Court : Chennai
..... not give priority to all the secured creditors, but only to limited class of secured creditors and any claim made by a secured creditor against the realization by other creditors of the debtor under section 529 a r/w proviso (c) to section 529(1) of the companies act could arise before the debts recovery tribunal only if the creditor concerned stood outside the winding up and realized amounts and if it is shown that out of the amounts privately realized by it, some portion had ..... reserve price, confirmation of the sale, holding of the sale proceeds and the distribution thereof among the creditors in terms of section 529-a and section 529 of the companies act (iv) in a case where proceedings under the recovery of debts due to banks and financial institutions act, 1993 or the sfc act are not set in motion, the creditor concerned is to approach the company court for appropriate directions regarding the realization of its securities consistent with the relevant provisions of the ..... in such a case, the company courts jurisdiction under sections 442, 537 and 446 of the companies act stood ousted and no leave of the company court was necessary for initiating proceedings under the recovery of debts act, which was a subsequent legislation in point of time to the introduction of section 529-a of the companies act and it had overriding effect. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1978Bom369; (1978)80BOMLR218
..... the analogy of the provisions under the companies act and the claim of the creditors of the company vis-a-vis the company sought to be wound up or consideration of provisions such as those contained in section 186 of the indian companies act, 1913, or in section 469 of the companies act, 1956, are totally inappropriate in order to realise the true implication of the provisions contained in section 24 of the electricity act.22. ..... leave to appeal to the supreme court granted as, in our opinion, the two questions submitted by counsel for the appellants would seem to raise substantial questions of law of general importance which in our opinion are required to be decided by the supreme court in view of the nature of the statutory provisions under consideration. ..... 2,86,000 together with the accrued interest should be directed to be paid over to the 1st respondents to meet their claim against the arrears due by the appellants. ..... the current transformers having the ratio of 40:5 became inadequate to meet this revised maximum demand and it became necessary, therefore, to provide metering equipment with a higher ratio. ..... singhvi rightly contended that the court in each case will have to scrutinise the attitude of the consumer and consider the reasons given by him to the licensee for not meeting with the demand made by the licencee. ..... undertaking with a view to finalise the arrangement to meet the additional load that would be required by the appellants through the new transformer. .....
Tag this Judgment!Court : Karnataka
Reported in : [1966]36CompCas606(Kar)
..... section 551 of the companies act of 1956 he had to file statements mentioned in the section with the registrar of companies ..... while agreeing with the respondent that there is no ground for an exercise of the jurisdiction under section 633(1) of the companies act resulting in total acquittal of the petitioner, i think his previous conduct should have been taken into account by the courts below in determining the nature and ..... ashrit has also referred to sections 624a and 624b of the companies act as provisions indicating an intention of the companies act to exclude altogether the operation ..... defined and punished by the companies act is not assigned to any special courts created by the companies act but to the ordinary criminal courts exercising jurisdiction under the code of criminal procedure subject to the provision contained in section 622 of the act which reads: 'no court inferior to that of a presidency magistrate of a magistrate of the first class shall try any offence against this act.' 9. ..... for consideration is whether the petitioner can be said to have made out a case for exercise of the jurisdiction under section 633(1) of the companies act. ..... they do nothing more than empower the central government to appoint a separate public prosecutor to conduct prosecutions under the companies act and also to authorise him to present the absence of which the conduct of the prosecutions would necessarily have been within the conduct of the prosecutions would necessarily have been within .....
Tag this Judgment!Court : Karnataka
Reported in : AIR1965Mys274; [1966]36CompCas562b(Kar); 1965CriLJ654; (1965)1MysLJ265
..... 551 of the companies act of 1956 he had to file statements mentioned in the section with the registrar of companies periodically. ..... ashrit has also referred to section 624a and 624b of the companies act as provisions indicating an intention of the companies act to exclude altogether the operation of the code of criminal ..... but the trial of the offences defined and punished by the companies act is not assigned to any special courts created by the companies act but to the ordinary criminal courts exercising jurisdiction under the code of criminal procedure subject to the provision contained in section 622 of the act which reads:'no court inferior to that of a presidency magistrate or magistrate of the first class shall try any offence against this act. ..... while agreeing with the respondent that there is no ground for an exercise of the jurisdiction under section 633(1) of the companies act resulting in total acquittal of the petitioner. ..... on the merits, the only point for consideration is whether the petitioner can be said to have made out a case for exercise of the jurisdiction under section 633(1) of the companies act. ..... they do nothing more than empower the central government to appoint a separate public prosecutor to conduct prosecutions under the companies act and also to authorise him to present appeals against orders of acquittal by courts other than a high court in the absence of which the conduct of the prosecution would necessarily have been within the competence of an appropriate .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 2008(3)BomCR498; [2007(114)FLR1120]; JT2007(8)SC611; 2007(8)SCALE416; (2007)10SCC662; 2007AIRSCW4716
..... the amendment had been brought into force and were being applied from 08.01.1996, on which date the same were approved by the majority of the directors as required under section 289 of the companies act, 1956 and on which date, in normal course, any such resolution under the companies act would have come into force. ..... 13 of 1995 was circulated under section 289 of the companies act, 1956, in view of urgency to amend the 1979 rules due to i) changes in grades taken place since then, ii) on account of administrative difficulties faced in implementation of the existing rules, and iii) government instructions received by the company from time to time to amend the rules, etc. ..... 13 of 1995 dated 15.12.1995 amending the goa shipyard officers' conduct, disciplines and appeal rules, 1979 shall take effect from the date the same has been approved by the majority of the directors of the company, in terms of section 289 of the companies act, 1956.11. ..... cmd brought out to the notice of the board that the board at its meeting held on 28.11.1997, had noted the report of the appellate authority appointed by the board confirming the decision of disciplinary authority of dismissing maj. ..... rao next referred to the amended cda rules wherein it has been provided that for all officers up to and inclusive of manager, the disciplinary authority who can impose major penalties is the general manager/functional director and the appellate authority is the chairman & managing director. .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR1956Raj61
..... of ajmer filed this petition on1-5-1954, under section 162 of the companies act for winding up the rajasthan agricultural livestock & general insurance co. ..... shanti narain', air 1935 all 310 (a), that when power is conferred on the district court under the proviso to sub-section (1) of section 3 of the indian companies act that district court has the exclusive jurisdiction to deal with the matters. ..... one of such amendments was insertion of section 2 (b) by which the companies registered under any law in a part b state corresponding to the indian companies act immediately before the commencement of the part b states laws act, 1951, were to be deemed for the purposes of the act to be companies incorporated and registered under the act. ..... 8 of 1954 : this petition was presented by ram kumar on 22-11-1954, under section 162 of the indian companies act for winding up of the bharat electrical and industrial corporation ltd. ..... it was argued by learned counsel for the petitioners that while the proviso to sub-section (1) of section 3 empowered only the central government to empower the district courts, the adapted companies act in rajasthan conferred that power on the government of rajasthan, and, therefore, the authority exercising power under the rajasthan act did not correspond to the authority in the indian companies act. .....
