Court : Company Law Board CLB
Reported in : (1999)96CompCas871
..... respect of the consent letters enclosed with the second petition. we also note the objection of counsel for the respondents, that with the amendments to section 111, brought through the depositories act, no matters other than transfer matters could be adjudicated by the company law board under section 111a. this objection has no relevance, ..... petitioners wrote to the company, with a copy to the registrar of companies, lodging their protest to the resolutions relating to the private placement and the amendment to the articles of association and consequent issue of convertible warrants to the promoters' group and, therefore, advised the company to drop these three proposals. in ..... such placement on terms to be decided later by the board. in regard to the scope of section 173, he cited the following cases : (i) maharani lalita rajya lakshmi v. indian motor co. (hazaribagh ltd.) [1962] 32 comp cas 207 (cal) ; (ii) shailesh harilal shah v. matushree textiles limited [1994] 2 comp lj 291 ; [1995] .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1996)87CompCas398
..... company initiated proceedings without indicating that he is doing so in his representative capacity. further the official liquidator was charged for violation of section 179 of the indian companies act, 1913 in as much as no prior sanction of the court was obtained for instituting any proceedings. the court observed in this case that "in the ..... not expired in may, 1991. the petitioner cannot be held back by limitation restrictions when there is a statutory amendment which frees them from the limitation provisions. of course this is on the assumption that limitation act does not apply to the company law board which is examined at length. as such this argument of shri ..... bharathamata desiya sangam v. roja sundaram, air 1987 mad 183. according to him even if limitation under the limitation act is taken into account, it goes up to november, 1991, by which time the amendment has come into force and the jurisdiction has undergone a change. he also confirmed that the petition is made under section .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1995)83CompCas454
..... that earlier, the forums were different but now the forum is the same. quoting from the statement of objects and reasons relating to the companies (amendment) act, 1988, in respect of assimilation of the provisions of section 155 in section 111, he stated that the entire section 155 has been reproduced in section 111(4) and, ..... should apply to a petition under section 111(4). he cited the following cases in support of the proposition that sections 111(2) and 155 are alternate remedies. (1) south indian bank ltd. v. joseph michael [1978] 48 comp cas 368, wherein the kerala high court observed (at page 371) : " it is open to the aggrieved transferee to seek ..... section 111(2) and 111(3) especially after the assimilation of the provisions of the erstwhile section 155 in the present section 111.24. before the 1988 amendment to the companies act, remedy for an aggrieved transferee was provided in section 111 and the forum to deal with his grievances was the company law board, as a delegate of the .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1996)85CompCas689
..... the sides.33. we have now gone into the question of applicability of the relevant provisions of the special court (trial of offences relating to transactions in securities) amendment act, 1994 (act 24 of 1994), as assented to on march 28, 1994. the words "court" or "civil court" have not been generally defined in the judicial dictionary or ..... petitioner that it is a pledge is not, however, supported by nka. even if the argument of pledge is accepted then the provisions of section 178 of the indian contract act are to be satisfied to constitute a valid pledge. the section reads as follows : " where a mercantile agent is, with the consent of the owner, ..... date the petitioner-bank lodged the bonds with irfc who did not register the same as the ownership was disputed. according to the petitioner, respondent no. 1, the indian railway finance corporation ltd. (hereinafter called "irfc") is bound to register the bonds on intimation of the transfer submitted along with the letter of allotment, as per .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1994)79CompCas764
..... way of the company law board in considering these violations of law. perhaps, he argued, the board of directors was not aware of the amendment to section 22a of the scr act and as such the ignorance of the board cannot validate an invalid transaction. therefore, he advocated that the violation of the provisions of section ..... who has executed the conveyance in the latter case. the principle underlying the former case is also statutorily recognised in section 82 of the indian trusts act, 1882".shri gurumurthy contended that the present transaction between tracstar and trident falls under the second category. according to him, the benami ..... which considered the confirmation of the minutes of may 26, 1992, did discuss the corrections to the resolution at 'b' and passed suitable resolutions approving the corrections/amendments to the draft minutes including the resolution 'b'. in other words, necessary legal formalities have been complied with in correcting the minutes which formed the basis for .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1994)81CompCas617
..... unequitable that a person who has paid full consideration, has to be at the mercy of the transferor. no doubt section 206a inserted by the companies (amendment) act, 1988, makes provision for payment of dividend and offer of rights shares and issue of bonus shares in respect of shares for which instruments of transfer have ..... validated. then he elaborated the provisions of section 12 clause by clause and also the provisions of sections 32 and 15. his further arguments, besides the indian stamp act related to the affidavits by shri mohan das and shri narayanaswamy on behalf of the twelfth respondent.12. shri k.s. cooper, senior counsel representing the ..... evidence that the documents are not stamped or stamped after presentation to the company, these petitions cannot proceed. according to him, the provisions of the indian stamp act are only to ensure that the revenue is protected and nothing more. he referred to section 35 dealing with the inadmissibility of instruments not duly stamped in .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1995)82CompCas688
..... our views in that respect are in the negative, then it may not be necessary for us to examine the remaining issues. before amendment of the companies act, 1956, by the companies (amendment) act, 1988, section 111 covered cases of trans fers or transmissions and power under that section was given to the central government and section ..... r. dutta, senior counsel appearing for the petitioners, advanced his arguments saying that the understanding reached between the four partners in canada before formation of the indian company with regard to the future participation in the capital of the company was given a goby by the respondents and all allotments subsequent to the first allotment ..... unchanged till september, 1988. it is further submitted that since dr. jitendra nath saha, smt. bithika saha and shri hirendra s. gala were non-resident indians, necessary permission from the reserve bank of india was obtained for allotment of 500 equity shares of rs. 100 each to each of them. the main allegation .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1991)72CompCas173
..... steps under the law. there are no such inherent powers available to the company law board under the present section 111 of the companies act as the amended section as per the 1988 amendment has not yet come into operation. as the respondent-company had withheld the share certificates for a period of more than two years without ..... 2.50 is affixed on the transfer form. about cancellation of stamps, the relevant provisions are given in section 12 of the indian stamp act.5. under sub-section (1) of section 12 of the stamp act, whoever affixes an adhesive stamp to an instrument which has been executed by any person shall, when affixing such stamp, cancel the ..... that the share transfer deeds have not been presented in accordance with law inasmuch as they are not duly stamped and duly cancelled under the provisions of the indian stamp act and as the provisions of section 108 are mandatory, the transfer application was not entertained and it was not necessary to place it before the board of .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1994)80CompCas618
..... monopolies and restrictive trade practices act are applicable only when the question of dispute arises between the administrative ..... law board within the meaning of section 2(18a) of the companies act, 1956, shri anil divan pointed out that the provisions of section 2(18a) of the companies act (before the deletion of the same by the monopolies and restrictive trade practices (amendment) act, 1984) and section 2(ef) read with section 2a of the ..... law board, the foreign collaborators, firodias and jaya hind group together hold 58.32 per cent. referring to the provisions of section 114 of the indian evidence act, he stated that there exists a presumption of continuation of this position, unless the applicant explains what are the changes in the shareholding of these three .....
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