Court : Kerala
Reported in : AIR1959Ker388
..... the particular person named for examination).it was only in 1956 that the indian legislature (following the english companies act of 1948) resolved the ambiguity in section 196 of the indian companies act, 1913 by providing in section 478(1) of the companies act, 1956 that when the liquidator has reported that a fraud has been committed by a person the court ..... requirements of the law, was not to be regarded as a precedent for future reports). these cases have been followed by the indian courts in construing section 196 of the indian companies act, 1913 (see for example in re indian state bank ltd., air 1933 all. 366 where it was observed that the words that the court 'may ..... charge made or suggested against him, necessarily implies that only a person against whom some charge (and unlike a case falling under section 478 of the companies act the charge need be only of an act or omission leading to loss and need not necessarily be one of fraud) has been made or suggested can be so examined. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1961Ker14; [1960]30CompCas501(Ker); 1961CriLJ75
..... reports disclose sufficient grounds to justify the passing of an order for the public examination of counter-petitioners 1 to 8 and 12 under section 478 of the companies act and section 45g of the banking companies act. we are not expressing any opinion on that question.7. in the result all these appeals are allowed and the impugned order is ..... and 12, the court passed an order on 19-10-1959 directing that counter-petitioners 1 to 8 and 12 will be publicly examined under section 478 of the companies act and section 45g of the banking companies act. the sustainability of this order has been diallenged in the present appeals. a. s. 1016/1959 is by the 7th counter-petitioner in ..... order passed by the court on 13-6-1958, it was directed that this petition will be treated as a report under section 455(2) of the companies act and section 45-g of the banking companies act, the petition with all the reliefs claimed therein has been maintained intact and has been kept on the file of the court. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1960Ker243; [1960]30CompCas135(Ker)
..... of tne winding up order, and, as we have seen, the execution proceeding now in question was not then pending but was subsequently instituted. therefore sections 456 of the banking companies act has no application whatsoever, and i am not impressed with the argument that a suit must be deemed to be pending even after decree, that an ..... property was brought to sale and bought by the defendant himself on 3-3-1958. 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 ..... contention is that since the liquidator and not moved this court and had the proceedings transferred to it under sections 456 of the banking companies act, the munsiffs court, alleppey continued to have jurisdiction. that being so, sections 446 of the companies act does not apply. further, that the suit property was trust property in the hands of the liquidator, .....
Tag this Judgment!Court : Kerala
Reported in : [1967]37CompCas138(Ker)
..... by the revision petitioner under order 21, rule 58, civil procedure code, to the attachment of immovable properties effected before judgment on the ground that under section 456 of the banking companies act, 1949, the high court alone has exclusive jurisdiction to entertain and decide the same.2. the official liquidator filed report no. 82 in b ..... this court did not decide to transfer the execution proceedings to the file of this court under section 45c(2) of the banking companies act, 1949, the execution proceedings are being continued under section 45c(4) of the banking companies act, 1949, in the sub-court, meenachil, where the proceedings ,were then pending.3. certain items ..... the reason already mentioned.4. the question to be decided is whether the meenachil sub-court which is empowered to execute the decree under section 45c(4) of the banking companies act, 1949, has jurisdiction to entertain and dispose of the claim petition or objection to attachment filed under order 21, rule 58, by .....
Tag this Judgment!Court : Kerala
Reported in : AIR1962Ker333; [1962]32CompCas953(Ker)
..... do not think this argument can bear a moment's examination. in the first place both under section 235 of the indian companies act, 1913 and under section 543 of the companies act, 1956 read with section 45-h of the banking companies act, the proceeding has to be initiated by an application. a report is not an application; report no ..... which they alleged that certain sums were due from the directors named in the report and prayed that proceedings may be started against them under section 235 of the indian companies act 1913. the present application was brought on 22-5-1958, and, obviously with an eye on limitation, professes to be in continuation of report ..... is out of time so far as section 543(2) of the companies act is concerned.4. the company being a banking company is however entitled to the benefit of section 45-o of the banking companies act which prescribes a special period for limitation for banking companies that are being wound up. this section runs as follows:'45-o. (1) .....
