Judgment Search Results Home > Cases Phrase: income tax act 1961 section 115vw maintenance and audit of accounts Sorted by: old Court: company law board clb Page 1 of about 1 results (0.039 seconds)

In Re: Thapar Agro Mills Ltd.

Court : Company Law Board CLB

Reported in : (1998)93CompCas170

..... the company was also liable to deduct income-tax at source from such dividend as per the income-tax act, 1961, and has failed to deposit the same with the tax authorities, (iv) the company was liable to repay rs. ..... auditor of the company also did not make any comments with regard to the compliance with section 58a of the act in his report on the accounts for the year ended june 30, 1995. ..... 1,22,83,578 and has not also remitted the unpaid amount in a separate account as per section 205a(1) of the act. ..... from the audited balance-sheet of the company for the year ended june 30, 1995, it is now established that the company is in serious financial difficulties and has committed already a number of defaults with regard to payment of pf of employees, dividends declared on shares, sales tax, interest on loans from financial institutions, banks, etc. ..... (vii) the company has not complied with the requirements of law with regard to maintenance of cost accounting records.5. ..... 4.2 crores, (vi) there is need to strengthen the internal audit system and enlarge its scope. ..... a study of the audited balance-sheets as on june 30, 1995, brings out prominently the following irregularities in the company : (i) the company has not paid the pf and esi dues regularly and at the close of the year an aggregate of rs. ..... 1,25,25,154 as on june 30, 1996, as per the audited balance-sheet.16. .....

Vickers Systems International Vs. Mahesh P. Keswani and anr.

Court : Company Law Board CLB

Reported in : (1992)73CompCas317

..... , has filed a rejoinder stating that a hindu undivided family may be admitted as a member of the company, inter alia, on the following grounds :- (b) in the income-tax act, 1961, a hindu undivided family is treated as a separate taxable entity. ..... it was represented on behalf of the company that under section 41(2) of the companies act, 1956, a person who agrees to become a member of a company and whose name is entered in its register of members, shall be a member of the ..... 31, 1975, issued by the department of company affairs on the provisions of section 187c in which it was observed : "as regards shares belonging to a hindu undivided family held by the karta of the family having regard to the position of the karta and to the peculiar character of the interest which accrues to the coparceners in the joint estate it is not possible to postulate separate legal and beneficial interests in respect of such shares as between the karta and the other members of the family. ..... the case of transfer of shares by a shareholder to another, the only question to be examined is whether the transfer deed has been validly executed in accordance with the provisions of section 108 of the companies act and submitted to the company for registration of transfer as provided in section 110 of the said act. ..... his submission was that sections 153b and 187c of the companies act, 1956, have no application to shares held by a hindu undivided family, because the hindu undivided family itself is the owner of the said .....

In Re: Urban Improvement Co. Pvt.

Court : Company Law Board CLB

Reported in : (1992)73CompCas107

..... 11.88 lakhs made for the royalty payment to the haryana state which was not accepted by the income-tax authorities and was, accordingly, reversed in the accounts of 1990-91.6. ..... to take the project to its successful culmination ; (iv) that the shareholders of the company do not take any interest in its affairs and barring a few occasions, the quorum has never been complete in any of the annual general meetings and every year the company has to take recourse to the provisions of section 167 of the companies act, 1956, to comply with the mandatory requirements of the law ; (v) that the relations between the plot-holders (numbering about ..... were the auditors of the company for six years and the last accounts audited by them related to the year ended on march 31, 1989. ..... shri bhatnagar further submitted that the original development work in the colony is more or less complete and emphasis now is on the maintenance of the completed works to keep them safe from undue damage/deterioration. ..... he also stated that accounts for the year ending march 31, 1991, have been finalised and are still unaudited, as no auditors have been appointed in the annual general meeting and so long as the audited accounts are not available, the same cannot be forwarded to the shareholders. ..... the accounts for the subsequent year were audited by m.p. .....

Rashmi Seth Vs. Tillsoil Farms Pvt. Ltd. and ors.