Tag this Judgment!Court : Chennai
Reported in : [1995]82CompCas776(Mad)
..... , while considering the validity of a complaint filed by the accounts officer of the payee company, observed that along with the complaint the petitioner-company had filed the dishonoured cheque and a certified true copy of the board resolution passed at the board meeting of the company, which purported to authorise krishnan, the said accounts officer, to sign necessary papers, documents and to instruct, act and appear before any court of law at ernakulam in connection with any legal ..... of the appellants that as a matter of construction the first part of section 20(1) of the act makes it clear that a prosecution for offences under the act not being an offence under section 14 or section 14a, can be instituted only by one of the following authorities, namely : (i) the central government or the state government, or (ii) with the written consent of the central government or the state government, or (iii) a person authorised in this behalf by a general or special order by the central government or the state government, or (iv) with ..... emphasis is placed on the words 'in this behalf', in the second part of section 20(1) of the act for the submission that the delegation of powers to launch a prosecution by the central government or the state government, by general or special order, must be for a specific purpose in that behalf, viz. .....
Tag this Judgment!Court : Chennai
Reported in : AIR1921Mad427; (1920)39MLJ649
..... in table a of the first schedule of the companies consolidation act, (1908), provides that 'once at least in every year the directors shall lay before the company in general meeting a profit and loss account for the period since the preceding account' and it is common knowledge that this account is an account of the actual transactions of the company during the preceding year. ..... 'payment in cash' within section 25 of the companies act, 1867. ..... courts on the corresponding language of schedule d and accepted by the legislature, it is not in my opinion open to this court to place a different interpretation on the word 'profits' occurring in section 9 of the present act and to hold, as contended, that they include not only receipts but also claims for interest which have fallen due but have not been paid within the year of account and therefore form no ..... as i shall show, the uniform construction placed by the courts on this provision occurring as it does in an act the general scope of which is to impose a tax on annual income, which as already pointed out means annual receipts, has been that it refers to the difference between the amount of the receipts of the business for three years ..... ' for and in respect of the annual profits or gains arising or accruing to any person residing in the united kingdom from any profession, trade, employment or vocation, etc,' what is chargeable here therefore is 'annual profits or gains' just as under section 9 of the indian act, 'profits of any business. .....
Tag this Judgment!Court : Chennai
Reported in : 59Ind.Cas.482
..... of the standing articles of association provided in table a of the first schedule of the companies consolidation act (1108) provides that, 'once at least in every year the directors shall lay before the company in general meeting a profit and loss account for the period since the preceding account' and it is common knowledge that this account is an account of the actual transactions of the company during the preceding year. ..... turned on the meaning of the phrase 'payment in cash' within section 25 of the companies act, 1867. ..... to the uniform interpretation placed by the courts on the corresponding language of schedule d and accepted by the legislature, it is not, in my opining, open to this court to place a different interpretation on the word 'profits' occurring in section 9 of the present act and to hold, as contended, that they include not only receipts but also claims for interest which have fallen due but have not been paid within the year of account and, therefore, form no ..... ' now, as i shall show, the uniform construction placed on this provision by the courts, occurring as it does in an act the general scope of which is to impose a tax on annual income, which, as already pointed out, means annual receipts, has been that, it refers to the difference between the amount of the receipts of the business for three years and the expenditure incurred in ..... is chargeable here, therefore, is 'annual profits fir gains' just as under section 9 of the indian act, 'profits of any business. .....
Tag this Judgment!Court : Chennai
Reported in : [2000]241ITR62(Mad)
..... whether, on the facts and in the circumstances of the case, and having regard to the provisions of section 349(4) of the companies act, 1956, the appellate tribunal's view that the computation of profits for determining the managing agent's remuneration is in accordance with the companies act, 1956, is sustainable in law especially when the interest on loans and advances was not deducted in terms of section 349(4) of the companies act while computing such profit ? ..... question requiring our answer is, as to whether the infraction by the assessee-company of the provisions of section 349 of the companies act, 1956, in not deducting the interest on the borrowings while computing the net profits a percentage of which was paid to the managing agents as remuneration, was required to be ignored, and the amount of remuneration paid by the assessee allowed in full as an item of expenditure under section 37 of the income-tax act, 1961, even after that amount of interest admittedly paid by the ..... assessee-company, and which had been ignored while calculating the net .....
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