Court : Delhi
..... has no power to delegate its disciplinary powers to anybody including md & ceo under section 179 (3) of the companies act, 2013. ..... of ec, the club policy of the company only refers to the corporate membership which is in favour of the company and any eligible employee is required to be nominated by the company under the said membership. . ..... an enquiry will be held by an enquiry committee nominated by the management of the company into the competent authority to drop the alleged charges arid the facts so communicated ..... respondent no.6 and placed reliance on sections 4.4.3 and 4.4.3.6 of hr policies section 4 standards of conducts & performance annexed as annexure sa-1 and copy of minutes of nomination and remuneration committee meeting annexed as annexure sa-2 with the supplementary affidavit filed by the respondent ..... merely because the directors nominated by the gnctd on the board of directors of the petitioner company are non-executive directors, it does not mean that they have no role to play, or responsibility to share , in the decision ..... the board of directors of every listed company and such other class or classes of companies, as may be prescribed the nomination and remuneration committee consisting of three or more non- executive directors out of which not less than one-half shall be independent directors: provided that the chairperson of the company (whether executive or non-executive) may be appointed as a member of the nomination and remuneration committee but shall not chair .....
Tag this Judgment!Court : Supreme Court of India
..... exercise of powers conferred by section 212(1)(c) of the companies act, 2013 ( 2013 act , for short) and under section 43(2) and (3)(c)(i) of the limited liability partnership act, 2008 ( 2008 act , for short), the central government vide order no.07/115/2018/cl-ii (nwr), directed investigation into the affairs of adarsh group of companies and llps ( the group , for short) by officers of serious fraud investigation (sfio) as nominated by director ..... fall real estates private limited j7 moti doongr i road, jaipur rajastha n aabcw382 6e actv4 now, therefore, in exercise of powers conferred under section 212 (1) (c) of the companies act, 2013 and under section 43 (2) & (3) (c) (i) of the llp act, 2008 the central government hereby orders investigation into the affairs of the above named companies and llps to be carried out by officers of the serios fraud investigation office (sfio) as nominated by director, sfio.5. ..... therefore, in exercise of powers conferred under section 212(1) of the companies act 2013, the following officers are designated as inspectors the investigation into the affairs of the above-mentioned entities and shall exercise all the powers available to them under the companies act, 2013: to carry out ..... of mandamus or any other appropriate writ/direction/order in the nature of a writ declaring that the power of respondents no.2 to 4 to carry out investigation under section 2012(2) companies act, 2013 after the expiry of the time period is illegal and unconstitutional. b. .....
Tag this Judgment!Court : Supreme Court of India
..... the award, no doubt, also said that the dismissal of the appellant was ultravires but as will be seen later, it did not thereby hold the act of dismissal to be a nullity and, therefore, of no effect.17.17 it is significant that sections 241 and 242 of the companies act, 2013 do not specifically confer the power of reinstatement, nor we would add that there is any scope for holding that such a power to reinstate can be implied or inferred from any of the powers specifically conferred. ..... n.a.soonawala (14th respondent) and others as discussed above; the fact that the company ( tata sons limited ) has suffered loss because of prejudicial decisions taken by board of directors; the fact that a number of tata companies have incurred loss; in spite of decision making power vested with the board of directors with affirmative power of nominated directors of the tata trusts ; the action in making change from public company to private company ; the manner in which mr. ..... 16.26 for assailing the decision to remove cpm from the chairmanship of tata sons, it is contended (i) that tata group performed exceedingly well under his stewardship; (ii) that the nomination and remuneration committee for the financial year 2015 16 endorsed his performance and even recommended a pay 155 hike and performance linked bonus; and (iii) that the board unanimously approved these recommendations on 29.6. .....