Court : Company Law Board CLB

Reported in : (1995)82CompCas409

..... shri srinivasan, counsel appearing on behalf of the respondent stated that in 1987, when a raid was conducted by the income-tax authorities at the premises of the company and house, the petitioner had stated that she was not interested to have in any way associated with the affairs of the ..... of the above conclusions regarding the illegality of issue of duplicate share certificates and non-compliance with the provisions of section 108 of the companies act regarding the transferor's signature or that of her duly constituted attorney, we hold that the transfers given effect to by the board of directors on september 27, 1990, are in contravention of the companies act, and since these provisions are mandatory, the transfers are invalid. ..... have filed a statement of payments made for land at sohna and also the position of the share application account on the basis of accounts for the year 1983-84. ..... 2 were married in january, 1976, and since december, 1989, the relations between the petitioner and her husband have become strained on account of the serious differences between them and they are living separately since august, ..... in the least interested in signing any papers, and i will appreciate, if you could arrange to have the money that is lying to my credit in tillsoil farms, transferred to my bank account immediately. ..... of duplicate share certificates, alteration of article53 of the articles of association of the company, the status of the working of the company and closure of bank account. .....

Rashmi Seth Vs. Chemon (India) Pvt. Ltd. and ors.

Court : Company Law Board CLB

Reported in : (1995)82CompCas563

..... 2 were raided by the income-tax authorities and in the petitioner's statement before the income-tax authorities, the petitioner had clearly stated that she had nothing to do with any ..... are used.the interpretation of counsel of the respondent that the board of directors have under article 5 full authority to allot or deal with equity shares which were part of the initial authorised capital and article 13(b) will come into play only at the time of allotment of new shares out of the increase in the share capital does not seem logical, capital raised by creation of new shares is ..... the petition seems to be more in the nature of seeking relief for rectification of register rather than reliefs under sections 397 and 398 and, therefore, when a specific remedy has been provided under the statute, the petitioner cannot be permitted to invoke the ..... we had carefully considered all the arguments advanced and the documents filed before us including the comments of the registrar of companies and after taking into consideration the provisions of sections 159, 161 and 164 of the companies act and annual returns, we came to the conclusion that there is prima facie evidence that the ..... held on march 9, 1992, and april 9, 1992, shri mayank jain, chartered accountant, attended the hearings on behalf ..... the relations between the petitioner and her husband became strained since december, 1989, on account of respondent no. ..... roy, former accountant of the company, have also been filed in support of the allegation .....

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

Court : Company Law Board CLB

Reported in : (1995)83CompCas371

..... however, the following decisions and matters shall not be effected unless made in the presence of director/directors or both groups and unanimously by all the directors present : (a) making of appropriations out of the profits : provided that in case it proves impossible to reach unanimity the dividends will be paid in accordance with section 23a of the indian income-tax act or any statutory modification or re-enactment thereof for the time being in force. ..... a logical interpretation of article 105 would require that if there was no unanimity, the shareholders must be paid dividend as per the provisions of section 23a of the indian income-tax act or any statutory modification or re-enactment thereof for the time being in force.39. ..... during the hearing it was also pointed out that if the provisions of section 23a of the indian income-tax act were made applicable, 50 per cent. ..... in the rejoinder filed by the petitioner, it has been submitted that the chartered accountant's certificate provided by gb regarding pricing of items supplied by gb to the company never specified the percentage of profit as 5 per cent. ..... the respondents have challenged the applicability of article 105(e) and submitted that this issue was first raised by the auditors of the company in their first year of audit for the financial year ending on march 31, 1989, when mr.r.k. ..... the company was incorporated on october 15, 1960, and started production in 1961. .....

Castrol India Ltd. Vs. S.S. Mehta and ors.

