Judgment Search Results Home > Cases Phrase: deposit pre contract Court: company law board clb Page 5 of about 110 results (0.117 seconds)

Suryakant Gupta Vs. Rajaram Corn Products (Punjab)

Court : Company Law Board CLB

Reported in : (2002)108CompCas133

..... conclusion that the term "disclosure" would mean "to make others aware of which they were not aware" to mean that if the other directors of the board are otherwise generally aware of the interest of a director in an arrangement or a contract, then the non disclosure in a board meeting would not attract the penal provisions. ..... as per section 299, a director has to disclose his interest in any contract or arrangement and in the instant case, since contracts were entered into with a firm in which the 2nd respondent was a partner he should have disclosed his interest. ..... the sale proceeds of the assets shall be deposited in the cc account with the bankers immediately on receipt, 3. ..... , certain proceedings are pending and this firm is also under the control of the 1st petitioner.the family members of the 2nd respondent have deposited a huge amount of money of the order of rs. .....

Jagatjit Industries Ltd., Galaxy Vs. Mohan MeakIn Ltd.

Court : Company Law Board CLB

Reported in : (1994)80CompCas411

..... in the rejoinder affidavit filed by jil, it is stated that mml has violated the provisions of section 111(2) of the act and section 22a of the securities contracts (regulation) act, 1956 (hereinafter referred to as "the securities act"). ..... the right of recourse of the contracting parties is prejudiced thereby and delayed receipt of valid documents is detrimental to the interests of bona fide investors. 4. ..... authority of law.shri koura further submitted that in view of this non-compliance with the mandatory provisions of the act, the impugned transfers are void ab initio and the question of ratification in the case of a void contract does not arise. .....

Winfred Investments Limited and Vs. Mainstay Teleservices Private

Court : Company Law Board CLB

Reported in : (2004)121CompCas365

..... if for any reason, the signing of the formal contract becomes impossible or frustrated, the nominees of mpl are to refund tcl the balance of amounts infused by tcl under clause 2.1. ..... naganand, advocate for the petitioners, while initiating his arguments traced the pre-incorporation history of the company by stating that the second petitioner and the second respondent had approached m/s tecapet limited ("tcl"), a company having its registered office at uk, a foreign investor for projects in india, with a proposal to ..... when the signing of the contract became impossible on account of the differences between the nominees of mpl and tcl, the second respondent, a nominee of mpl was authorised to terminate the mou by mpl at its board meeting dated 16.03.2002.accordingly, the second ..... if signing of the formal contract becomes impossible or frustrated, the nominee of mpl would refund to tcl, the balance of amounts infused by tcl as contemplated under clause 2.1 of the mou. ..... shri edwin prabakar pointed out that clause 8 of the mou provides that the broad understanding reached between the parties should be reduced to a formal and legally binding contract. ..... (viii) the broad understanding reached between the parties under the mou would be reduced to a formal and legally binding contract. .....

Dr. T.N. Raghunath and Smt. Vs. Lake Side Medical Centre Private

Court : Company Law Board CLB

Reported in : (2007)137CompCas741

..... on account of foreign tours undertaken by the second respondent with little benefit to the company; (d) failure to credit any income earned by the second respondent in the company's premises from private practice; (e) negligence in execution of the building contract; and (f) non-maintenance and attempted sale of the hospital property. ..... in krishna das paul v.calcutta chemical company limited (1998) 5 comp lj569 held that sale of one's shares to an outsider for a bonafide purpose, even if shares constitute majority percentage can never be termed as oppressive, as long as there is no pre-emptive clause in the articles in favour of other shareholders. ..... section 300(1) stipulates that the interested directors cannot participate nor vote in any contract or arrangement entered into on behalf of the company. ..... further, allotment of shares is not in the nature of a commercial contract. .....

Shri Subash Hastimal Lodha and Vs. Manikchand Promoters and

Court : Company Law Board CLB

Reported in : (2007)1CompLJ420

..... 1 company and the same are not being sent to the petitioners in spite of the fact that the petitioner has deposited the amount towards postal expenses with the respondent no. ..... in the statement of significant accounting policies attached to every balance sheet it has been specifically mentioned that income from construction of residential complex shall be recognized on completed contract method on handing over the possession of premises. ..... further, due to the peculiar nature of the business( construction of tenements), company cannot book income till contract is complete. ..... it is true that the petitioner has not got notices of board's meetings for which even money has been deposited through a cheque of rs. ..... as shareholder he cannot claim access to books of accounts or other business contracts. .....

Shri Sanjay Paliwal and Shri J.K. Vs. Paliwal Hotels Pvt. Ltd. and ors ...

