Court : Mumbai
Reported in : (1970)72BOMLR679
..... examination under section 478 of the companies act and section 45g of the banking companies act had no concern with proceedings under section 545 of the companies act and section 45j of the banking companies act, and a prayer for action under the latter two sections could not amount to an accusation under article 20(3) for the purpose of orders for public examination under the said section 478 or ..... done in the affidavit in support of the misfeasance summons is to state that he is 'informed', or to point out facts from which it 'appears', that certain offences have been committed by the directors of the company, so as to bring the case within section 543 of the companies act, but the same did not contain any formal accusations against the directors, or against a particular director as such.8. ..... two of the questions which arose before the supreme court were (1) whether an ex parte order directing the examination of a person under section 477 of the companies act was liable to be modified or vacated on the application of the person affected thereby; and (2) whether on the facts of the said case there was any ground for ..... prosecuted in the court of a presidency magistrate under section 23 of the foreign exchange regulation act, 1947, read with the relevant government notification. ..... an auditor by name tandan was appointed by the court to investigate into the affairs of the company. ..... the last-named director is abroad, but it was decided to proceed with the public examination of the other .....
Tag this Judgment!Court : Mumbai
Reported in : [1994]51ITD339(Mum)
..... , we have no hesitation in concluding that arrears of depreciation provided for by the assessee is in accordance with part ii and part iii of schedule vi to the companies act, and is also in accordance with section 115j (1) (a) of the income-tax act, 1961.having held that the arrears of depreciation is claimed in accordance with section 115j, it is now considered necessary to ascertain the exact quantum of loss or the amount of depreciation which would be required to be set off against the profits of the relevant previous year ..... 164-165 that in a case where profit and loss account was prepared in accordance with the provisions of part ii & part iii of sixth schedule to the companies act, the assessing officer will have no power to disturb the book profits except as stated in section 115j and the assessing officer is bound to proceed with the computation only on the basis of the book profits as shown in the profit and loss account unless it is discovered that the profit & loss ..... at the rate specified for the assets by the indian income-tax act, 1961 and the rules made thereunder.schedule xiv of the companies act provides for rates of depreciation with effect from 2-4-1987 for the purpose of section 205 and 360 of the companies act.he referred to the decision of the tribunal in the case of apollo tyres ltd. ..... assessment is a widely held public limited company and is engaged in manufacturing activities of tyres in the brand name of modistone. ..... , dividends managerial remuneration etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1993)47ITD154(Mum.)
..... it is therefore, apparent that the rates of depreciation prescribed in schedule xiv of the companies act are applicable to working out profits of a company for the purpose of dividend to be paid out of such profits, & (ii) section 350 of the act prescribes mode of ascertainment of depreciation and as has been discussed above, it provides that the amount of depreciation to be deducted in pursuance of section 349(4)(k) of companies act, 1956 shall be the amount calculated with reference to the written down value of the assets as shown by the books of the assessee at the ..... it was argued that the rates of depreciation allowance prescribed in schedule xiv of the companies act were not applicable to part ii and part iii of schedule vi of the companies act and were meant only for sections 205 and 350 of the companies act, which relate to the declaration of dividends and fixation of managerial remuneration respectively. ..... lastly, it was submitted that the reliance of the cit (a) on clause (iv) of explanation below section 115j was misplaced because the depreciation rate could be objected to, even under section 205 of the companies act, if it was lower than the rates prescribed in schedule xiv, but not if they were higher than those rates, as was the case here.17. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1993Bom392
..... of insolvency in india, 3rd edition, page 347) bearing in mind these rights of a secured creditor, the proviso to section 529 of the companies act lays down that where a secured creditor, instead of relinquishing his security and proving for his debt, opts to realise his ..... 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 ..... , the proviso to section 529(1) and section 529a, which are inserted in the companies act, 1956 by reason of the companies amendment act, 1985 make any difference to the position of a secured creditorwith a right to sell the property directly without ..... the indenture of mortgage and further charge referred to above and the provisions of the state financial corporations act, 1951, the appellants took out a judges' summons before the company judge dated 16th august, 1988 seeking leave under section 537 of the companies act, 1956 to proceed with the sale of the land, building, plant and machinery of the company situate at tarapur. ..... the court is sought either by putting in force any attachment, distress or execution within the meaning of section 232(1) of the companies act, 1913, or proceeding with or commencing a suit or other legal proceedings against the company that leave of the court is necessary. ..... an indenture of mortgage dated 28th january, 1980 executed by the company whereby the company mortgaged its land, building, plant and machinery etc. .....