Court : Company Law Board CLB

..... he also pointed out that the assistant commissioner of income-tax has also attached the shares.4. ..... castrol india limited has filed three references under section 22a of the securities contracts (regulation) act, 1956, seeking confirmation of this bench with regard to the opinion formed by the committee of directors in meetings hold on june 28, 1992, and august 11, 1992, refusing the request to register the transfer of 6,350 shares in reference no ..... 23/sc/clb/wr/92 is confirmed as all the transferors of shares are notified persons under section 3(3) of the above said ordinance and, therefore, these shares can be transferred only with the permission of the special court constituted under the said ordinance ..... mithi, advocate appearing for the custodian, pointed out that under section 5(2) of the said ordinance, 1992, now replaced by act 27 of 1992, all the transferors in the above three references have been notified and all the properties of the persons notified stand attached simultaneously with the issue of notification under section 3(3) of the said ordinance. ..... 23/sc/clb/wr/92 on the ground that it would contravene the provisions of sub-clauses (b) and (d) of sub-section (3) of section 22a of the securities contracts (regulation) act, 1956. ..... in view of the foregoing, the opinion formed by the committee of directors in meetings held on june 20, 1992, and august 11, 1992, to refuse the registration of transfer of 6,350 shares in reference no.20/sc/clb/ wr/92, 2595 shares in reference no .....

In Re: Hindusthan Development

Court : Company Law Board CLB

Reported in : (1994)79CompCas207

..... , tribunal or other authority, shall, within three months after the allotment of any of its shares, debentures or debenture stock, and within two months after the application for the registration of the transfer of any such shares, debentures or debenture stock, deliver, in accordance with the procedure laid down in section 53, the certificates of all shares, debentures and certificates of debenture stocks allotted or transferred : provided that the company law board may, on an application being made ..... thereafter, the company has obtained the permission of the company law board, eastern region bench, under section 113(1) of the act for the extension of time to deliver the debenture certificates up to march 13, 1993, in respect of the right issue and april 20, 1993, in respect of the public issue.4. ..... " (commissioner for special purposes of income-tax v. ..... the board took into account all lodgments till september 5, 1992, and has made a single application praying for extension of time for delivering the letters of allotment up to a period of 9 months after the lapse of a period of 2 months from the date of lodgment.5. .....

insotex (India) Ltd. Vs. Aeg-ngef Ltd.

Court : Company Law Board CLB

Reported in : (1995)83CompCas358

..... is such that when parties have chosen their own domestic forum, they should settle the dispute only in that forum and, therefore, the company law board should stay further proceedings in this case and let the arbitrator deal with the dispute.he also referred to section 3 of the foreign awards (recognition and enforcement) act, 1961, according to which whenever any foreign arbitrator has been suggested in the agreement then it is compulsory on the part of the judicial ..... to show his sincerity in complying with the agreement, he pointed out that even the income-tax payable for the consideration was paid by the petitioner. ..... learned counsel for the applicant vehemently argued that the removal of the name of the petitioner from the register of members was on account of non-fulfilment of certain conditions stipulated in the agreement between the parties and therefore even though the company was not a party to the arbitration agreement, the issue would fall within the purview of the arbitration agreement inasmuch as putting the name in the register of members would be tantamount to ..... from the arguments of learned counsel for the applicant, it transpires that the stay application has been preferred mainly on account of the apprehension that any orders passed by us for rectification would amount to specific performance and settle the issue of title to shares, which is in dispute and which will have to be decided by arbitration. .....

Alaknanda Manufacturing and Vs. Bahubali Services Ltd. and ors.

Court : Company Law Board CLB

Reported in : (1996)86CompCas291

..... general commissioners for the purposes of income-tax acts for the district of kensington [1917] 1 kb 486 and also the decision dated july 15, 1987, of the calcutta high court in respect of sinclair hotels and transportation ltd. ..... in exercise of the specific power available under section 248, we issued further detailed directions to the respondents to file information relating to the exact number of shares acquired, sold and at present held by them, consideration paid/received for the same, names of transferor/ transferee, details of resources used for the same, loans raised and terms of such loans including guarantee/surety given, audited balance-sheets for the relevant period and also changes in the shareholders register/members ..... shri chinoy pointed out that the petition also suffers on account of non-disclosure to the effect that these matters were raised in the earlier proceedings between the ..... 200 and in the memorandum of association, it has also no object of investment and it has violated the listing agreement as the total shareholding, after taking into account 7,600 shares held by the other group companies, exceeded 5 per ..... 6 lakhs on purchase and sale of gil shares, though it seems that this profit does not take into account the cost of the borrowing of the funds utilised for these ..... union of india, and 5 other cases, air 1991 sc 1420 ; [1991] 72 comp cas 651 (sc), to establish that changing situations should be taken into account by an authority in arriving at conclusions .....