Judgment Search Results Home > Cases Phrase: indian coinage act 1906 section 13 coin when a legal tender Court: sebi securities and exchange board of india or securities appellate tribunal sat

Samir C. Arora Vs. Securities and Exchange Board of India

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Reported in : (2005)59SCL96SAT

..... person' has been defined in regulation 2(h) as follows: "(i) is a company under the same management or group, or any subsidiary company thereof within the meaning of sub-section (1b) of section 370, or sub-section (11) of section 372, of the companies act, 1956 (1 of 1956), or sub-clause (g) of section 2 of the monopolies and restrictive trade practices act, 1969 (54 of 1969) as the case may be: "(ii) is an intermediary as specified in section 12 of the act, investment company, trustee company, asset management company or an employee or director thereof or an official of a stock exchange or of clearing house or corporation; "(iii) is ..... careful analysis of the factual position committee is of the view that ambanis were not 'directing mind and will' of l&t as they were two ordinary directors out of 17 directors constituting board of l&t and they were under no legal obligation to disclose the aforesaid information to l&t in view of this, committee does not hold the knowledge of ambanis about the deal as knowledge of the company (l&t) ..... decided to sell its india business; he opposed its sale vehemently; that when he failed in his efforts to stop the sale; he joined hands with a third party, henderson global investors, to acquire the india business from acm; that against the indian bidder, hdfc's bid of $40 to $50 million he made a relatively lower bid of $33 million in the belief that he would be a successful bidder; that his understanding with henderson global was loaded heavily in his favour .....

Luxottica Group Spa, Ray Ban Vs. Securities and Exchange Board of Indi ...

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Reported in : (2004)1CompLJ258SAT

..... . the contingent agreement to acquire the 44% shares of the target company would mature into a legally enforceable contractual obligation only if and when, the requisite resolution under section 293(1)(a) of the companies act was passed in general meeting and the non eyewear business of the target company, were purchased by b & l inc and the sale proceeds used to discharge the liabilities of the non ..... on 27.10.2000, and the acquisition was exempted from the scope of regulation 10 and 12 as an acquisition pursuant to a scheme of arrangement or reconstruction including amalgamation or merger or demerger under any law or regulation, indian or foreign, is exempted in terms of regulation 3(1)(j)(ii) from the purview of regulation 10 and 12 and that since the acquisition being an exempted one there was no obligation on the appellant to make any ..... to the share holders within the time prescribed herein, in cases wherein open offer is made subject to conditions including obtaining of statutory approvals, payment to the share holders who have tendered shares in the open offer for acceptance under the open offer is deferred till condition is complied with and the statutory approval is obtained ..... as specified by sebi can not be said to have suffered any loss and any direction to pay interest to those shareholders also on those shares purchased after the closure date and tendered in an offer as required to be made by the impugned order would amount to unjust enrichment of those .....

B.P. Amoco Plc and Castrol Limited Vs. Securities and Exchange Board o ...

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... submission of the learned senior counsel that an offer in the scheme of the regulations is synonymous with a "proposal" as defined in section 2 (a) of the indian contract act, 1872 and that to constitute a "proposal" there must be a signification of a willingness to do some thing with a view to obtain the assent of the others that there can be no such signification if the offer or proposal is pre ..... been stated therein that " the formal offer document will be sent to burmah castrol shareholders when the pre-conditions of the offer, which involve regulatory clearances, have been satisfied or waived ..... the learned senior counsel submitted that the respondent acted in a discriminatory manner in the matter as in the case of unilever plc, which had also made a conditional offer on 6.6.2000 to take over best foods, another foreign company, the 26 week period was not calculated from 6.6.2000 when unilever plc first made the announcement in the united kingdom, but the period was reckoned with reference to the completion of acquisition on 6.10. ..... according to him also the basic question for consideration in the appeal was as to when the obligation to make a public announcement to acquire shares arose in the process of acquisition of control over castrol (india) ltd by the appellants, in ..... that the instant acquisition attracts the requirements of regulation 12, the next question to be considered is as to when the obligation to make the public announcement referred to in regulation 12 arose. .....

