Court : Mumbai
Reported in : [1986]60CompCas154(Bom)
..... in the course of event is that followed in september, 1977, r. g. mohta spinning and weaving mills ltd., was also nationalised under the sick textile undertakings (nationalisation) act, 1974. the assets of the said company were taken over and ultimately an award was passed by the assistant commissioner of payments on may 16, 1980, fixing a compensation of ..... rs. 5,16,801.50, payable to the nationalised mills. this award amount was received by the official receiver for and on ..... the very outset and i have held that the petitioners were the members of the company, at any rate, since 1950 before the company's name was struck off from the register of companies.20. the objects of section 560(6) of the companies act is to give a chance to the560(6)21. in the instant case, i .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1970SC564; [1970]40CompCas325(SC); (1970)1SCC248; [1970]3SCR530
..... question is the legislative competence in regard to the act of 1969. counsel for the petitioner contended that the act was for nationalisation of banks and there was no legislative entry regarding nationalisation and therefore that was incompetent. there is no merit in that contention. the act is for acquisition of property; the undertaking of a banking company is acquired. the legislative competence is under entry ..... products;(b) foodstuffs, including edible oil-seeds and oils;(c) cattle fodder, including oilcakes and other concentrates;(d) raw cotton, whether ginned or unginned and cotton seed; and(e) raw jute. entry 42--'acquisition and requisition of property.33. the argument raised by mr. setalvad, intervening on behalf of the state of maharashtra and the state of jammu and kashmir, that .....
Tag this Judgment!Court : Mumbai
Reported in : 2005(6)BomCR574; (2005)107BOMLR337; (2006)4CompLJ117(Bom)
..... to improve these state of affairs by resorting to measures such as nationalisation and rehabilitation and revival of the mills without recourse to nationalisation. two enactments viz., sick textile mills (nationalisation) act of 1974 and 1995. the sick industrial companies (special provisions) act, 1985 provide for fulfilling such constitutional obligation. in the case of nationalisation act, the property viz., structure and the land as well as machinery etc ..... public is served by the continuance by the said undertakings of the companies the manufacturing, production and distribution of different variety of cloth and yarn which are vital to the needs of the country.279. one of us (dharmadhikari j.) while dealing with the scope of the textile undertakings (nationalisation) act, 1995, in the case of aurangabad textile mills v. state of maharashtra .....
Tag this Judgment!Court : Kolkata
Reported in : 1993LC599(Calcutta),1991(55)ELT510(Cal)
..... but the question is whether the legislature is entitled to pass an act imposing a tax on the goods manufactured by the petitioner company.26. the jute act and the development act were passed by the government for a definite purpose. these are special legislations to benefit the jute industry as a whole. the object of the legislation is to set ..... proposition a judgment of the supreme court in the case of ahmedabad manufacturing and calico printing company limited v. state of gujarat : [1967]3scr595 . there can be no doubt that a 'duty of excise' was being levied by virtue on the jute act. but this levy cannot be equated to the levy that is imposed under the central ..... the petitioner being a 100% export oriented unit is liable to pay duty under the jute act. the contention of the petitioners is that the petitioner is entitled to get the benefits of section 3(4). the unit of the petitioner company enjoys exemption from excise duty under the rules that have been framed under the central excises .....
Tag this Judgment!Court : Mumbai
Reported in : [1984]55CompCas281(Bom)
..... scheme of compromise or arrangement propounded by the company under s. 391 of the companies act has been altered. moreover, by reason of funds to the extent of rs. 160 lakhs that are likely to be made available to the company by various financial institutions, nationalised bank and the state government, the reconstruction ..... prayers (b) and (c) above, liberty be granted to the applicants to propound a fresh scheme of reconstruction under section 391 of the companies act, 1956, within three months or within such time as this hon'ble court deems fit, of the finalisation of the proposal for reconstruction assistance ..... and the revival of the company will be much quicker. furthermore, on finalisation of the proposal for reconstruction by irci, the company .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1996]87CompCas1(AP)
..... division bench was dealing with the case of andhra bank ltd., which prior to the nationalisation of banks was carrying on the business of banking. in view of the nationalisation of private banks, the division bench held that the substratum of the company has disappeared and that it was a fit case for winding up, on just and ..... . [1994] 79 comp cas 722, the karnataka high court held that what the court has to see in a petition under sections 397 and 398 of the companies act, 1956, is not whether the respondents intended to harm the petitioner, but whether by reasonable standards, the consequences of the conduct complained of would be regarded as ..... resolution of allotting entire rights shares to indian shareholders was passed) was held in accordance with law. 39. interpreting section 210 of the english companies act, which is analogous to sections 397 and 402 of the act, lord denning in scottish co-operative wholesale society ltd. v. meyer [1959] 29 comp cas 1 (hl) observed as under : ' .....
