Court : Company Law Board CLB
Decided on : Nov-18-1998
Reported in : (2002)110CompCas336
..... ram manohar lal v. national building material supply, gurgaon, air 1969 sc 1267, wherein the court held that leave to amend pleadings should be given unless the court is satisfied that the party applying was acting mala fide. according to shri sarkar, the second petition consists of certain subsequent events after filing of the first petition, ..... these petitions nor any case has been made out for winding up of the company under just and equitable grounds. further, relying on maharani lalita rajya lakshmi v. indian motor co. (hazaribagh) ltd. [1962] 32 comp cas 207; air 1962 cal 127, he stated that an attempt to get majority in a company by lawful ..... this application was filed much later after the second petition was filed and that as the petitioner himself avers in the application that the prayer for consolidation/amendment has been the off-shoot of the respondents' having filed applications challenging the maintainability of both the petitions shows that, at the time when the petitioner .....
Tag this Judgment!Court : Company Law Board CLB
Decided on : Sep-23-1998
Reported in : (2000)100CompCas665
..... in the line of business in the prospectus to motivate the general public to invest in the shares of the company and that the resolutions were drastically amended which could not have been possible but for the active involvement of the respondents, we are of the view that the decision in the general body to ..... legal proceedings on the same allegations.4. ramani, advocate for the petitioners argued that the criminal complaint filed by the petitioners was under section 406 of the indian penal code alleging breach of trust by the respondents. even though an fir has been registered, the investigation is still on and no charge-sheet has been ..... cent, shares in anugraha jewellers limited (company), a public limited company, have filed this petition under sections 397/398, 402 and 403 of the companies act, 1956 (act), alleging acts of oppression and mismanagement in the affairs of the company. the main allegations of the petitioners relate to the following : irregularities in the allotment of shares .....
Tag this Judgment!Court : Company Law Board CLB
Decided on : Jul-27-1998
Reported in : (2000)102CompCas466
..... becoming satisfied that there were circumstances prevailing in the affairs of the company justifying appointment of government directors, that could do so. however, after the 1988 amendment, the central government can only make an application to the clb, seeking appointment of government directors and the clb, may, after making necessary enquiries, if ..... finance for gdr of us dollars 150 million but due to reliance/uti scam in november, 1994, there was loss of confidence of foreign investors in indian corporations due to which this proposal could not materialise. even though the company made an application to the sebi for a rights-cum-public issue in ..... 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 .....
Tag this Judgment!Court : Company Law Board CLB
Decided on : Jun-11-1998
Reported in : (1999)95CompCas640
..... if there is no principal agreement. therefore, we have no hesitation to come to the conclusion that the supplemental agreement is nothing but an agreement containing certain amendments or additions to the principal agreement, and, therefore, we are not in a position to agree with shri singh that the supplemental agreement has novated the ..... terms of agreement in the principal agreement. further, various clauses in the supplemental agreement directly refer to terms in the principal agreement and possibility of future amendment to the main agreement had been envisaged even at the time when the principal agreement was entered into. even otherwise, no agreement can be termed as ..... the clb is bound to refer the matter to arbitration as per section 45 of the arbitration and conciliation act, 1996. in this connection, he referred to the decision of the supreme court in svenska handelsbanken v. indian charge chrome ltd. [1994] 2 scc 155 in which the court held, with reference to the foreign awards .....
Tag this Judgment!Court : Company Law Board CLB
Decided on : Mar-31-1998
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] .....
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