Judgment Search Results Home > Cases Phrase: karnataka stamp act 1957 section 46b duties penalties etc to be certified Court: company law board clb

P. Muniswamappa Sonnegowda and Vs. Mysore Lighting Works Private

Court : Company Law Board CLB

Reported in : (2008)81SCL62

..... the original share certificates obtained in favour of respondents 2 & 3 are found to be stamped with adhesive stamps, which are not in consonance with the requirement of section 11 of the karnataka stamp act, 1957.the stamps so affixed have neither been cancelled. ..... article 16 of the schedule forming part of the karnataka stamp act, 1957 stipulates that shares should carry a stamp duty of one rupee for every one thousand rupees or part thereof of the value of the shares, scrip or stock, which has not been duly satisfied in case of the shares issued in favour of the ..... the original memorandum of association signed by all the promoters namely, petitioners, consentor and respondents 2 to 5, which does not speak of any increase in the number of directors, unlike as in the case certified copy of the memorandum of association obtained from the registrar of companies (roc) and produced by the respondents 2 and 3. ..... one of the suppliers consigned materials, supported by the bills, to the company through a transporter, who, however, misplaced the bill while carrying materials, leading to imposition of penalty on the company and the amount of penalty was also recovered from the supplier concerned. ..... respondent as director of the company.however, i do not take cognizance of the controversial stand taken by the second petitioner by means of an affidavit in support of the company petition and against the purported coercive acts of the respondents 2 and 3 in signing of the company petition etc. .....

In Re: Central Park Farm and

Court : Company Law Board CLB

..... both the sale deeds were withheld by the sub-registrar, after registration for non-payment of appropriate stamp duty, which led to a reference made under section 45a of the karnataka stamp act, 1057, for adjudication of the proper stamp duty. ..... postal covers containing notices of the board meetings reportedly held on 06.06.2005, 23.06.2005 and 02.07.2005 and falsely contended that the petitioners failed to attend those board meetings consecutively and thereby ceased to be directors under section 283(1)(8), whereas, the petitioners did not cease to be directors as borne out by the legal notice dated 04.07.2005, issued by the first petitioner, wherein it was clearly stated that he attended the previous board meeting conducted ..... the balance sheets produced by the respondents are not the audited balance sheets certified by the chartered accountants. ..... section 406 thus, empowers the clb, in cases of involving oppression and mismanagement, to invoke schedule xi for imposing penalty upon guilty officers in case of specified events and assessing damages against guilty directors so as to compensate the company for its losses. ..... petitioners have arisen on account of- (a) sale of the immovable properties belonging to the company; (b) impugned allotment of shares; (c) cessation of the petitioners as directors; (d) re-appointment of the third respondent as a director; (e) sinking off the name of the company under section 560 of the act, etc. .....

Kothari Industrial Corporation Vs. Lazor Detergents Private Ltd. and

Court : Company Law Board CLB

Reported in : (1994)81CompCas617

..... is the remedy provided in section 41 of the stamp act, according to which even though the effect is prospective when an instrument remains not duly stamped due to mistake or by accident, the same could be presented to the collector for adjudication by any person on his own motion and once the collector endorses certificate of payment of penalty, etc. ..... sub-section (2) of section 42 of the indian stamp act also states that endorsement on instrument by the collector, on payment of duty, such instrument may be registered and acted upon as if it has been duly stamped. ..... according to him, with the payment of stamp duty, the fiscal objective has been achieved, there is no question of infringement of any provisions of the indian stamp act even though some irregularity relating to non-cancellation may be ..... provisions of section 108(1) of the act and section 12 of the karnataka stamp act are mandatory. ..... on the impounding provisions in part iv of the stamp act, he suggested that the instruments which are considered to be not duly stamped may be impounded and sent to the collector for adjudication so that once they are certified by the collector, they could be admitted in evidence, acted upon and registered.77. ..... this case, the supreme court has, after dealing with the impounding provisions of the stamp act, held in paragraph 4 that "there is no bar against an instrument not duly stamped being acted upon after payment of stamp duty and the penalty according to the procedure prescribed by the act". .....

