Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: company law board clb Page 1 of about 21 results (0.114 seconds)

In Re: Manipal Finance Corpn. Ltd.

Court : Company Law Board CLB

..... to be invoked by an aggrieved party. in the the paper products ltd. 's case (supra), it was with reference to suo motu powers of revision under the bengal finance (sales-tax) act, 1941 read with the bengal sales-tax rules, 1941, wherein the calcutta high court held that on an application by an assessee or the revenue bringing out any error ..... 58a save the provisions relating to advertisement for inviting deposits.moreover, the activities of the non-banking financial companies accepting deposits from the public are regulated by the provisions of chapter iii-b of the act, 1934 and the directions issued thereunder, by the rbi. admittedly the companies are non-banking financial companies, governed by the provisions of the .....

Dilip Bhargava Vs. Trackpart of India Ltd.

Court : Company Law Board CLB

Reported in : (2005)63SCL544

..... after affecting the transfer of 3,44,658 equity shares, the respondent no. 2 approached the sebi seeking exemption from making a public offer in terms of chapter iii of the regulations. the sebi vide their order dated 19th february, 2002, inter alia, rejected the application for exemption and directed the matter to be ..... limited companies under the control of the nine individual petitioners. the respondent-company no. 1 in its ordinary course of business obtained inter-corporate loans from vls finance ltd. having its registered office at defence colony, new delhi. the loan taken in few instalments presently stands at approximately rs. 207 lakhs. the petitioners along ..... 1. the petitioners have filed the present petition under section 111a of the companies act, 1956 ('the act') seeking rectification of register of members by removing the name of vls finance ltd., respondent no. 2 in the petition, in respect of 2,64,558 equity shares of rs. 10 each. the petitioners are the shareholders of .....

In Re: Nagarjuna Finance Limited

Court : Company Law Board CLB

Reported in : (1999)97CompCas171

..... the deposits as per the terms of contract including the rate of interest on due dates of maturity even after it becomes an industrial company/a non-banking finance company. the above directions are also in conformity with the stand of the reserve bank of india as noted in para. 9 of its reply wherein it has ..... has become an industrial cpmpany, this application may be treated as an application under section 45qa of the reserve bank of india act. he submitted that even though presently the company is a non-banking finance company, the latest balance-sheet as and when prepared would indicate that its principal business would be that of industrial activity and ..... misconceived and it cannot hold deposits in excess of the limits prescribed under the companies act. according to the reserve bank of india, the company is bound to comply with the requirements of chapter iii-b of the reserve bank of india act and the directions issued thereunder till all the deposits are repaid and it is established .....

All India Shaw Wallace Employees Vs. Shaw Wallace and Co. Ltd. and ors ...

Court : Company Law Board CLB

Reported in : (2000)102CompCas466

..... same within the definition of mismanagement. in none of these sections, the word "mismanagement" has been used except that the title to chapter vi of part iv of the companies act under which these sections appear, reads as "prevention of oppression and mismanagement".all these sections speak of the affairs of the company being ..... the board will comprise experts in taxation and business management areas and the central government will appoint directors in the areas of audit and accounts and institutional finance. accordingly, our nominees are shri hazari, who is already on the board and who has wide experience in business management and h.venkatraman former chairman of ..... that the financial irregularities committed with the view to siphon off the funds permeate practically every sphere of the activity of the company-investment, sales, raising of finance, sale of property, etc. his grouse is that, even though mrc is the non-executive chairman, he resides in dubai, and does not visit india due .....

Union of India (Uoi) and Vls Vs. Sunair Hotels Ltd. and ors.

Court : Company Law Board CLB

Reported in : (2008)143CompCas274

..... mou dated 11.3.95 whereby the so called highly professional financial consultant (vls) joined hands with sunair hotels ltd. vide the mou for financial assistance to finance the hotel project, is not understood. it, it was further argued, so highly professionally managed vls was not able to appreciate the facts, sources and other ..... by the clb that investigation is nothing but a fact-finding commission, therefore, orders for investigation was allowed. hence, prayer for investigation.4. counsel for vls finance ltd argued that from the submissions of the respondent themselves, it is apparent that had there been no memorandum of understanding dated 10.3.1995, then there ..... to 5 in su- obtained income tax permi- from sunaero who infactpport of their claim/su- ssion under the chapter has also got the refund ofbmissions also produced a xx-c of the income tax act. rs. 21 crore frompromoterscopy of the memorandum of within time directed byunderstanding dated clb. furthermore10.3.1995 and valuation .....

Shankar Sundaram Vs. Amalgamations Ltd.