Tag this Judgment!Court : Kerala
Reported in : AIR1962Ker64; [1961]31CompCas641(Ker)
..... a direction by the high court for the retention and continuance of the proceedings in the wrong court. the words 'wrong court' in section 3 (3) of the companies act 1913, it seems to me, cannot apply to a court which could never be the right court, in other words, to a court which has no ..... has now come seeking a direction that the district court, alleppey, do retain and continue the proceedings; and he would have it that section 437 of the companies act. 1956 warrants such a direction.2. section 437 rung as follows :'437. power of high court to retain winding up proceedings in district court--- the high court may direct that ..... and not a case where there is an inherent want of, competence regarding the subject matter of the proceeding. the section does no more than what section 3 (3) of the indian companies act, 1913 which says, 'nothing in this section shall invalidate a proceeding by reason of its being taken in a wrong court', did, excepting that it contemplates .....
Tag this Judgment!Court : Kerala
Reported in : [1990]67CompCas441(Ker); [1990]182ITR134(Ker)
..... , priority, or preferential rights or treatment, save those expressly conferred and limited by the act itself, in particular by section 230 and sub-section (2) of section 232'.12. section 530(1)(a) of the companies act, 1956, is the provision corresponding to section 209 of the companies (consolidation) act, 1908, referred to in food controller v. cork [1923] ac 647, which is ..... declare a first dividend of 27 paise in a rupee as shown in annexure a to the said application to the creditors of the company under sections 529 and 529a of the companies act. in the very same order, this court directed the canara bank to provisionally set apart rs. 27,00,000 for capital gains ..... central bank ltd. : [1985]155itr510(ker) , where a full bench of this court held that the sanction of the winding-up court under section 446(1) of the companies act is required for realisation of income-tax. learned counsel, relying on the following authorities, contended that the state can have no rights apart from what .....
Tag this Judgment!Court : Kerala
Reported in : [1992]73CompCas285(Ker)
..... with sub-section (1) of section 257 of. the companies act. otherwise, sub-section (1a) will be incomprehensible. sub-section (1a) cannot be separated from sub-section (1) of section 257 of the companies act. it is on account of this intimate relationship with sub-section (1) that the provisions contained in sub-section (1a) of section 257 of the companies act have been termed as section (1a).20. sub-section (2) of section 257 of the companies act makes ..... it clear that sub-section .....
Tag this Judgment!Court : Kerala
Reported in : [2001]103CompCas846(Ker)
..... bench of this court in the aforesaid decision are applicable to the facts of this case coming under section 97 of the companies act. therefore, the default contemplated under section 97 of the companies act being a continuing default arising on each day until the requirements of the provisions are satisfied, the above ..... petitioners have revoked the earlier resolution to enhance the share capital by the subsequent resolution, there is no violation of section 97(2) of the companies act punishable under section 97(3) of the act. the fact that the petitioners passed resolution dated september 29, 1994, to increase the authorised share capital from ..... complaint filed by the respondent dated march 51, 1997, alleging the offence punishable under section 97(3) of the companies act is hopelessly barred by limitation. counsel for the petitioners vehemently argued that section 97(3) of the companies act contemplates a single default and it does not contemplate a continuing default and, therefore, .....
Tag this Judgment!Court : Kerala
Reported in : [1994]79CompCas213(Ker)
..... amendment, the power was vested with the court under the companies act, 1956. the parallel provision ih the english companies act, 1948, since repealed is section 210. for the first time in the indian companies act, 1913, protection to shareholders was made in section 153c by the companies amendment act, 1951. this is a protection to avoid winding up in ..... dispute whatever settlement the court considers just and equitable.' on the report of the cohen committee section 210 was incorporated in the english companies act, 1948, and we followed in india by introducing section 153c in the indian companies act, 1913. the recommendation of the babha committee in 1952 widened the scope and area still further ..... rao v. v.l dutt [1987] 61 comp cas 20 (mad). the court formulated the following conditions for maintaining a petition, under sections 397 and 398 of the companies act, 1956, (at page 66) (a) it must be established that the oppression complained of affected a person in his capacity or character .....
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