Court : Company Law Board CLB

Reported in : (2008)141CompCas270

..... petitioners had explained that a separate bank account was opened to take credit for income tax refund and some other payments which had to be collected and credited to the company as the same could not be deposited in the bank account which was not to be operated due to clb's order dated 9.9.2005 whereby status quo with respect to the properties of the company as of date was to be maintained and the bank account of the company ..... appears to be inadequate, the transactions are within the family members of r-2 who has signed the sale documents on behalf of the company without any authority, thus indulging in this sham transaction whereby sale consideration was deposited in the bank on 8.7.2005 and was withdrawn on the same day. ..... 1 had given the restaurant on contract to an ex-employee. .....

Kothari Industrial Corporation Vs. Lazor Detergents Private Ltd. and

Court : Company Law Board CLB

Reported in : (1994)81CompCas617

..... har narain singh, air 1929 oudh 185, wherein it was observed by the division bench (at page 188) : "but surely as said before, a principle of equity must yield to express provisions of a statute and if the contract to assign or the transfer itself is declared by the statute as void the principle that equity considers as done that which ought to be done must be held to be inapplicable to such a transfer." 87 ..... the fact of their belonging to the reliance group and if this fact had been known to the company, it could have rejected the request for registration under the relevant provisions of section 22a of the securities contracts (regulation) act which opportunity, the company claims, has been denied due to non-disclosure of this vital information by the respondents ..... the liquidators, even though they received the dividend from the company by virtue of their having been shown as shareholders in the register of shareholders of the company, would be bound, once the contract of sale had been entered into between them and chunilal, to hand over the said dividend to chunilal ..... of suitable legal provision in this regard, the original shareholders, even though they have divested their entire interest in the shares are treated as trustees of the transferees, even though there may not be any privity of contract between them and one may not even know the other ..... . in other words, a duly stamped instrument is a pre-condition which has not been fulfilled in respect of instruments in lists a and c of annexure .....

Pearson Education Inc. (Formerly Vs. Prentice-hall of India Pvt. Ltd.,

Court : Company Law Board CLB

Reported in : (2004)56SCL365

..... in case, it decides to continue with the company, since i have held that non allotment of shares issued in 2001 is an act of oppression against the petitioner, its shareholding percentage should be brought to the pre existing level, which could be done, either by directing the 2^nd respondent to transfer from his holding 56,660 shares, which were offered to the petitioner by way of right issue or cancel the entire allotment made in ..... the case of john tinson was cited to the proposition that articles of association of a private company is a contract between the parties and that if the articles so provide, there should be a written resolution of the board accepting the transfer from shareholders in favour of transferee and such previous sanction should be precedent by handing ..... manhal (air 1997 sc 1411) supreme court has held that the articles of association of a private company is a contract among the members and, therefore, members are bound by the provisions in the articles. ..... the matter covered in the civil suit relates to the contract between the company and the petitioner, while in this case, the petitioner is alleging oppression and mismanagement and the reliefs that could be granted in this petition would be different from those in the civil ..... amounted to transfer of shares of the company and as such the relevant provisions of the articles giving pre-emptive rights to other members of the company should have been complied with and since there is no such compliance, pearson .....

Bpl Communications Limited and Vs. Shri T.P.G. Nambiar, Electro

Court : Company Law Board CLB

Reported in : (2006)132CompCas13

..... no. 1, 6, 7 companies, to avoid multiplicity of parities on account of further transfer of shares, while any contract for sale of shares would be completed between the seller and purchaser as and when shares are .....

Sh. Rajendra Kumar Tekriwal Vs. Unique Construction Pvt. Ltd. and

Court : Company Law Board CLB

..... and 403 of the act confer a statutory right to shareholders and can only be invoked before the company law board; under sections 397 and 398 of the act, the claim to relief rests not on any contract but on statutory right; arbitrator has not been vested with any jurisdiction to entertain proceedings under sections 397 and 398 of the act; arbitrator cannot grant relief of the nature specified in sections 402 or 403 ..... further, it was argued that even otherwise there is no privity of contract between the applicant on one hand and the petitioner on the other hand. ..... the said payment was made as per agreement dated 4.7.1998 and, therefore, the applicant cannot deny his involvement and also cannot deny that there is no privity of contract between the applicant and the petitioner. ..... it is pertinent that there is no agreement and/or privity of contract between the applicant and the petitioner and there are no relations between the applicant and the petitioner and the petitioner does not have any cause of action against the present applicant for ..... 1.88 crore was not shown as premium deposited in the books of the company by respondent no. ..... all these cheques deposited were given blank and the r-2 has filled his own name instead of company's name in the cheques and presented them in the bank contrary to the understanding. ..... 1 company, the aforesaid amount was shown to be deposited in the name of mr. ..... 1 company and operating the above said account by depositing a sum of rs. .....