Judgment Search Results Home > Cases Phrase: financial obligations Court: company law board clb Page 2 of about 243 results (0.090 seconds)

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. .....

R. Easwaran and ors. Vs. Eswar Oil Industries Private

Court : Company Law Board CLB

Reported in : (2007)137CompCas605

..... shares issued in favour of the fifth respondent as early as in the year 1976, in lieu of the amounts due to it, under the agreement dated 04.10.1975.the grievance of the petitioners that the fifth respondent failed to fulfil its obligations under the agreement dated 04.10.1975, in spite of the arbitration clause, having been raised after a delay of 28 years cannot be entertained by the bench. ..... the fifth respondent must bring the plant into operation within a period of 12 to 15 months from the date on which kerala financial corporation releases its first instalment of loan provided the company fulfills all its obligations under the agreement on the due dates. ..... properties for the best possible price with prior approval of its members in the general meeting of the company, in terms of the order dated 10.04.2003 of the high court of kerala subject to the payment of dues of the financial institutions and other statutory authorities and thereafter distribute the surplus sale proceeds among the shareholders according to their holding.4. ..... when the company defaulted in payment of the outstanding liability, this respondent was constrained to initiate necessary action for enforcement of the securities before the district court, manjeri under section 31 of the state financial corporations act and ultimately purchased the properties in court auction, which is yet to be confirmed by the court. .....

Descon Ltd. Vs. Dpsc Ltd.

Court : Company Law Board CLB Kolkata

..... be noted that even though the company is a listed company, it is a closely held company and therefore when aycl offered the shares to lic which is only a financial institution and is also not in management, fairness demanded that when aycl decided to divest, it should have offered the shares only to descon. ..... bifr scheme relates only to the shares held by aycl and not in respect of shares held by financial institutions and the scheme does not specify the mode of sale or to whom the shares should ..... not in any way confer any right or legitimate expectation to descon that aycl and the financial institutions, having now decided to disinvest, should offer the shares to descon. ..... been made only with a view to ensure that the bidders are financially sound and not with the view to exclude descon from participating. ..... present case, for invoking the doctrine of legitimate expectation, especially for the claim of the shares of aycl and the financial institutions, there should have been some sort of either a promise, agreement or at the least an overt act on their part by which descon could claim that it was expected that aycl and financial institutions would divert their shares in favour of descon. ..... further, a very transparent procedure is being adopted by aycl and the financial institutions, as they are holding shares in public trust to obtain the maximum consideration for ..... when aycl is obligated to sell only its ..... there is no action by the company to apply the principles of fiduciary obligations. .....

Enercon Gmbh Vs. Enercon (India) Ltd. and ors.

Court : Company Law Board CLB

Reported in : (2008)143CompCas687

..... in the petition, the petitioner has alleged that the 2^nd and 3^rd respondents, being in exclusive management of the company, are guilty of systematic concealment of the state of affairs of the company, financial mismanagement, like indiscriminate borrowings, indiscriminate investments in subsidiaries and associate companies, manipulation of accounts etc, non supply of required information by the petitioner, non payment of royalty to the petitioner, non inclusion of certain ..... . non fulfillment of the said export obligations, due to lack of production ofwecs due to non availability of components from petitioner would result into substantial financial levies being imposed by the government of ..... therefore, in view of the fact that there is no commonality of parties, and that many of the allegations particularly in relation to financial mismanagement are not matters arising out of the arbitration agreements and that bifurcation between the board and the arbitration tribunal is not permissible, the application ..... there is a breach of right of pre-emption, whether the mehra group is guilty of financial mismanagement meriting their removal as md and wtd and whether articles relating to directorship is to be ..... as rightly pointed out by shri sarkar, allegation of financial management cannot be traced to any of the terms of ..... submitted: the 2^nd respondent has not finalized the account for 2006-2007 only with a view to hide the real financial position of the company from the petitioner. .....

Khounish Chowdhury Vs. Kero Rajendra Monolithics Ltd.

Court : Company Law Board CLB

..... he further submitted: the main reason why the company went into the financial difficulties was that kero gmbh did not comply with its various obligations more particularly with reference to supply of full technical know-how and failure to buy back 50per cent of the production of this company. ..... shri mitra further submitted: the 1st petitioner was fully aware of the financial needs of the company and he did approve mobilization of funds by issue of shares to resident indians. ..... otherwise, the petitioners are willing to revive the company which is in dire financial difficulties provided the 2nd respondent indemnifies the company for all the claims against it from 1997 onwards and the shareholding is restored to the original position as on 31-3-1997.12. ..... when the petitioner claims 4 lakh shares held by kero gmbh, he is also bound to comply with the obligation of kero gmbh, which he had failed. ..... you would also be held responsible on account of suppression of material facts since as late as your letter dated 19-4-1997, no mention was ever made by you about any financial irregularity being carried out by the company'. ..... all these would exhibit that there has been gross financial mismanagement by the 2nd respondent.10. ..... sircar, the financial health of the company was discussed at length and it was decided that the only solution to solve the liquidity crisis was to go in for further issue of shares and the 2nd respondent has requested the members of .....

