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The United Western Bank Limited, Bangalore Vs. the Company Law Board, ...

Court : Karnataka

Reported in : [2001]107CompCas63(Kar); (2001)4CompLJ194(Karn); ILR2001KAR4427

..... (2) where a non-banking financial company has failed to repay any deposit or part thereof in accordance with the terms and conditions of such deposit, the company law board constituted under section 10e of the companies act, 1956 (1 of 1956), may if it is satisfied, either on its own motion or on an application of the depositor, that it is necessary so to do to safeguard the interests of the company, the depositors or in the public interest, direct, by ..... --(1) the bank, on being satisfied that a non-banking financial company-(a) is unable to pay its debt; or(b) has by virtue of the provisions of section 45ia become disqualified to carry on the business of a non-banking financial institution; or(c) has been prohibited by the bank from receiving deposit by an order and such order has been in ..... the event of the failure of a non-banking financial company to discharge that obligation, the company law board is in terms of sub-section (2) empowered to issue appropriate directions for repayment of such deposits or part thereof forthwith or within such time and subject to such conditions ..... within such time and subject to such conditions as may be specified in the order:provided that the company law board may, before making any order under this sub-section, give a reasonable opportunity of being heard to the non-banking financial company and the other persons interested in the matter'.4. ..... former judge of thiscourt, towards fee for the services rendered pursuant to the order of this court .....

V.Thirunavukkarasu Vs. Mrs.Shobana

Court : Chennai

..... in our considered opinion, whenever any petition is filed by the defaulter / accused or the depositor (s) for compounding the offence, it is for the competent authority to adjudicate upon the same in terms of section 5a of the act and as we have already stated, if it is in respect of a case in which prosecution has already been instituted, the competent authority shall after having recorded its decision to compound the offence should file appropriate petition before the ..... as per section 13 of the act, an offence under section 5 of the act shall be tried only by a special court constituted under section 6 of the act and the special court shall be deemed to be a magistrate for the purposes of the act.10. ..... if the competent authority fails to act in accordance with section 5a of the act, the remedy for the defaulter / accused lies elsewhere but not by filing a petition before the special judge seeking a direction to the competent authority.14. ..... similarly, sub-section 5 of section 4 of the act mandates that the competent authority shall make an application to any court having jurisdiction to try similar cases or deal with the subject matter pertaining to money or property belonging to a financial establishment or any person specified in section 3 situated within the territorial jurisdiction of that court for appropriate orders.9. ..... sub-section (1) of section 2 of the act defines the competent authority as the authority appointed under section 4 of the act. .....

Reserve Bank of India, Department of Non-banking Supervision Vs. Shett ...

Court : Karnataka

Reported in : [2007]136CompCas782(Kar); [2007]74SCL51(Kar)

..... to which the 1st respondent company replied admitting default thereby it is stated that the 1st respondent have contravened the provisions of section 45qa of the act and as such, it is guilty and is punishable under section 58(b)(4aaa) of the rbi act according to the petitioner, as per section 58(c) of the act, every person who is in charge of the affairs of the company that has committed default should also be deemed to ..... and after making the respondent company as a party, in the course of its order dated 13.10.1998, has noted that the depositors have made application under section 45qa(2) of the rbi act stating that the company failed to repay the deposits together with interest further, it has noted that the advocate who represented the company sought time for repayment ..... official liquidator is appointed provisionally, as per section 446 of the companies act, no suit or legal proceeding shall be commenced or if pending at the date of the winding up order, shall be proceeded with against the company except by leave of the court but, in so far as criminal prosecutions are concerned, it does not include the context provided under section 446 and the question of staying the ..... only after of tainiug a certificate of reastratin as per chapter i of the reserve bank of india act, 1939 further, as per section 45ja, rbi has power to determine and issue directions permitting non-banking financial institutions regarding conduct of the business in the manner not detrimental to the interest .....

