Court : Delhi
Reported in : [1987]61CompCas153(Delhi); [1987(54)FLR261]; (1986)IILLJ354Del
..... banking sector, which was until then part of the private sector, though subjected to social control, was brought into the public sector by the nationalisation of major banking companies. this was intended to ensure funding for the public sector as also for other priority sectors since capital was a major input in any industrial ..... public sector and determine its true role and importance as also the scheme and some of the provisions of the banking regulation act, 1949, the banking companies (acquisition and transfer of undertakings) act, 1970, and the relevant service regulations applicable to the petitioner. 16. freedom from foreign domination was a legitimate goal of the ..... and certain other terms. regulation 4 deals with penalties and provides that the following are the penalties which may be imposed on an officer employee for acts of misconduct or for any other good or sufficient reasons. then are listed certain minor penalties and 'major penalties'. this is followed by an explanationn .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1986KAR587
..... portions of the judgment in fertilizer corporation kamagar union, air 1981 sc 344 @ 356 on which the learned counsel relied are :-'37. assuming that the government company has acted mala fide, or has dissipated public funds, can a common man call into question in a court the validity of the action by invocation of article 42 ..... for the high court, as an administrative authority is not bound to record reasons for its decision as held by the supreme court in the case of mahabir jute mills v. shibban lal, : (1975)iillj326sc . but it cannot be said that if the statute prescribes the qualification for grant of privilege/license and the ..... at the 'chosen eight' out of whom seven were ineligible under that rule, for securing bottling licence.(3) application of an eligible applicant--the mysore sugar company, a government company, for undertaking bottling at mandya was excluded and an ineligible applicant--h. s. somashekar, the fifth respondent and a private arrack contractor--the fourth respondent, .....
Tag this Judgment!Court : Kerala
Reported in : [1986]159ITR431(Ker)
..... the counsel on behalf of the assessee. the said argument as capitulated in the decision reads (p. 11):' the income tax is payable by the company under section 60 of the income-tax act, 1842, schedule a, no. iii, rule 3, and does not come under schedule d. the tax is a charge on the profits before distribution ..... commencing on the 1st day of april, every year. the assessing authority has been conferred with power to extend the date for furnishing the return, provided the assessee company makes an application in that behalf. the assessing authority, after considering the accounts or evidence produced by the assessee and also such other evidence or material as he ..... not cases of application of the income, but expenditure incurred for the purpose of carrying on the trade and, therefore, deductible in computing the profits and gains of business: kedarnath jute mfg. co. ltd. v. cit : [1971]82itr363(sc) and pope the king match factory v. cit : [1963]50itr495(mad) . liability to pay sales tax or .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1987All32
..... settled principle of interpretation of statute that wherever a statute contains stringent provisions, they must be liberally and strictly construed so as to promote the object of the act.31. on the other hand, the petitioner contended that the proceedings of election started when the first notification for election to parliament was made on 15-10-1984 ..... a pamphlet which was got printed by him for creating hatred against the petitioner and that he committed corrupt practice. this refers to section 123(3) of the act which lays down that the corrupt practice is the promotion of, or attempt to promote, feelings of enmity or hatred between different classes of the citizens, on ..... election petition; true and correct copy of the petition has not been filed for service on the respondent 1 as contemplated by ss. 81 and 83 of the act; clear and full particulars of the material facts have not been given in the petition; bald, vague, ambiguous and misleading allegations were made in the petition; the .....
Tag this Judgment!Court : Gujarat
Reported in : (1986)2GLR910
..... has committed itself under the trust deed. of late the courts have recognised by adopting a creative approach to look upon the directors of a joint stock company as directors acting for and in the interest of the community and, therefore, this court must exercise the jurisdiction since a public duty is cast on a public trust ..... and the central government, or from any national or international social welfare agencies. seventhly, whether the board of trustees made any efforts to obtain accommodation from any nationalised or scheduled or a co-operative bank other than the ahmedabad cooperative bank ltd. by way of short-term or long-term arrangement. eighthly, what was the ..... in support, it was urged that of late the courts have recognised by adopting a creative approach to look upon the directors of the stock exchange companies as directors acting for and in the interest of the community and therefore this court must exercise the jurisdiction since public duty is cast on a public trust set up .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1985SC1416; (1985)87BOMLR563; (1985)3CompLJ45(SC); [1985(51)FLR362]; (1985)IILLJ206SC; 1985(2)SCALE133; (1985)3SCC398; [1985]Supp2SCR131; 1985(2)SLJ145(SC)
..... these circumstances, as has been said throughout the argument, is, of course, the provisions of the statute in question : in this case sections 164 and 165 of the companies act 1948.99. in india, in suresh koshy george v. the university of kerala and ors. this court observed (at page 322):the question whether the requirements of natural justice ..... the affairs of india, to remove or recall any person holding any office, employment or commission, civil or military, under the east india company; while section 36 of that act provided that nothing contained in that act should extend, or be construed to extend, to preclude or take away the power of the court of directors of the east india ..... of any person to any such office or employment.' section 75 provided that nothing contained in that act would take away the power of the court of directors to remove or dismiss any of the officers or servants of the company 'but that the said court shall and may at all times have full liberty to remove or .....