Tag this Judgment!Court : Mumbai
Reported in : [1995]82CompCas342(Bom)
..... section 446 of the companies act, the company court has jurisdiction to entertain and dispose of such an application by virtue of the provisions of sub-section (2)(b) as well as sub-section (2)(d) of this section which provide that the court which is winding up the company shall have jurisdiction to entertain or dispose of any claim made by or against the company as also any question of priorities or any other questions, whatsoever, whether of law or fact, which may relate to or arise in the course of the winding up of the company ..... hence, the impact of these provisions on section 537 of the companies act, 1956, which is similar to section 232 of the indian companies act, 1913, could not have been considered ..... , the proviso to section 529(1) and section 529a, which are inserted in the companies act, 1956, by reason of the companies (amendment) act, 1985', make any difference to the position of a secured creditor with a right to sell the property directly without ..... the indenture of mortgage and further charge referred to above and the provisions of the state financial corporations act, 1951, the appellants took out a judges' summons before the company judge dated august 16, 1988, seeking leave under section 537 of the companies act, 1956, to proceed with the sale of the land, building, plant and machinery of the company situate at tarapur. ..... an indenture of mortgage dated january 28, 1980, executed by the company whereby the company mortgaged its land, building, plant and machinery, etc. .....
Tag this Judgment!Court : Mumbai
Reported in : [1980]50CompCas646(Bom)
..... 397 and 398 of the companies act basically the provisions of both these sections provide for relief in cases of oppression of minority shareholders and in cases where the affairs of the company are being conducted in a manner prejudicials to public interest or in a manner oppressive to any member or members ..... thus, it would not be in the interests of the company to have the management of the company in the hands of sardar bakshi dalip singh in respect of matters which are of vital concern to the company, namely, fighting litigations in the court of small causes at bombay. ..... it seems that after the petition was filed these shares have been transferred to the name of the widow of major jagtar singh, that is to say, in the name of anoop jagtar singh, while out of the 2 shares, which stood in the name of anoop jagtar singh, one share has been transferred to kamalbir singh and one share has been transferred to rajbir singh, the two sons of the deceased, major jagtar sing ..... sata sawhney and others (wherein the petitioners and two other daughters of sardar bakshi dalip singh are partners), is sought to be adjusted against 200 unpaid shares of the company in the name of sardar bakshi dalip singh. ..... ownership of the building in which the business of running the hotel is carried on, stands in the names of the petitioners and two other daughters of sardar bakshi dalip singh. ..... the time when the petition was filed 120 shares stood in the name of major jagtar singh who had died on november 13, 1972. .....
Tag this Judgment!Court : Mumbai
Reported in : (1971)73BOMLR333; [1971]41CompCas524(Bom); 1970MhLJ686
..... pestonjee jamasjee padshah it was held in respect of section 214 of the indian companies act, 1882, which corresponded to section 235 of the indian companies act, 1913, and now corresponds to section 543 of the companies act, 1956, that section 214 of the indian companies act, 1882, gave no new rights but simply provided a summary mode of ..... that the procedure provided in the code, in so far as it could be made applicable, should be applied to such proceedings and since there was nothing in section 235, companies act, which rendered the provisions of order 23, rule 3, civil procedure code, inapplicable to misfeasance proceedings, a compromise which was a fair and proper one should be given ..... a result of an investigation under section 477 of the companies act that some such person is indebted to the company or holds the property of the company, the court will have no power to make an order of payment or restoration except in cases where the claim is admitted, for the non-admitted part of the claim for which a director or officer becomes liable, there is no provisions under section 477 for an effective order an ..... the official liquidator and the statement filed by the official liquidator in support of the chamber summons for an order under section 477 of the companies act, i have no hesitation in coming to the conclusion that the purpose of obtaining the order of private examination under section 477 of the companies act was solely for the prosecution of the misfeasance summons.12. .....