V. Revathi Vs. the State of A.P, Rep. by Public Prosecu

Court : Andhra Pradesh

..... insolvency court after the offence under either general penal law or under section 5 of the 1999 act was committed, will not come to the rescue of the accused in criminal proceedings.8) the lower court came to the conclusion that subscriptions collected by a-1 in the chit fund transactions amount to receiving of 'deposits' by her as defined under section 2(b) of the 1999 act and that running chit fund business by a-1 comes within the definition ..... therefore, the above two pronouncements have no relevance herein.10) definition of 'deposit' in section 2 (b) of the 1999 act, on analysis, contains the following ingredients :(i) it must be a deposit of a sum of money;(ii) it can be either in lumpsum or in instalments;(iii) it should be made with a financial establishment as defined in section 2 (c);(iv) it should be for a fixed period ; and(v) it should be either for ..... after considering the material on record, the lower court found a-1 alone guilty under section 5 of the act and passed the said conviction and sentence against her.3) in this appeal, senior counsel appearing for the appellant contended that there is no proper and reliable ..... in any event, running of chit business and any failure on the part of a-1 in her commitments in that chit business do not come within the purview of the 1999 act in as much as collection of subscriptions in chit transaction does not come under 'deposit' under section 2(b) of the act and will not make a-1 a 'financial establishment' as defined under .....

J.Vijayan. Vs. R.Ruthirasekaran

Court : Chennai

..... the full bench after upholding the act stated that in case of attachment, the remedy open to the aggrieved persons is to move the appropriate court in terms of section 7 of the tamil nadu protection of interest of depositors (in financial establishments) act, 1997. ..... under section 8 of the act, attachment of property of malafide transferees is also available. ..... the act also provides for compounding the offence under section 5-a. ..... :petitions under article 226 of the constitution of india praying for a writ of certiorarified mandamus to call for the records of the respondent relating to his notice dated 11.2.2012 and 27.12.2011 respectively purported to have issued under section 160 and 91 crl.p.c. ..... further, constitutional validity of the act came to be upheld by the full bench of this court in s.bagavathy vs. ..... when the act provides for sufficient safeguard, the question of entertaining the two writ petitions will not arise. ..... these two writ petitions arose out of the tamil nadu protection of interest of depositors (in financial establishments) act, 1997. ..... since the said nidhi limited have not paid back the dues to the depositors, the complaints were made and action has been initiated under the above act. .....

Sudershan Auto and General Finance Vs. Commissioner of Income Tax.

Court : Delhi

Reported in : (1998)60TTJ(Del)567

..... it was pointed out in this petition that the assessed has timely and promptly complied with all the requirements of it act such as filing of return, paying advance-tax within time, depositing the amount of tds before the due date every month and there was no guilty intention in ..... 194k, no deduction of tax shall be made under either of the said sections in the case of a person (not being a company or a firm), if such person furnishes to the person responsible for paying any income of the nature ..... the satisfaction about the initiation of penalty under the aforesaid section has to be recorded by the ao himself and he cannot levy the penalty on the basis of borrowed ..... , including the interest on the sums referred to in paragraph 1 above, computed in accordance with the provisions of the it act, 1961 for the previous year ending on 31st march, 1994 relevant to the asst. yr. ..... of the assessed in the various letters submitted to the learned cit that the assessed was ignorant about the relevant provisions of it act, 1961, requiring the submission of a copy of the various form no. ..... is prescribed, the authority competent to impose the penalty will be justified in refusing to impose penalty, when there is a technical or venial breach of the provisions of the act or where the breach flows from a bone fide belief that the offender is not liable to act in the manner prescribed by the statute. ..... is service.3. ..... an order on 19th april, 1996, imposing a penalty of rs. ..... 19th april, 1996, passed ..... 1996 .....

In Re: Telesound India Ltd.

Court : Delhi

Reported in : [1983]53CompCas926(Delhi)

..... , clear from the majority opinion of the lord chancellor that it was a case of application of well settled principles in amalgamation to an unusual and difficult situation involving compulsion for an employee, who had entered into a contract of personal service, to continue to serve what may be described as a new master in spite of his volition to the contrary. ..... [1941] 11 comp case 83; [1940] 3 all er 549 , which was the sheet-anchor of the case set up on behalf of the landlord, the question was whether the right of the amalgamating company in a contract of service between it and an employee was on amalgamation transferred to the transferee-company as part of its property. ..... all the transferable assets of the company get transferred on amalgamation and the only exception was found in the case of a contract of personal service because to hold to the contrary would have been 'at complete variance with a fundamental principle of our common law, namely, that a free citizen in the exercise of his freedom is entitled to choose the employer whom he promises to serve, so that right to his services cannot be transferred from one employer to another without assent'. ..... 14 or any other section of the rent control act could possibly arise. 14. ..... greatest judge of our times, is an index, there is talk of reinstatement and of dismissal only for good cause in a land which gave birth to the concept of absolute pleasure of the sovereign and the unenforceability of the contract of personal services. .....