Tag this Judgment!Court : Chennai
Reported in : (1985)IILLJ509Mad
..... . industries which are carried on for their own purposes by incorporated commercial corporations which are governed by their own constitutions, as authorised by the indian companies act, cannot be described as carried on under the authority of the central government. the obvious reason to support the above finding is that these corporation ..... splitting up or amalgamation of the various banks and the net profit of all the nationalised banks resting with the govt. clearly indicate that the voice of the nationalised banks is the voice of the central govt. the nationalised bank is merely his master's voice. in order to fall within the expression ' ..... special cranes, road rollers and equipments for basic industries such as steel, non-ferrous metals, petrochemicals, caustic soda, soda ash, cement, sugar, paper, jute and cotton textiles and other industrial machinery. another major areas covered is the supply of a wide range of machine tools. the department also exercises administrative control .....
Tag this Judgment!Court : Kerala
Reported in : AIR1985Ker206
..... that the appointing authority, who should have been requested to appoint another arbitrator, was himself proved to be biased against the director of the contracting company and a criminal case was instituted against the latter and therefore, the power under clause 29 of the agreement could not be resorted to; and secondly, the ..... of the appointed arbitrator, the court has to bear in mind the words of caution contained in the judgment of the supreme court reported in amarchand v. ambica jute mills, air 1966 sc 1036. (at p. 1042) as follows :'before the court exercises its discretion to give leave to revoke an arbitrator's authority, it ..... to courts in matters covered by arbitration agreements is permitted only in very limited and exceptional cases and on strict compliance with the enabling provisions of the arbitration act. if. therefore, there is a power as per the agreement to appoint a substitute in the place of the appointed arbitrator on the happening of specified contingencies .....
Tag this Judgment!Court : Karnataka
Reported in : AIR1986Kant21; ILR1985KAR2477
..... art. 246 of the constitution and entry 33 of list-11 (state list) of the 7th sch. to the constitution enacted the uniform act. the act is a consolidating and amending act. the act which received the assent of the president on 10-4-1964 came into force on 153-1971 (vide notification no.hd 50 cna 62 ..... called 'touring cinema licences' issued in their favour by the concerned district magistrates of the districts ('dms') presently under the karnataka cinemas (regulation) act of 1964 (karnataka act 23 of 1964) ('the act') and the karnataka cinemas (regulation) rules, 1971 ('the rules') for exhibiting films at the places detailed in their respective licences. the licences ..... government to exempt the matters specified therein from the operation of the act in the public interest, section 21 deals with offences by companies. section 22 provides for laying of the rules on the floor of the legislature. section 23 of the act repeals the enactments that were then in force in the several integrating areas .....
Tag this Judgment!Court : Mumbai
Reported in : [1985]57CompCas241(Bom)
..... . v. raghunath prasad jhunjhunwalla : [1976]2scr226 , the supreme court, after discussing the several english cases, observed (headnote of air) :'although the indian companies act modeled on the english companies act, the indian law is developing on its own lines. court will have to adjust and adapt, limit or extend, the principles derived from english decisions, entitled ..... respondent no. 3, the court would have been greatly handicapped in this regard. far from making a grievance of it, the pnb, which is a nationalised bank, should have welcomed the opportunity of meeting the allegations made against it in the petition. any aspersion made against the pnb by the petitioner and adverse ..... register the transfer of shares purchased by respondents nos. 4 to 17. respondent no. 19 has preferred an appeal under s. 111 of the companies act before the company law board and the same is still pending. respondents nos. 20 and 21, the stock-brokers, continue to insist upon reconsideration of the decision .....
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