Kobian Pte Limited Vs. Kobian India Private Limited,

Court : Company Law Board CLB

Reported in : (2005)126CompCas675

..... share certificate is dated 30.03.2000, the same is presented after two months of the date of its execution and is stamped as late as 24.10.2000, thereby prima, facie not satisfying the requirements of sections 17 & 10a of the karnataka stamp act, 1957 and section 113 of the act, for which the competent authority is at liberty to take such action as may be deemed fit. ..... cannot claim any compensation for the brand name "kobian" and "mercury" for the reasons stated supra.it is observed that the commissioner who was authorised to certify that the statutory records are in due form of law, acted beyond the scope of his authority and therefore no reliance is placed on his reports submitted before this bench. ..... the fiduciary capacity within which the directors have to act enjoins upon them a duty to act on behalf of a company with utmost good faith, utmost care and skill and due diligence and in the interest of the company ..... 23 only attracts penalty against the company and every officer in default, but will not make the resolution increasing the capital to be bad.nevertheless, the balance sheet as at 31.03.2004 reveals the authorised capital of the company of rs.30,00,000 ..... acts of oppression and mismanagement relate to non-issue of notices for the meetings of members of the company; non-issue of share certificate; illegal allotment of shares in exclusion of the petitioner; exclusion of the petitioner from the management of the company; manipulation and tampering of records of the company etc .....

Dr. G.N. Byra Reddy and ors. Vs. Arathi Cine Enterprises Pvt. Ltd.

Court : Company Law Board CLB

Reported in : (1997)89CompCas745

..... the amendment to section 111 of the act conferring jurisdiction on the company law board took effect on may 31, 1991, till which time the high court of karnataka alone had the jurisdiction to entertain and dispose the petition under section 155 of the act. ..... therefore, the question that arises is whether in the circumstances of this case, the jurisdiction of this bench under section 111(4) of the act could be exercised for resolving the complicated and disputed questions of fact raised by the parties.the proceedings under section 111, as has been held by the various courts and by ourselves in many cases, is summary in nature. ..... the other argument is that under section 155 of the act before amendment in 1988, courts have held that the period of limitation in respect of applications under section 155 was three years and, therefore, even assuming that the limitation act is not applicable to proceedings before the company law board and if a right to sue had become barred by the provisions of the limitation act then in force on the date of a new act or amendment, such a barred right is not revived by application ..... 5 who was signatory to the board resolution had not raised the issue so long, the time at which the petitioners actually came to know of the impugned transfers, etc.we have not been able to decide these issues on the basis of the affidavits filed with us. ..... 3 to 6 and lodged the transfer deeds duly stamped with the company. .....

Shri D.R. Talayarkhan Vs. Transgene Biotek Limited and Dr.

Court : Company Law Board CLB

Reported in : (2007)138CompCas727

..... a/d calling upon the company to ensure that the pledged shares are transferred in favour of his client; h) communication dated nil (annexure a-19) by vinmar forwarding therewith the share certificates in favour of the company with its rubber stamp impression and initial of its representative appearing on the last page of the communication; i) communication dated 10.04.1996 (annexure a-20) of the company in favour of the petitioner acknowledging receipt of the share certificates lodged by the representative of ..... (1994) 79 cc 163, wherein the full bench of delhi high court held that "the object of section 155 (now section 111) of the companies act, 1956, is to provide a remedy in non-controversial matters or in matters where a quick decision is necessary and can be rendered in order to obviate irreparable injury ..... bench of the karnataka high court in ..... supra), while examining the issue whether in a petition under section 111 for rectification of the register of members involving serious disputed questions of facts or law and allegations of fraud, malafides etc. ..... i do not find any need to go into any of the other decisions cited by the learned counsel in relation to inter-alia, the enforcement of securities; validity of the transfer of shares impugned in the company petition etc. ..... in all respects with that of the normal procedure being adopted by our share transfer agents m/s ikon visions private limited, hyderabad, who were solely authorised to undertake all such transfers etc. .....

Smt. Krithika Mullengada and Shri Vs. Wipro Limited

Court : Company Law Board CLB

Reported in : (2004)52SCL564

..... question that arises for my consideration is whether the petitioners are entitled to exclude the period from 05.06.1991 to 13.08.2002 consumed before the consumer for a pursuing their reliefs, by virtue of section 14 of the limitation act, the relevant portion of which reads as under :- "(1) in computing the period of limitation for any suit the time during which the plaintiff has been prosecuting with due diligence another civil ..... is barred by the principles of res judicata, in support of which, the learned senior counsel referred to the decision in union of india v.nanak singh - air 1968 sc 1370 to show that "the provisions of section 11 of the code of civil procedure are not exhaustive with respect to an earlier decision operating as res judicata between the same parties on the same matter in controversy in a subsequent regular suit, and on the general ..... section 206a does not refer to lodgment, delivery, stamping, endorsement etc.of transfer deeds which are covered by section ..... of the court to act fairly and rightly and it is one of the first and highest duties of a court to repair the injury done to a party by its act". ..... others for the very same cause of action before the district consumer disputes redressal forum at mysore and a subsequent appeal before the state commission at karnataka. ..... chinnathurai - air 1957 madras 216 to show that if it is not a case of no jurisdiction in the first forum, the parties are not entitled to go before the new court.thus the petitioners are merely .....