Rockland Leasing Ltd. Vs. Reserve Bank of India and anr.

Court : Delhi

Reported in : 2003(68)DRJ348

..... similarly, the contention of learned counsel for rockland that due to the provisions of section 2(c)(xvi) of the industrial development bank of india act, 1964, his client cannot be classified as a financial institution or an nbfc ha only to be stated for outright rejection. ..... against whom company petition 93/2001 was filed by reserve bank of india under the provisions of section 45-dc of the reserve bank of india act, 1934 (in short, the act) for winding up the affairs of the appellant company. ..... in the first instance an appeal was filed under section 45-ia(7) of the act before the company judge and simultaneously a cw 3433/98 was also filed for quashing these orders. ..... in another petition filed by certain persons under section 45qa of the act before the company law board (clb, for short). ..... a prohibition against rockland from receiving deposits for a period of not less than three months.consequently, rbi had more than enough material to conclude that rockland has not satisfied the provisions of clauses (b) and (c) of section 45-mc(1) of the rbi act.looked at, thereforee, from any point of view, there is no option but to order the winding up of the affairs of rockland in terms of section 45-mc of the rbi act.'12. ..... the provisions of clauses (a) and (d) of section 45-mc(1) of the rbi act have been violated as contended by learned counsel for the rbi.rockland had applied for a certificate of registration on 3.7.1997 under the provisions of section 45-ia(2) of the rbi act. .....

Superintendent of Police, C.B.C.i.D. Vs. Boby Varghese

Court : Kerala

Reported in : [2004]119CompCas112(Ker); [2004]54SCL229(Ker)

..... being in force, have jurisdiction to entertain, or dispose of-- (a) any suit or proceeding by or against the company ;(b) any claim made by or against the company (including claims by or against any of its branches in india) ;(c) any application made under section 391 by or in respect of the company ;(d) any question of priorities or any other question whatsoever, whether of law or fact, which may relate to or arise in course of the winding up of the company ; whether such suit or proceeding has been ..... the above order passed by this court is fully in accordance with section 446 of the companies act which empowers this court to transfer all cases or proceedings pending before all courts to the company ..... 382 of 1999 seeking permission to approach the district magistrate under section 456(1)(a) of the companies act for recovery of the registers, books of account and other records and ..... when the application filed under section 391(1) of the companies act proposing a scheme of compromise was not approved by this court, the directors of the company were taking all steps for defeating the scheme proposed by this court and for making the proceedings before ..... there it was held (headnote) :'section 446 of the companies act, 1956, is a special provision, which has vested the high court with jurisdiction to entertain or dispose of any suit or proceedings by or against the ..... 6 of 1999 under section 391(1) of the companies act, 1956, for sanction of a scheme ..... section 446 of the companies act reads .....

Mohanraj and Others Vs. State Rep by Additional Superintendent of Poli ...

Court : Chennai

..... the petitioners, who are alleged to have committed offences under sections 4 of prize chits and money circulation scheme (banning) act 1978, under sec.420 ipc and under sec.5 of tnpid act 1997, were arrested on 11.8.2011 with reference to cr.no.r.c.no.12(e) of 2011 on the file of the respondent police, seek bail. 2 ..... , the district revenue office, coimbatore under the tanpid act, with the active assistance of the respondent, will be able to collect the assets of the accused and distribute the wealth illegally amassed, to the poor depositors. 28 ..... a case was registered by the central crime branch, tirupur in cr.no.26 of 2009 under the prize chits and money circulation scheme banning act 1978 and also under sec.420 ipc. ..... steps to repatriate rs.90 crores lying in the accounts at hsbc bank, singapore and the accused have given no objection for the amount to be transferred to district revenue officer, coimbatore who is the competent authority under tanpid act to return the money to the depositors. 13. ..... district revenue office, coimbatore under the tanpid act,. 39. ..... by the intervenors and if it is found that those assets have also been purchased from the money deposited by public, in whom soever's name the property is purchased, to bring the property within the ambit of tanpid act. ..... test or the factor; the other factor that also requires to be taken note of is the punishment that could be imposed after trial and conviction, both under the penal code and the prevention of corruption act. .....