Tag this Judgment!Court : Supreme Court of India
..... .1. it is also submitted that the plan is in contravention of section 230 of the companies act, 2013, which provides for the power to compromise or make arrangements with any creditor or member of a company; that the minority shareholders, even if not a part of the coc, have a right to know and participate in any compromise or arrangement which affects their rights; that they have a right to dissent with any terms of ..... the timelines given in the resolution plan for completion of flats were not workable; there was no clause for refund of money in the event flats not being completed within the timelines envisaged, except to the extent of nominal interest; and that the voting share of homebuyers being only 57.66%, it cannot be said that cent percent consent had been given for approval of the resolution plan by coc ..... the resolution plan for completion of flats are not workable and for there being no clause for refund of money in the event flats are not completed within the time lines envisaged, except to the extent of nominal interest mentioned in the plan, these two submit that they have dissented for the approval of the resolution plan ..... priority. in the totality of circumstances, when the promoters shareholding is extinguished and cancelled in toto without any consideration, even nominal exit price of inr1crore for minority shareholders cannot be termed as unfair or .....
Tag this Judgment!Court : Karnataka
..... in this background it is necessary to examine the provisions of section 152 of the companies act, 2013, which deals with the appointment of directors. ..... attention of the court to the memo dated 09.09.2019 would take this court through the enclosed documents namely the resolution of the board dated 07.08.2019 and would submit that the formalities as mandated by the companies act has been duly complied with and hence no infirmity can be attached to the nomination and appointment of the third respondent to the board of the 4th respondent company. ..... would submit that the actions of the government cannot be faulted with and that the appointment and continuation in the post is at the pleasure of the government and the government having in 15 its wisdom deemed it expedient to nominate and appoint the third respondent as a nominee director on the board of the fourth respondent, the same cannot be the subject matter of a lis as the petitioner is not conferred with any vested right to remain in the said ..... on a conjoint reading of article 74(a) and the definition of the word the act or the said act, the only inescapable conclusion that could be drawn is that, the articles of association mandates that the power vested in the state government to nominate or remove a director, but article 74 of the articles of association also mandates that the same can be exercised only in consonance with the 25 companies act. .....
Tag this Judgment!Court : Supreme Court of India
..... the appellant no.1 and the directors nominated by her to the board shall hold the office for a period of 3 years from the date of their assuming charge notwithstanding anything contained in section 152(6) of the companies act, 2013; e. ..... without going in depth of the details of various applications filed by the parties herein, we can only note that by order dated 30.05.2016, the company law board in company petition no.36 of 2014 framed the following issues: (i) whether the petitioner has requisite qualification as contemplated under section 399 of the companies act, 1956 to invoke the jurisdiction of this bench under section 397/398 and other provisions of the companies act, 1956 and whether any case has been made out even under ..... lastly, we hold that the directions passed by the high court in para 323 of the impugned order are illegal and contrary to the provisions of company act, 2013 (for short 2013 act ). ..... part i of schedule v of the companies act, 2013 which prescribes maximum age of 70 years to be a director, shall not apply to appellant no.1; d. ..... a pure question of title is alien to an application under section 397 of the companies act wherefor the lack of probity is the only test. ..... in exercise of the powers conferred under section 241 and 242(2)(a) of the companies act, 2013 to regulate the conduct of the affairs of respondent no.1 company in future, the appellant no.1 is authorized to increase number of directors in the board of the said company to 3: c. .....
Tag this Judgment!Court : Mumbai
..... in the present case we have already noted that there an implied conflict between section 86(1)(f) of the electricity act, 2003 and section 11 of the arbitration and conciliation act, 1996 since under section 86(1)(f) the dispute between licensees and generating companies is to be decided by the state commission or the arbitrator nominated by it, whereas under section 11 of the arbitrary and conciliation act, 1996, the court can refer such disputes to an arbitrator appointed by it. ..... notification issued by the state of maharashtra on 03/09/2013 purporting to approve the fare under section 15 of indian tramways act 1886 is illegal as such powers are superceded in view of applicability of act of 2002 and could not have been exercised by the state of maharashtra. ..... on 3rd september, 2013 government of maharashtra issued an order in exercise of powers conferred under section 15 of indian tramways act, 1886 and in accordance with section viii of the schedule appended to the government order dated 14th december, 2007 and accorded approval to the schedule appended as annexure-1 to that order showing the maximum fare or toll that could be charged in respect of metro ..... it is submitted by the learned senior counsel that the central government in exercise of powers under sec.32(1)(a) of the metro railways (construction of works) act 1978 by notification dated 18/11/2013 had added the metro alignment of mumbai metro line-1 in respect of metropolitan area of mumbai. .....
