Court : Chennai
Reported in : [2009]151CompCas233(Mad); (2009)6MLJ821; [2009]95SCL112(Mad)
..... sections 397 and 398 of the companies act; that the decision of the company law board in rejecting the application on the ground of maintainability is perverse and without basis; and that the company law board ought to have dismissed the company petition on the admitted ground that the respondents are not holding shares in the company and therefore, they are non-members, who cannot maintain the petition under sections 397 and 398 of the companies act, 1956. ..... register of members to this effect;(b) for a declaration that the removal of the 1st petitioner as managing director of the 1st respondent company at the purported meeting held on 11.08.1995 as illegal, null and void;(c) for declaration that the increase in the authorized share capital and the paid-up capital of the first respondent company in the year 1996 and thereafter to the exclusion of the petitioners as illegal, null and void and a consequent direction to the ..... deed dated 19.4.1995 and the first respondent was made as the managing director of the first appellant company and subsequently he was removed in the extra-ordinary general body meeting held on 11.8.1995. ..... in the same court for declaration that the resolution of the first appellant's company in the extra-ordinary general body meeting held on 11.8.1995, removing him from the directorship is null and void. ..... stated, the first respondent was removed from the directorship in the general body meeting held on 11.8.1985, since he had not purchased the qualification shares. .....
Tag this Judgment!Court : Kolkata
Reported in : [1968]38CompCas660(Cal),[1968]69ITR379(Cal)
..... which this court had to deal with an application under section 17 of the companies act, 1956, by a company engaged in manufacture and production of iron and steel, seeking court's confirmation of the alteration of the memorandum of association of the company, effected by a special resolution, for enabling the company, inter alia, to subscribe or contribute money to ..... . he preferred to proceed on the following basis :' under section 17 of the companies act, 1956, it is the court's business to sanction the amendment of the memorandum and that legislative provision implies that the wisdom of the shareholders is neither supreme nor impeccable and for good reasons or bad it ..... . everybody knows that shareholders in large companies do not generally unite to put their foot upon what ..... a letter, dated november 26, 1958, therein stating, inter alia, as follows:' ...may we respectfully submit that the item figures prominently in the printed report of the directors to the shareholders on the material annual accounts of this public company and that amount was properly examined and then allowed by the income-tax officer... '6 ..... . in order to enable the company to cany on its business very efficiently it is necessary that the company should be enabled to contribute to the funds of the political parties which will advance policies conducive to the interest of industries in general and to the company in particular, and also the company should be able to contribute to other funds and ..... far too general .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1971Cal78,[1971]41CompCas1063(Cal)
..... under the companies act, 1956 the definition of the word 'creditor' has undergone a radical change so as to include therein a secured creditor as well and such right has been provided under sub-section (2) of section 439 of the companies act, 1956 by virtue of which a secured creditor shall be deemed to be a creditor within the meaning of clause (b) of sub-section (1) of section 439 of the companies act, 1956.29. mr. ..... that being the position, there is neglect on the part of the company to secure the claim of the prtitionrr within the meaning of section 434 of the companies act, 1956 and the deeming provision would be attracted after the expiry of three weeks mentioned therein.36. ..... (40) the company shall pay the principal moneys and interest secured by the debentures in accordance with the tenor thereof respectively and shall observe and perform the general conditions endorsed thereon respectively. ..... accordingly, such remedy is quite different from his right to recover his dues which he pursues by way of a suit under the general law of the land against the company as a going concern. .....
