Judgment Search Results Home > Cases Phrase: financial obligations Court: company law board clb Page 1 of about 243 results (0.051 seconds)

Tenneco Mauritius Limited Vs. Bangalore Union Services

Court : Company Law Board CLB

Reported in : (2004)122CompCas199

..... the foreign block filed cp 8/2002 on 06.02.2002 before the principal bench at delhi (later renumbered as cp 14/2002) with the main allegations that the indian block had failed to fulfill their financial obligations of infusing proportionate equity capital into the company in terms of the shareholders agreement dated 21.08.1995 and had also failed to pay off the company's debts which resulted in a situation of deadlock between both the ..... on the board and was in control of the company for a long time, the majority was directed to sell its shares to the minority likewise, in vls finance v sunair hotels ltd, not withstanding the high financial sake of the petitioner in the company, since the respondents had nurtured the project and completed the same, the petitioner was given the option to go out of the company.therefore, the final order would ..... - to show that where the petitioners have established oppression, there will be legitimate expectation and denial of such legitimate expectation would be a ground to wind up the company on just and equitable grounds and since the company is financially sound it would not be in the interest of the company or the shareholders to wind up the company, in which case, the clb will grant the relief to the petitioners under sections 397 and 398.shiv nath rai ..... block purchasing the other will also ensure that the other is relived of all their financial commitment/obligation, whatever may be the nature, in the company within the same two months period. .....

incable Net (Andhra) Limited, Vs. Apaksh Broadband Limited and ors.

Court : Company Law Board CLB

Reported in : (2008)142CompCas860

..... . the misunderstanding which arose on account of the financial obligations as envisaged in the rental agreement for shifting the company's registered office is ..... his communication dated 22.08.2006 addressed to aksh while complaining of non-payment of commission to the first petitioner, other issues relating to internet loss, supply of switches, cable tv equipment, spoke of for the first the financial indiscipline adopted by aksh by taking away huge amounts on the same day when the share application monies were credited to the account of the company.nevertheless, the accusation relating to supply of defective and substandard materials ..... is no scope in the present proceedings for adjudication of the various disputes arising on account of breach of the contractual obligations as agreed among the shareholders, especially when they do not in any way relate to the rights of the petitioners ..... all the accusation pointed out at the sixth respondent on account of its failure to fulfill its obligations under the inter corporate deposit agreement in favour of the first petitioner which disabled it to pay the final call money, being the internal disputes between the first petitioner and the ..... o all the grievances set out in the company petition arising out of the contractual obligations under the epc contract, with respect to which mis-management is alleged by the petitioners, do not in any way relate to rights of the petitioners as shareholders and fall outside the scope of sections 397 and 398, .....

Pokhran Investments Private Vs. Dadha Estates Private Limited,

Court : Company Law Board CLB

Reported in : (2006)132CompCas324

..... the petitioners approached the clb with oblique motives and ulterior objectives to realise 50% of the sale proceeds of the property without however clearing the liabilities and other financial obligations which shall include a sum of over rs. ..... feet of built up area from readymoney, without any financial obligation on the part of the company. ..... built up area from readymoney, without any financial commitments or obligations for the company. ..... at the same time, the second petitioner and his wife failed to discharge their obligations as directors of the company and abstained from participation in the management of the company for several years. ..... while the respondent group did not extend any financial assistance prior to year 1994, they have reportedly become the largest creditor of the company claiming over rs. ..... thus, when readymoney went into financial crisis and the property development came to standstill followed by a series of litigations at the instances of buyers the respondents 2 & 3 as directors of the company took all the efforts to resolve the various legal hurdles by defending them and ..... the mos imposes obligations on the company, the purchasers and readymoney. ..... thereafter, when readymoney got into financial problems in early 1997, the company in november, 1997 cancelled the joint venture agreement and power of attorney executed in favour of readymoney and filed a civil suit in c.s. no. .....

Shri Tapas Sinha Roy and ors. Vs. Linkmen Services Pvt. Ltd. and

Court : Company Law Board CLB

Reported in : (2008)141CompCas568

..... it was argued that forfeiture of shares in the event of (1) (clause 7(e)) not discharging financial obligations towards the company, and (2) (clause 7(f)) cessation of business relations with the company are aimed at protecting the interest of the company. ..... , the company, vide eogm dated 9.7.2004, convened in accordance with law, with unanimous approval of shareholders, incorporated clause (e) by amending the articles thus empowering the company to forfeit shares of members committing default in discharging their financial obligations. ..... of association to be amended, more particularly clause 7 thereof by two resolutions, first on 9.7.2004 and second on 28.5.2005 to the following effect: (e) any member who has been declared a defaulter by the company by reason of his failure to fulfill any financial engagement between himself and company and who fails to fulfill such engagement within 15 days from the date upon which he has been so declared defaulter, shall at the expiration of such period of 15 days automatically ceases ..... further it was argued that despite repeated demands and notice dated 28.8.2003 (p-3) did not discharge his financial liabilities accrued during sep.2002 to july 2003. ..... shares of petitioners 3 and 4 were forfeited by invoking clause 7(e) for their undisputed wilful neglect in discharging their huge financial liabilities towards the company despite notices. .....