Tag this Judgment!Court : Chhattisgarh
..... (i) an application filed under order 7 rule 11 cpc is not maintainable in law as the election petition can be dismissed by this court under section 86 of the rp act, 1951 which does not comply with the provisions of sections 81 or section 82 or section 117 of the rp act, 1951, as such order shall be deemed to be made under sub-section(a) of section 98 of the rp act, 1951 amounting to dismissal of the election petition, therefore, no other ground is available for summarily dismissal of the election petition by this court even ..... influence or direct or indirect interference by the returned candidate or his agent has been raised in the petition and a mere allegation that non-disclosure of the alleged information in a affidavit filed alongwith the nomination cannot be said to fall within the mischief of subsection (2) of section 123 of the rp act, 1951, that would not by itself amount to interference or attempt at interference with the free exercise of an electoral right, as undue influence is an inference and the ..... 120/- to the chhattisgarh state power distribution company limited while submitting affidavit in prescribed form no.26 alongwith his nomination paper submitted on 30.10.2013, which he has not made and the returned candidate/respondent no.1 not only suppressed the material facts but also at the time of scrutiny accepted his liability before the returning officer stating that he would clear the electricity dues and as such his nomination paper has improperly been accepted .....
Tag this Judgment!Court : Supreme Court of India
..... this letter is set out by us hereinbelow: as you are aware, the election of shareholder director in public sector banks is administered by rbi guidelines no.dbod no.bc no.471/29.39.001/2007-08 dated 01.11.2007 as per which the nomination committee of the bank's board is to undertake a process of due diligence to determine the `fit and proper' status of persons to be elected under section 9(3)(i) of the banking companies act, 1970/80. ..... it was further held that the rbi guidelines dated 1st november, 2007, issued pursuant to the statutory power contained in section 9 (3aa) of the said act, alone governed the facts of these cases, and that no other criteria de hors the criteria in these guidelines could possibly be taken into account.4 ..... the matter arises out of a decision by the nomination committee set up under an rbi circular dated 24th may, 2013, in which it has decided, having regard to the fact that the respondent no.1 before us is over aged, ..... this is for the reason that in the impugned order dated 24th may, 2013 before the high court, the said committee took into account only the fact that the respondent no.1 was over age and the fact that he had already been director in the appellant-bank ..... request a single judge of the high court to take up civil suit no.212/2013 for hearing within a period of eight weeks from today. ..... we have been shown a letter dated 3rd september, 2013, written by the under secretary, ministry of finance, department of financial services, to the appellant- .....
Tag this Judgment!Court : Delhi
..... comptroller and auditor general of india, or a cost wp(c) 1144/2016 page 30 of 55 accountant or chartered accountant nominated under section 72a of the finance act, 1994,- (i) the records maintained or prepared by him in terms of sub-rule (2) of rule 5; (ii) the cost audit reports, if any, under section 148 of the companies act, 2013 (18 of 2013); and (iii) the income-tax audit report, if any, under section 44ab of the income-tax act, 1961 (43 of 1961) for the scrutiny of the officer or the audit party, or the cost accountant ..... these wp(c) 1144/2016 page 31 of 55 arguments have to be rejected as power under section 14 of the ce act and other powers relating to investigation and enquires cohabit and exist together and also independently. ..... additionally, the commissioner of income tax under section 263 of the income tax act has the power to revise assessments made if the assessment is erroneous and prejudicial to the interest of the revenue. ..... at this stage, it would be relevant to deal with the contention of the petitioner that the respondents have the power to conduct special audit under section 72a of the fin act and access and visit the premises registered with the service tax department under rule 5a of the rules. .....
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