Naveen Kedia and ors. Vs. Chennai Power Generation Limited

Court : Company Law Board CLB

Reported in : (1999)95CompCas640

..... agreement containing an arbitration clause are materially altered by a subsequent agreement containing no arbitration clause then suit on both the agreements is maintainable, he argued to state that, the allegations in the petition relate to failure to perform obligations under the supplemental agreement and as such the arbitration clause in the original agreement even assuming that the agreement is surviving, has no application to the ..... state that there has been novation of the principal agreement, according to him, fundamental and essential features contained in the principal agreement have been changed by the supplemental agreement relating to shareholding, management and financial arrangement and these changes have created new rights and obligation between the parties ..... . he further submitted that the complaint against the applicants arose out of their failure to fulfil their obligations as undertaken by them through board meetings of the company and cannot be said to arise out ..... at all, in the present case, in as much as, the supplemental agreement dated july 7, 1997, in effect, completely changed all the fundamental and essential features of the principal agreement and created new rights and obligations between the parties.in other words, there has been novation of the principal agreement ..... . the company law board would thus be obliged to proceed in accordance with section 45 and refer the parties to arbitration, because the agreement is neither null and void, nor inoperative or incapable .....

Asia Stone S.L. Vs. B. and G. Impex (P.) Ltd.

Court : Company Law Board CLB Chennai

..... the applicant fears of any action by the registrar of companies, karnataka for statutory violations and non-performing of statutory obligations, if any, gravely prejudice the interest of the applicant and bring in severe financial loss. ..... with regard to the function of company she submitted that the company is functioning well as it is evident from the financial statement of the company. .....

Yashovardhan Saboo Vs. Groz-beckert Saboo Ltd. and ors.

Court : Company Law Board CLB

Reported in : (1995)83CompCas371

..... moves and counter moves for settling their main dispute regarding the sharing of the management and controlling the company.the implementation of the expansion project which was very crucial for the financial health of the company and for the public interest has been jeopardised because of the raising of an unwarranted and avoidable controversy and uncompromising attitude showed by both the groups. ..... to mortgage or charge all or any of the undertakings and property of the company (including its uncalled capital or any part thereof), to issue debentures and other securities whether outright or as security, for any debt, liability or obligation of the company or of any third party, provided that the company's borrowing powers shall not be exercised by the directors without the unanimous consent of all the directors. ..... above aspects, we have no hesitation to come to the conclusion that this is a clear case of deadlock in the management and there is no solution provided in the articles of association.though both the groups do not have equal financial stake in the company, the right of equal participation in the management has been recognised and in fact on certain matters they have been given a veto power. ..... by the respondents during the hearing, if the project was viable even after the increase in cost and deletion of the export obligation, the gb group should not have had any hesitation in getting the project reappraised by financial institutions which were going to fund the project. .....

Shri Ram Nath Gupta, Shri Ajay Vs. Phoel Industries Ltd., Shri Sajan

Court : Company Law Board CLB

Reported in : (2005)5CompLJ128

..... however, i make it clear that, this direction is without prejudice to the pending proceedings before any other authorities such as drt/bifr and also subject to the concurrence of the banks/financial institutions holding the personal guarantees of the petitioners as and when the personal guarantees of the petitioners are released, the petitioners shall transfer their shares to respondents for a consolidate consideration of re. 1 ..... in turn, the banks/financial institutions did not give adequate money supply to the respondent company to enable them to complete their contractual obligation. ..... the respondent company had been floated with the sole purpose of duping financial institutions like public sector banks and sidbi, shareholders, suppliers as well as general public ..... the respondents have filed an application in ca no.216/2003 before this board bringing to the notice of this board, the poor financial position of the company. ..... to respondents, the main reason of incurring losses was not fulfilling the orders received by the respondent company, as the petitioners had written to banks/financial institutions adversely. ..... 1 company is in financial losses is not disputed by both the parties but each one is accusing the other for the present status of the ..... petitioner therefore pray that a detailed investigation be carried out by an independent authority and bring back the money siphoned off into the company and pay off the loans of the petitioners as well as of financial institutions.3. .....

Chatterjee Petrochem Vs. Haldia Petrochemicals Ltd. and

Court : Company Law Board CLB

Reported in : (2008)143CompCas726

..... a transferor and transferee could be considered to be in the affairs of a company to be agitated in a petition under sections 397/398 of the act.even assuming that wbidc has partly performed its obligations, yet, to seek its complete performance, the petitioner has to move to a civil court and he cannot seek such specific performance in the present proceedings. ..... to remain either as minority shareholders or dis-engage themselves as shareholders of the company, not withstanding the enormous sacrifice that gowb has made in the form of tax concessions, timely financial assistance in the time of needs and also by giving up enormous amount of interest on loans granted by them to the company, by accepting preference shares. ..... of hpl, 9^th respondent shri gopal krishna, the md of wbidc represents wbidc on the board of hpl, 4^th and 5^th respondents are independent directors (5^th respondent has since resigned), respondents 11 to 15 are nominees of the financial institutions, 16^th respondent is the managing director of hpl, respondents 17 to 20 are the nominee directors of the petitioners.14. ..... ruby general hospital 108 cc 312, the clb has observed that financial institutions should not normally take sides with any shareholder and should act only in the overall interest of the company with ..... due to difficulties being faced by hpl in payment of its debts to the financial institutions/banks, a scheme for restructuring was approved by corporate debt restructuring empowered group in their .....