. ..... not without significance that this article does not use the word 'allot' but uses the word 're-allot' and i am therefore satisfied that section 75(1) of the companies act 1956 applying to allotments cannot in any event apply to 're-allotment' in this context of the article. ..... therefore, on a construction of the provisions of the memorandum and the articles in accordance with the general principle of interpretation and in the light of the judicial decision mentioned above i have come to the conclusion and i hold that the alleged practice of paying the surplus sale proceeds to the expelled member pleaded in paragraph 16 ..... i am told that the practice was uncertain and the surplus left out of the sale proceeds after meeting the obligations was paid back to the person whose share was forfeited. ..... in this case what happens is that the share is sold to meet the debts and obligations which have been imposed upon a member whose share is about to be .....
Tag this Judgment!Court : Mumbai
Reported in : 2004(3)BomCR317; (2004)3CompLJ58(Bom); [2004]52SCL224(Bom)
..... --nothing in sections 255, 258 or 259 shall affect any power conferred on the board of directors by the articles to appoint additional directors :provided that such additional directors shall hold office only up to the date of the next annual general meeting of the company :provided further that the number of the directors and additional directors together shall not exceed the maximum strength fixed for the board by the articles.'62. ..... needle industries newey (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. ..... he would submit that though section 260 of the companies act, 1956 authorises the appointment of the additional director but that is not authorised by articles; the articles of association do not have a provision for additional director as such. ..... (ii) 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) as mr. .....
Tag this Judgment!Court : Allahabad
Reported in : [2006]130CompCas32(All)
..... in that decision it was held that the enquiry under section 16(1) of the sick industrial companies act must be treated as having commenced as some as the registration of the reference is completed after scrutiny, and from that time action against the company's assets must remain stayed in view of section 22 of the act till the final decision is taken by the bifr.12. ..... on the other hand, in winding up proceedings under the companies act there is no such provision for making such effort the sick industrial companies act, 1985 is a special law and hence its provisions will prevail over the general provisions of the companies act.25. ..... it is only when the board after making the enquiries under section 16 and considering all the relevant facts and circumstances and after giving opportunity of being heard to the concerned parties is of the opinion that the sick industrial company is not likely to make its net worth exceed the accumulated losses within a reasonable time while meeting all its financial obligations, and that the company as a result thereof is not likely to become viable in future, and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)104ITD249Cal
..... the previous year under the act, the method and rates for calculation of depreciation shall correspond to the method and rates which have been adopted ..... iii of schedule vi to the companies act, 1956 (1 of 1956): providedthat while preparing profit and loss account, the depreciation shall be calculated on the same method and rates which have been adopted for calculating the depreciation for the purpose of preparing the profit and loss account laid before the company at its annual general meeting in accordance with the provisions of section 210 of the companies act, 1956 (1 of 1956): provided furtherthat where a company has adopted or adopts the financial year under the companies act, 1956 (1 of 1956), which is different from .....
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