Court : Company Law Board CLB
Reported in : (1994)81CompCas617
..... 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 ..... to the petitioner to approach the civil court by way of a regular suit.jagatjit industries ltd. v. mohan meakin ltd. [1991] 2 comp lj 288 ; [1994] 80 comp cas 411 (clb) that in determining an application for rectification, the court should consider the conduct of the parties seeking reliefs.17. he further stated that ..... 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 .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1995)84CompCas811
..... of settlor, trustee, asset management company and custodian. (v) the unit trust of india is not only dealing with the mutual fund business but also acts as a finance company while the mutual funds under the securities and exchange board of india regulations are prohibited from carrying on any business other than mutual fund. (vi ..... unit trust of india would be regulated by the securities and exchange board of india. for this request he relied on the press news, dated march 24, 1994, in the times of india. therefore, according to him, the unit trust of india falls within the framework of the securities and exchange board of india ..... is stipulated that each scheme is to be approved by the securities and exchange board of india. chapter v deals with investment objectives and valuation policies. chapter vi deals with general obligations of the mutual fund. and chapter vii deals with inspection and disciplinary proceedings. according to regulation 60, the securities and exchange board of .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1996)87CompCas290
..... of the above petition the petitioner also filed an application being c. a. no. 44 of 1994 stating that she had come to know from an appeal proceeding in the calcutta high court under section 10f of the companies act against the interim orders of the company law board that the respondents have increased the issued and ..... that 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-sheets ..... ampol 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 as the .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (2000)102CompCas466
..... with a view to give a momentum to the projections made in vision 2000, the company borrowed short-term high cost inter-corporate deposits as bridge finance. even though, in february 1994, the company arranged for a loan of 70 million swiss francs at a very low interest, which could have helped the company to get rs ..... 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 ..... mostly based on certain complaints made by the employees of the company on which the central government had earlier conducted an inspection under section 209a of the act. most of the allegations relate to financial transactions of various nature transacted by swc from 1990 onwards. these financial transactions, while according to the central government .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (2002)111CompCas220
..... 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 ..... non-competition agreement was entered into between the first respondent, the tenth respondent and the petitioner. a technical collaboration agreement was entered into on july 1, 1994, between the first respondent and the ninth respondent. another technical collaboration agreement was entered into on november 22, 1996, between the first respondent and the ..... 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) .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (2006)5CompLJ145
..... and compressed air for production and concludes that segregating any process may not be viable. this will result in separation of man power and duplication of support work like finance, administration, marketing, maintenance etc. the chartered engineer enlightens the advantages of a single unit in the following words: - "a single unit as of now will give ..... production and use common machinery and, therefore, division of units is not viable. the importance of the r & d division and its expenses since the year 1994 have been outlined by the valuer in his report dated 07.07.2004. any division of the company unit-wise would result in winding up of the company. ..... have not given their personal guarantee to secure the dues of the bank, but opposed even the establishment of hhp division. the first petitioner has been acting against the interests of the company by addressing communications to the company's banker making false allegations as borne out by his communications dated 19.07.2003 and .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (2007)135CompCas416
..... rs. 6100 lakhs and the industrial development bank of india and andhra bank have expressed their willingness to provide financial assistance of upto rs. 3000 lakhs for financing the project. your directors have floated a new company namely prasad media corporation ltd. for implementing the project.the above statements from the board of directors ..... circumstances existing in the affairs of the company would clearly make out a case for investigation into, the affairs of the company under section 237(b) of act. these acts of mismanagement need not be proved for the purpose of section 237(b) as held in aditya sharda v. rangoli texdye private limitedchandrika prasad sinha v. ..... at a price, which may be determined by the drt.shri t.k.seshadri, learned senior counsel, while denying every act of mismanagement, elaborated as under; the annual general meetings were hot held from 1994 to 2000 by virtue of the restraint order passed by the madras high court. hence, these annual general meetings were held .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (2008)143CompCas726
..... master rescheduling of debts which was approved on 16.12.2004 did not envisage the induction ioc and therefore, ioc chapter came to an end on that date. further, the allotment would reduce/convert the petitioners from a majority into a ..... large scale project in the world, which could not have happened but for the whole hearted assistance both in terms of finance and technology given by the petitioners.15. after commencement of the commercial production, several agreements were entered into. in the ..... held the prescribed percentage of shares.5. thereafter, four side letters were exchanged dated 30^th sept. 1994, 6^th oct. 1994, 30^th sept. 1994 and 5^th jan. 1995. in terms of these letters, within 24 moths of commencement of ..... company has recognized that the petitioners had become owners of these shares. only during the pendency of the proceedings, as grave act of oppression against the petitioners, the wbidc has caused idbi to withdraw its consent for the registration of transfer of these .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (2008)144CompCas830
..... c) whether the acquisition of disputed shares without making any public announcement fell under the mischief of regulations 10 of securities and exchange board of india takeover regulations 1994: (v) shirish finance & investment (p) ltd. v.m. sreenivasulu reddy (supra) deals, inter-alia, with (a) whether the jurisdiction of the civil court is barred ..... trtcl. against the background of arguments advanced by learned senior counsel that the fundamental principles governing interpretation of a will as contemplated in chapter 6 of the indian succession act and laid down by various high courts and the apex court have been properly followed, in accordance with the regulations of the companies, ..... farthest extent to avoid repugnancy. 6.10 it was on the ground of such non-impeachable principles and statutory mandate, as envisaged in chapter 6 of the indian succession act the transmission of the impugned shares to the second respondent was effected. the dispute as to who is entitled to the shares falls .....
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