Tag this Judgment!Court : Orissa
Reported in : AIR1981Ori18; 50(1980)CLT605
..... the only question for examination, therefore, is whether the buildings which have been subjected to tax are property of the union under the coal mines (nationalisation) act (26 of 1973) provision has been made for acquisition of the rights of owners of coal mines. sub-section (1) of section 3 of that ..... of the mines vested in the central government and the definition of 'mine' given in section 2 of the act includes buildings, houses, plants, machineries, etcetera. these collieries along with several others were nationalised under the provisions of central act 20 of 1973. the central government created the coal mines authority limited in june. 1973. in 1975, ..... the name was changed to coal india limited. on 1-11-1975, the petitioner-company came to be incorporated. there is no dispute that the company is wholly owned by .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1988SC782; [1989]65CompCas1(SC); (1988)1CompLJ225(SC); 1988(36)ELT201(SC); JT1988(1)SC304; 1988(1)SCALE273; (1988)2SCC299; [1988]2SCR962; 1988(2)LC54(SC)
..... to enable the government to indirectly acquire altogether different undertakings belonging to a different company.(2) swadeshi mining and manufacturing company limited had also coal-mines. when coal-mines (nationalisation) act, 1973 was passed with reference to sections 3 and 6 thereof, it were the coal-mines belonging to the said company along with the right, title and interest of the owners in relation to ..... . therefore, the notings made by the officials are not relevant. in this connection reliance may be placed on the principles of interpretation as enunciated by the federal court in auckland jute co. ltd. v. tulsi chandra goswami 1949 f.c.r. 201. it is trite saying that the interpreter of the statute must take note of the well known historical facts .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1987SC167; [1986]60CompCas1083(SC); JT1986(1)SC450; 1986(2)SCALE442; (1986)4SCC276; 1986(2)LC610(SC)
..... over of management) ordinance and then under the sick textile undertakings (take over of management) act. this was followed by its nationalisation under the sick textile undertakings (nationalisation) act. the take over of management and the subsequent nationalisation are questioned in this writ petition which was originally filed in the high court of gujarat ..... and distinct undertakings and, therefore, the hosiery undertaking which would not fall within the definition of a textile undertaking could not be taken over and nationalised. another submission of shri tarkunde was that by the judgment dated september 17, 1986 in transfer case no. 29 of 1983. date of ..... undertakings (taking over of management) act and the deeming provision in section 4(3) of that act. 'textile'is defined as including 'yarn or fabrics made either wholly or partly of cotton, wool, jute, synthetic and artificial (man-made) fabrics.' 'textile company' is denned as meaning 'a company specified in the third column of the .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2009(4)ALT431:AIR2009NOC2482(A.P)(F.B).
..... 'ble justice k.g. balakrishnan (as his lordship then was) holding that a company has no immunity from prosecution, and that fine can be imposed for violating a penal provision. the majority also held that law should be interpreted so as ..... standard chartered bank v. directorate of enforcement : (2005) 4 scc 530 : air 2005 sc 2622, another constitution bench of supreme court considered the question whether a company or a corporation, being a juristic person, can be prosecuted for an offence for which mandatory punishment prescribed is imprisonment and fine. the leading opinion was given by hon ..... services rendered and general service to the body of traders and growers is sufficient and it is the object of the act and it is being rendered.85. in agriculature market committee, rajam v. rajam jute and oil millers association rajam 2003(2) supreme 232 the apex court held at para-23 as hereunder:in the .....
Tag this Judgment!