Ch. Kiron Margadarsi Financiers Vs. Adjudicating Officer,

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... received by way of pledge the same cannot be considered as an acquisition for the purpose of the regulation for the reason that the concept of pledge as per section 172 of the indian contract act does not provide for vesting the legal ownership of the property in the pledgee, it is considered only as a security for payment of debt and the ownership of the goods pledged continue to remain with ..... target company does not amount to violation of regulation 10, unless such acquisition entitles the acquirer to exercise 10 per cent or more voting rights in the target company.according to him in terms of section 87 of the act only a person whose name appears in the members register of a company is entitled to voting rights and in that view of the matter only a part of appellant's holding was entered in the ..... that all those pledges which are not exempted vide regulation 3(1)(f)(iv) are covered under regulation 10, stating that in view of section 172 of the indian contract act, the same being the substantive law governing pledge, no specific exemption is required to keep pledge of shares out of ..... delivery of goods by the pledger to the pledgee by way of security upon a contract that they shall, when the debt is paid or the promise is performed, be returned or otherwise dispose of according to the directions ..... in this context he further submitted that the pledged shares were all returned to the owners, when the loan amount was repaid, and till then the shares were held as security for repayment .....

In Re: Jay YushIn Ltd.

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... sebi issued a show cause notice dated 30th january 2003 to the acquirer to show cause as to why action under regulation 44 and regulation 45 (6) of the regulations read with section 11 and section 11b of securities and exchange board of india act, 1992 (hereinafter referred to as "the act"), should not be initiated.3.1 acquirer vide letter dated 13th february 2003 replied to the above show cause notice inter alia submitting as follows : acquirer subscribed to the preferential allotment of ..... the acquirer had challenged the said show cause notice in the hon'ble high court of delhi contending that sebi can not issue a second show cause notice on the same facts when a hearing was conducted subsequent to the first show cause notice pursuant to which no order has been passed.4.3 hon'ble high court, after hearing the acquirer and sebi, passed an order dated ..... in the light of the above, i do not find it a fit case to give direction to make an open offer in terms of regulation 44 and regulation 45(6) of the regulation and section 11 and 11b of the sebi act,1992 .5.5 in view of the findings made above, i conclude that adjudication proceedings should be initiated against the acquirer for not having made full disclosures as required under the then provisions of regulation 3(1)(c) and ..... the acquisition made by way of preferential allotment under section 81 (1) (a) of the indian companies act, 1956 is exempt under regulation 3 (1) (c) of the regulations from compliance of chapter iii of the .....

Reliance Infocomm Limited Vs. Union of India (Uoi) (Dot)

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... court also noticed that the primary ground of the challenge in respect of the legality of the implementation of the policy is that central government which has the exclusive privilege under section 4 of the indian telegraph act, 1885 of establishing, maintaining and working telegraphs which shall include telephones, had no authority to part with the said privilege to non-government companies for the consideration to be paid by such companies on the basis of tenders as that amounted to an outright sale of the said privilege ..... . thereby it merely dispenses with proof of "actual loss or damages"; it does not justify the award of compensation when in consequence of the breach no legal injury at all has resulted, because compensation for breach of contract can be awarded to make good loss or damage which naturally arose in the usual course of things, or which the parties knew when they made the contract, to be likely to result from the breach.the supreme court examined some of the decisions of the ..... the licensee will only pick up, carry and deliver inter-circle traffic which goes outside or across from one circle to another, from and to the network of access providers, excluding purely intra-circle traffic except when such pick up, carriage and delivery is by way of mutual agreement with basic service provider in accordance with their respective agreed terms" .....