Court : Company Law Board CLB

Reported in : (2001)104CompCas638

..... for. he argued that a statutory right cannot be conferred by interpretation as it can be conferred only by the statute specifically. he pointed out that the entire chapter vi of the act talks of a company in singular and therefore the qualification referred to in section 399 will have to be fulfilled in respect of all the companies whether they ..... . godavari devi saraf's case (supra) that the decision of any high court on a point of law is binding on tribunals located anywhere in the country was rendered in 1978. this decision has been disapproved by the same high court subsequently in cit v. thana electricity supply ltd. [1994] 206 itr 727 (bom.), geoffrey manners & co. ltd. v. cit ..... of the high courts on the clb, he relied on east india commercial co.ltd. v. collector of customs air 1962 sc 1893; cit v. smt. godavari devi saraf [1978] 113 itr 589 (bom.) wherein it was held that even if one high court decides a point of law, then, the same is binding on tribunals located elsewhere in the .....

Shri Chandrakant Kantilal Shah Vs. National Refinery Private

Court : Company Law Board CLB

Reported in : (2004)51SCL387

..... of the company's factory at jogeshwari. the sixth respondent representing the keshavlal group is recently reported to have been appointed as an executive director incharge of finance, accounts, and banking. the first petitioner representing kantilal group on the board of the company was the executive director, subsequently designated as technical director, ..... in any capacity, namely as a director or a creditor is outside the purview of section 397. * suresh chandra marwaha v. lauls private limited - [1978] 48 cc 110 - to show that oppression only in the character of a member has to be complained of and not in any other capacity. a ..... employment. any removal of the family members from employment of the company, being wholly held by a family attracting the principles of partnership, would constitute an act of oppression. admittedly, the ninth petitioner challenged his removal before the labour court and industrial court, which ultimately ended against his favour. similarly, the company .....

Kothari Industrial Corporation Vs. Lazor Detergents Private Ltd. and

Court : Company Law Board CLB

Reported in : (1994)81CompCas617

..... transfer forms, according to the company, were cancelled by the employees of the twelfth respondent herein which is the second respondent in each petition, namely, kothari orient finance ltd., the share transfer agents. the number of uncancelled documents and the documents allegedly cancelled by the employees of the twelfth respondent and the number of shares covered ..... us wherein register of members was rectified to remove somebody's name. we have come across a decision of the delhi high court in mahabir singh v.jai singh [1978] 48 comp cas 558 in which the court while ordering rectification observed (at page 563) : "in my view the proper order in this case has to ..... a fine distinction may not be possible if we consider section 2(11) of the indian stamp act, which while defining "duly stamped", stipulates "such stamp has been affixed or used in accordance with the law" and chapter iib of the indian stamp act of which section 12 forms part, deals with "stamps and mode of using them". in .....

Mrs. Farhat Sheikh Vs. Esemen Metalo Chemicals Pvt. Ltd.

Court : Company Law Board CLB

Reported in : (1996)87CompCas290

..... relief can be granted even if subsequent rejoinders disclose enough particulars. he reiterated that the proceedings before the high court under section 155 is not a closed chapter and it cannot be ignored. he alleged mala fides with regard to the additional issue of capital as there is no need for additional funds. the balance ..... petroleum ltd. [1974] ac 821 (pc). the observation with regard to the appropriateness of a court looking into the raising of finance by the management and enquiring into the reasons behind the raising of finance has been dealt with in that decision. the relevant passage is set out below (headnote) : "per curiam. a matter such ..... particular, the allegations regarding letting out of certain properties made in the petition are not before the high court at all. he further stated that the oppressive act of issue of additional shares was discovered subsequent to the filing of the petition and hence has to be taken into consideration. he submitted that the jurisdiction .....

Bhadresh Kantilal Shah Vs. Magotteaux International and

Court : Company Law Board CLB

Reported in : (2002)111CompCas220

..... being performed." 18. since section 44 has been referred to in the above section, we shall extract section 44 also, which reads as follows : definition. --"in this chapter, unless the context otherwise requires, 'foreign award' means an arbitral award on differences between persons arising out of legal relationships, whether contractual or not, considered as commercial ..... the answer would be in the negative. countering the arguments of shri sarkar that the principles of section 35 of the old act should be applied, shri diwan pointed out to the observation of the supreme court in sundaram finance ltd. v. nepc ltd. [1999] 3 comp lj 205 wherein the court has observed (page 210) : "the ..... an arbitrator cannot invoke the provisions of section 406 of the act while the company law board can do so in a section 397/398 petition. he supplemented this argument by referring to cosmosteels (p.) ltd. v. jairam das gupta [1978] 48 comp cas 312 ; air 1978 sc 375, wherein the court held that in the case .....