Tag this Judgment!Court : Kolkata
Reported in : (2005)5CompLJ1(Cal),[2005]62SCL610(Cal)
..... and each of them and/or by their servants and agents or assigns or otherwise from denying, the plaintiffs or any of them the right as nominees and to contest election for the post of executive committee members at the agm [annual general meeting] of the company scheduled to be held on 18 december 2004, and for mandatory injunction commanding the defendants to permit the plaintiffs and each of them to contest the election for the posts of the executive committee members of the ..... according to him, the validity pertains also to compliance of the provisions of section 274(1)(g) of the companies act, 1956 read with rule 9 of the companies (disqualification of directors under section 274(1)(g) of the companies act, 1956) rules, 2003. ..... when the plaintiffs/petitioners failed to give their declarations under section 274(1)(g) of the companies act, 1956, they forfeited their right for nomination for reappointment as directors and/or to continue any further. ..... in the application, for future guidance, this court should give a declaration and/or opinion as to whether the plaintiffs/petitioners are entitled to be nominated as elected executive committee members of the club in view of the violation/non-compliance of section 274(1)(g) of the companies act, 1956 read with rule 9 of the companies (disqualifications of directors under section 274(1)(g) of the companies act, 1956) rules, 2003 on/or before the cut-off date for filing nominations dated 26 november 2004.11. mr. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1960Cal285,[1960]30CompCas234(Cal),64CWN207
..... 31-12-.1949 and as the suit was not filed by the liquidator till 19-6-1950, and as the winding up order was made on 3-8-1948 the liquidator cannot take advantage of section 45f of the banking companies act which was introduced for the first time in the statute book by the banking companies amendment ordinance (xxiii of 1949) on 10th or 19th september 1949 as the amendment cannot be given a retrospective operation. ..... the supreme court in the case of (s) : 1955crilj555 has kept the question of limitation applicable to a proceeding under section 45b of the banking companies act 1949 open, and the supreme court made it clear that-they were not to be supposed to have expressed any opinion on the question of limitation which was ..... where the balance is a shitting one, the bank is under an obligation to the customer when the account is in credit and must meet his demand for payment; likewise when the account is overdrawn the customer is under an obligation to the bank and in law is bound to comply ..... is no general rule of construction that because one particular section of a statute is retrospective the whole statute should be regarded as retrospective nor is there any general opposite rule that because one section, is not retrospective no other section of that ..... the course of his judgment:'when a person opens a current account with a bank and pays money into it the money goes into the general funds of the bank which uses it for the purposes of its business. ..... that the general proposition laid .....
Tag this Judgment!Court : Kolkata
Reported in : (1980)19CTR(Cal)49,[1981]131ITR175(Cal)
..... bonus is payable after the annual general meeting of the company and also after a settlement has been arrived at between the company and the unions. ..... 943 of the report that in this context the companies act of 1956 was of great significance and reference was made to section 217 of the companies act, 1956, and regln. 99. ..... the amendment made in 1938 introduced section 131 a in the companies act of 1913 provided for the similar obligation though not in identical language as that of section 217 of the companies act of 1956. ..... therefore, we have not been able to appreciate for ourselves the significant difference that the companies act, 1956, is supposed to have made which could have altered the view of the judicial pronouncement to the meaning of ' reserve ' in the case of century spinning and . ..... ' ...any amount standing to the credit of any account in the books of a company as on the first day of the previous year relevant to the assessment year which is of the nature of item (5) or item (6) or item (7) under the heading ' reserves and surplus ' or of any item under the heading ' current liabilities and provisions ' in the column relating to 'liabilities' in the 'form of balance-sheet' given in part i of schedule vi to the companies act, 1956 (1 of 1956), shall not be regarded as a ' reserve ' for the purposes of computation .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1959Cal646,[1960]30CompCas61(Cal),63CWN762
..... sections 228 and 229 of the old indian companies act which govern this application corresponding to sections 528 and 529 of the new companies act of 1956, the liquidator must be regarded as a person in whom the property of the company has become 'vested in trust for the specific purpose' within the meaning of section 10 of the limitation act ..... particular english provisions considered there are the same as those contained in sections of the companies act in india which i have already mentioned. ..... trusts for the specific purpose are those imposed on the liquidator by the companies act and therefore the liquidator answers the description given in section 10 of the limitation act.9. ..... appeal court held in that case that under the english companies act, 1862 the assets were made applicable to the payment of all liabilities of the company subsisting at the date of the winding up order. ..... is therefore being contended by the liquidator that the limitation really is accelerated by the provisions contained in the statutory explanation of section 3 of the limitation act because the limitation starts running from the time when the claimant first sends his claim to the official liquidator. ..... general rolling stock company, (1872) 7 ch. ..... , at pages 490-491 of that report refers to the case of general rolling stock which i have already quoted and comes to the conclusion tot the assets are to be applied in payment of the liabilities subsisting at the time of the winding-up order and that after the order is .....