G. Ramana Reddy and ors. Vs. Vijaya Durga Estates Private

Court : Company Law Board CLB

Reported in : (2008)215CTR290

..... the first respondent company has already entered into an agreement for sale of its land to meet its financial obligations and, therefore, may be permitted to go-ahead with the proposed sale of the landed property.4. ..... and verify the books of accounts, vouchers and other connected records of the first respondent company, as well as the third respondent company for the period from 01.04.2006 till date and submit a report on the financial transactions, which shall include all the receipts, payments, expenses incurred on account of the company as well as irregularities, if any, and find out the amounts due and payable by the first respondent company in favour of the ..... the disputes concerning non-allotment of land having arisen out of the contractual obligations in connection with a scheme formulated by the company are nothing to do with the rights of members qua company and are not amenable to the jurisdiction of the company law board under sections 397 & 398. ..... after sale of certain lands of the company to meet the obligations towards members of the scheme, the company presently owns the only land located at kondakal village. ..... therefore, the company has got obligation in such of those cases to return the amount of rs. ..... 12.63 lakh and therefore, with such poor financial position, the third respondent company could not have lent a sum of rs. .....

Shyamall Dey and ors., Mrs. Vs. Homco Engineering Works Pvt. Ltd.

Court : Company Law Board CLB

..... as far as the need for further issue of shares is concerned, in the beginning of 1996, due to accumulated loss and financial obligations, the company needed further funds. ..... 17(b), the respondents have averred that the company was and was to be a family company, with regard to the allotment of further shares, they have averred "in or about beginning of 1996, there were huge accumulated loss and financial liabilities and obligation of the company which had to be made urgently. .....

Aidqua Holding (Mauritius) Inc. Vs. Tamil Nadu Water Investmant

Court : Company Law Board CLB

Reported in : (2008)142CompCas497

..... in both these eventualities, the company is not ultimately mulct with any financial obligation within the meaning of clause 197(h). ..... assumption of guarantee or liability of any other person, other than as required by a governmental or regulatory body, in terms of clause 197(h) does not arise pursuant to the directors' and officers' liability insurance policy, in view of non-devolvement of any financial liability whatsoever on the company as found elsewhere, save the insurance premium payable by the company in respect of the insurance policy and in the light of clause 320 of the article, which empowers the company to indemnify every ..... the applicant's consent is essential under clause 197(h) for assuming or providing any guarantee or indemnities or, in any manner, becoming directly or contingently liable for the obligations of any other person, other than as required by a governmental or regulatory body. ..... the contract governs the ordinary rights and obligations incidental to the membership in the company. ..... 2.3 article 197(h) stipulates that the applicant's consent will be required only in the event of assuming or providing any guarantee or indemnities or becoming liable for the obligations of any other person. ..... will cover former, present and future members of the board of directors and the management for wrongful acts in their official capacity, which shall include misuse of corporate funds, companies act violations, customer suits, financial loss to corporation, action by creditors etc. .....

S. Varadarajan and P. Vs. Udhayem Leasings and Investments

Court : Company Law Board CLB

Reported in : (2005)125CompCas853

..... the group(s) purchasing the other group(s) shall also ensure that the other group is relieved of all their financial obligations, the deposit liability assumed and expenses incurred by them on behalf of the company in terms of the preceding para, viz. ..... iv) m/s jaggannathan & vishwanathan, chartered accountants, coimbatore are appointed to verify all payments made towards repayment of deposits, financial obligations assumed and expenses incurred, whatever may be the nature, on behalf of the company by the first petitioner group, second petitioner group and second respondent group as the case may be, after taking into account the submissions of the parties and the books of accounts, financial vouchers or any other document which may produced by them. ..... vidhya shankar, learned counsel appearing for the petitioners while initiating his arguments submitted that the company was promoted in november, 1990 with main object of carrying on non banking financial companies (nbfc) activities by the first petitioner and the second respondent along with s. .....

Mrs. S. Rehana Rao and Mrs. Premila Vs. Balaji Fabricators Pvt. Ltd., ...

Court : Company Law Board CLB

Reported in : (2004)122CompCas804

..... the company has cleared the statutory liabilities and would meet the other financial obligations. ..... the majority shareholders have been mismanaging the affairs of the company, which resulted in huge losses, financial crisis and poor performance, as borne out by the communication dated 02.11.2001 of the state bank of india the company's banker. ..... of association of the company, sale of the entire land and building of the company against its interest, improper and irregular conduct of the affairs of the company resulting in huge losses, default of statutory and other contractual obligations, siphoning of the company's funds etc by the second respondent. ..... the company is unable to meet the demand of the suppliers, statutory authorities, the contractual obligations and the bank liabilities. ..... the financial problems of the company are further compounded on account of the diversion of its business in favour of a business rival at the instance of the first petitioner.5. ..... these financial constraints can be overcome by sale of the land and building belonging to the company and thereafter, the company could function effectively and profitably. .....

Church of South India and ors. Vs. Madras Christian College

Court : Company Law Board CLB

..... historical background of the company and the fact that even after the amendment was carried out in 1981, the first petitioner continued to have six of its nominees as members of the company, this act of imposing financial obligation on churches alone and not on other members is definitely discriminate. ..... in this petition is that the first petitioner will continue to have six nominees as members of this company as hereto-before and no amendment to the articles depriving the first petitioner of this right and putting any other obligation, financial or otherwise, for continuing to have six members shall be carried out by the company. ..... (iii) financial indiscipline an maladministration in the affairs of the company. .....