Tag this Judgment!Court : Mumbai
Reported in : 2004(3)BomCR317; (2004)3CompLJ58(Bom); [2004]52SCL224(Bom)
..... 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 ..... referred to certain decisions under section 210 of the english companies act including meyer and observed:'these observations from the four cases referred to above apply to section 397 also which is almost in the same words as section 210 of the english act, and the question in each is whether the conduct of the affairs of the company by the majority shareholders was oppressive to the minority shareholders and that depends upon the facts ..... refer to four cases where the new section 210 of the english act came up for consideration, namely, (1) elder v. ..... person occupying the position of director, by whatever name called by virtue of section 2(13). ..... 2, 4 and 5 be restrained from representing in the name or on behalf of the company; that the declaration be made that that the action/s ..... it is true that in the resolution, the names of the contractors are not disclosed but does it lead to an inference that it ..... each shareholder is specifically mentioned by name in the articles of association and therefore, the principles enunciated by house .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)88ITD18(Mum.)
..... that under the provisions of section 211(2) of the companies act, it has been laid down that the accounts of a company must give true and fair view of the profits of the company.provisions of part ii of schedules vi to the companies act also laid down that the profit and loss account of a company shall be so made out as to disclose clearly the results of the working of the company during the period covered by the ..... any "provision" created in the accounts of the assessee may be considered or construed to be a 'reserve' and not 'provision'.further, we find that such a course of action has been contemplated in clause 7(2) of part iii of schedule vi to the companies act itself.this clause 7 reads as under :- 7(1) for the purpose of parts i and ii of this schedule, unless the context otherwise requires,- (a) the expression "provision" shall, subject to sub-clause (2) of this clause, mean any amount written ..... 2,35,27,628 remained outstanding from more than 360 days and therefore in accordance with the foreign exchange manual issued by reserve bank of india the assessee could deduct this amount as provision for ..... the learned cit(a) held that the increase of book profit made by the assessing officer was justified under clause (b) of the explanation which provide that the amount carried to any reserve by whatever name called has to be added to the book profit. ..... in the first instance, the expression "reserves" appearing in explanation (b) has been qualified to be "by whatever name called". .....
Tag this Judgment!Court : Mumbai
Reported in : (1959)61BOMLR1245
..... court also pointed out that the terms of section 38 of the companies act were wide and the remedy was speedier and cheaper ..... is the same as the present section 155) of the companies act. ..... that questions of forgery and fabrication of documents are not proper to be tried under the summary procedure of application made under section 155 of the companies act. ..... 155 of the indian companies act is a summary remedy ;and should not be allowed to be resorted to in matters involving companies act is a summary remedy and should not be allowed to be resorted to in matters involving complicated questions such as have arisen in ..... (8) in all matters arising under the companies act the rules of this court provide that the application must be ..... 38 of the indian companies act and that the petitioners should be left to a separate suit, more especially ..... 38 of the companies act and referred him ..... register of shares of the 1st respondent company as 1-7-1955 these shares were transferred and registered in the name of the 2nd respondent. ..... to the affidavit in reply made on behalf of the 1st respondent company; the petitioner however does not deny her signature on the deed ..... the meeting of the directors held on 1-7-1955 it appears that the petitioner and the said shantaram were both present at the said meeting and the application for transfer of the shares from the name of petitioner to the second respondent was resolved to be accepted and the shares were resolved to be transferred to the name of the 2nd respondent. .....
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