Tata Teleservices Ltd. (Ttsl) Vs. Bharat Sanchar Nigam Limited

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Reported in : (2007)1CompLJ494TelecomDSAT

..... of carriage charges it is envisaged that these would be applicable only for the carriage done from the ldcc tax where the call was actually handed over to the bsnl and the sdcc of the sdca when the call was terminated.we are of the view that in the light of our analysis the terms offered by the petitioner to the bsnl provide a sound basis for a settlement and should be accepted by bsnl towards full ..... m/s tata teleservices is holding a license issued in 1997 under the indian telegraph act by the government of india for providing fixed line telephone services within the state of andhra pradesh. ..... during the iuc-2 period from 1st february 2004 to 15th september 2004 (when the intermediated hand over of calls was terminated) the termination charge was rs. ..... during iuc-2 period from 1st february 2004 to 15th september 2004 (when the intermediate hand over of calls was terminated), this was flat rate adc irrespective of distance. 2. ..... at the time of the filing of the above petition, the legal position in regard to the handover of a call originating from the network of a private service provider located in one long distance charging area (ldca) and meant to terminate in a subscriber terminal in the network of bsnl located in another long .....

Shyam Telelink Ltd. Vs. Union of India (Uoi)

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... , new delhi which holds a licence under section 4 of the indian telegraph act, 1885 to establish, maintain and operate basic telephone service in rajasthan ..... the case of another person similarly situated can never be a ground for issuing a writ in favour of the other person on the plea of discrimination.article 14 of the constitution of india proceeds on the premises that a citizen has legal and valid rights enforceable at law and persons having similar rights and persons similarly circumstanced cannot be denied of the benefit thereof. ..... stipulation was that the migration package which comprised of 11 specific clauses would have to be accepted in toto and that simultaneously all legal proceedings instituted by the licensees and their associations against the union of india or the department of telecommunications shall have to be withdrawn. ..... absence of details it is not possible for us to determine as to whether all the conditions, circumstances and technical deficiencies were absolutely identical in the cases of all service-providers in all the circles at the stage when their respective network equipments were offered for inspection and testing to tec prior to their commencement of commercial production. ..... licensee shall plan and provide, operate and maintain the licensed service to meet the network standards, interface standards, connectivity to dot's network and all other technical specification requirements standards as stipulated in the tender documents of the said dot tender no. .....

C.G. Faxemail Pvt. Ltd. and ors. Vs. Union of India (Uoi) and ors.

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... who are a group of e-mail service providers had approached the high court of delhi under section 18 of the telecom regulatory authority of india act, 1997 on 18.11.1998 challenging an order dated 21st august 1998 of telecom regulatory authority of india.while the case was pending before the high court after notices were issued, the trai act, 1997 was amended by an act with effect from 24.01.2000 as a result of which all appeals pending before the high ..... he also laid stress on the fact that trai had not appreciated the point that while under the indian telegraph act, 1885 the central government is empowered to notify the rates for transmission of message both within the country and outside, it had failed to notify the rate relating to the imposition of double the rental of point-to-point ..... he also did not see any impropriety in trai taking note of an irregularity/inaccuracy and acting suo motu as long as there was no bias and the accepted notions of fair play were adhered to. ..... trai was in obvious error when, after giving a clear and unambiguous opinion that the e-mail service providers did not belong to the category of cug, it upheld the decision of the respondents to charge double the rent on the ground that it was .....

Bharti Infotel Limited Vs. Union of India (Uoi) and anr.

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Reported in : (2005)4CompLJ150TelecomDSAT

..... air 1969 sc 110, the court considered the provisions of section 56 of the indian contract act, relating to the doctrine of frustration and said as under: ..... in contrast, the statutory provisions contained in section 56 of the indian contract act lay down a positive rule of law and english authorities cannot, therefore, be of direct assistance, though they have persuasive value in showing how english courts have approached and decided cases ..... petitioner seeks the following reliefs: "(a) declare that the surrender of the licences by the petitioner was caused directly on account of the regulatory acts of the introduction of a unified access service licence (uasc) regime and, therefore, was involuntary and not on account of any breach by the petitioner; (b) direct the respondent to refund to the petitioner such ..... this is a petition filed by the petitioner, a service provider under section 14 of the telecom regulatory authority of india act, 1997 (for short, the act), to adjudicate upon the dispute between the petitioner as a licensee and union of india, in the department of telecommunication (dot ..... to do an act which, after the contract is made, becomes impossible, or, by reason of some event which the promisor could not prevent, unlawful, becomes void when the act becomes impossible or ..... on the question of legal submission-it is stated that it is a case which turns on the frustration of the terms of licence and since there was impossibility of the performance of the licence condition the .....