Tag this Judgment!Court : Kolkata
Reported in : [2000]102CompCas81(Cal),(1999)2CompLJ72(Cal)
..... applicants respondents herein filed an application on february 12, 1990, under section 397/398 of the companies act, 1956, for certain reliefs against the appellants and other respondents. ..... was, thus, made that the appellants or any other person be tried for commission of any offence laid down under schedule xi read with section 406 of the companies act, 1956.22. ..... into consideration the various provisions of the companies act, code of criminal procedure as also the general clauses act, the learned trial judge in his judgment consisting of 118 pages inter alia, directed :'the schedule xi criminal trial in this matter shall commence on friday, the march 14, 1997.the petitioners shall prepare the following in that regard : (a) a list of the accused ;(b) for each of the accused, a charge, containing the sections of which breach is complained of, and ..... court is empowered to give relief in respect of past and concluded transactions which are no longer continuing wrongs and they are really in the nature of exceptions to the general principle manifest from the language of sections 397 and 398 that the power of the court under both the sections is confined only to making an order for the purpose of putting an end to oppressive or prejudicial conduct and the court cannot make an order setting aside or interfering ..... no notice of the said meeting was given to the other ..... the meetings of the board of directors were held on june 20, 1989, september 2, 1989, october 16, 1989, and december 28, .....
Tag this Judgment!Court : Kolkata
Reported in : (2004)3CALLT233(HC),[2005]128CompCas803(Cal)
..... the dispute in that case relates to the loss of equity shares and the consequential reliefs, which were asked for in view of the provisions of section 84 of the companies act, 1956. ..... the learned counsel submitted that unless suits and proceedings under the indian companies act, 1956 are barred, the said bar cannot be made applicable to the present case. ..... the learned counsel also submitted that there is no substance in the case of the appellant that just because companies act, 1956 is not mentioned in the schedule to the said act, suits or proceedings under the indian companies act, 1956 is not barred. ..... it is not in dispute that the said company was incorporated under the companies act, 1956 on or about 12.6.1972 and its registered office is at 47, pathuriaghata street, p.s. ..... the learned counsel for the appellant submitted that since the suits and proceedings under the indian companies act, 1913 have been barred, the said bar cannot apply in the present case in as such as said company has been incorporated admittedly under the companies act, 1956. ..... the said act was made in 1953 and the companies act of 1956 could not be in existence in 1953. ..... here it is admittedly clear from the plaint itself that the plaintiff, a company incorporated under the companies act, 1956, is a corporation and, the disputes raised in the plaint admittedly relate to the internal management of the said company. .....
Tag this Judgment!Court : Mumbai
Reported in : 2007(6)ALLMR843; 2007(5)BomCR316; 2007(5)MhLj313
..... residential accommodation to any member of the staff of that secretariat;(2) any premises belonging to, or taken on lease by, or on behalf of,-(i) any company as defined in section 3 of the companies act, 1956, in which not less than fifty one per cent, of the paid up share capital is held by the central government or any company which is a subsidiary (within the meaning of that act) of the first mentioned company(ii) any corporation (not being a company as company as defined in section 3 of the companies act, 1956 or a local authority) established by or under a central act and owned or controlled by the central government. ..... learned counsel for the petitioner submitted that the general insurance corporation has since transferred the entire share capital to the government of india and the entire share capital of the petitioner company is presently held by the central government. ..... to say the company in which more than 50% of the share capital is held by the government but is a company whose entire share capital is held by the central government and in the past was held by the general insurance corporation, a wholly owned corporation of the central government. ..... however, that controversy does not arise in the present case as the entire share capital of the petitioner is held by general insurance corporation whose entire paid up capital in turn was held by the central government. .....
Tag this Judgment!