T.R. Srinivasa Reddy Vs. Swapna Ghose and ors.

Court : Company Law Board CLB

Reported in : (2006)132CompCas295

..... so desires, to make an appropriate application before the company law board, subject to the objection that may be taken up by the respondents herein, to recall the earlier order dated 24.11.2003, ordered accordingly.the applicant after obtaining certified copy of the order of the high court of karnataka on 20.03.2005 filed on 22.03.2005 the present applications without any further delay for recalling the order dated 24.11.2003 of the clb and other reliefs. ..... moreover, by virtue of illustration (e) to section 114 of the indian evidence act, 1872, official acts are presumed to be rightly and duly performed until the contrary is shown.section 114, illustration (f) of the indian evidence act enables the court to presume that the common course of business has been followed in particular case unless ..... to costs.the bench officer in terms of the directions of this bench forwarded on 27.11.2003 a certified copy of the order dated 24.11.2003 to all the respondents to the company petition including the applicant. ..... in the meanwhile, the first respondent herein filed the present company petition under section 111a alleging that she had purchased the impugned shares from the fourth respondent and sought appropriate directions for rectification of the register of members ..... record that the notices were sent by ordinary post to the applicant several times and once by speed post on 12.04.2003 duly stamped at his proper address as borne out by the records on record already elaborated elsewhere. ..... air 1957 .....

Shri J.K. Paliwal and Shri B.K. Vs. Paliwal Steel Ltd. and ors.

Court : Company Law Board CLB

Reported in : (2008)141CompCas624

..... therefore the petitioners cannot state that the company has not executed the flat validly; (c) the agreement to sell was executed between the respondent company and the purchaser, the necessary stamp duty was also paid by the parties, further the respondents have also shown the copy of the sale deed dated 18.03.2005 showing the market rate of the area therefore, it was ..... respondents suffered from several discrepancies; documents received (q1 and q2) when compared (marked as 1 to 6 & 6/1, 7 to 9, 9/1) were not authenticated / verified by the expert neither by signature or initials nor by any rubber stamp, etc; juxtaposition chart was not placed on record, which is essential for the purpose of comparison between the admitted and disputed signatures; the two documents were to be compared in a photograph with the same degree of enlargement; the ..... chaudhary, counsel for the respondents argued that the present petition under section 397/398 of the companies act, 1956 is not maintainable as the petitioners have failed to show that the affairs of the company are being conducted in a manner oppressive to any member/creditor of the company or there ..... the it has been held by the hon'ble karnataka high court in the matter of srikant datta narasimharaja ..... petitioners are on a sound ground as by simply fabricating documents and filing the same with the roc and getting a certified copy thereof cannot change the chronology of events and give a stamp of genuineness to false and fabricated documents. .....

Gujarat Industrial Investment Vs. Sterling Holiday Resorts (India)

Court : Company Law Board CLB

Reported in : (2005)124CompCas390

..... question as to whether delivery of the instruments of transfer beyond two months from the date so stamped as specified in sub-section (1c) is proper must be considered in the light of the decision of the karnataka high court in mukundlal manchanda v. ..... connection, the reasoning of the high court shall be borne in mind, the relevant portion of which is reproduced here below:- "while understanding the scheme of section 108 of the companies act, 1956, the court has to bear in mind that trivialities would not render an act futile and technical formalities required to be complied with for a valid transaction cannot outweigh the importance to be given to the substance of the transaction. ..... while according to the company, the provisions contained in section 108 (1c) of the act are mandatory, without compliance of which the petitioner cannot seek for the relief of registration of the remaining 22,93,000 in favour of the petitioner, it is on the other hand contended on behalf of the petitioner that the provisions of sub-section (1c) of 108 are only directory, the requirement of which is waived by the company by way of effecting the transfer of 2,99,800 shares out of 25,92,800 pledged shares in ..... this petition is filed under section 111a of the companies act, 1956 ("the act") against m/s sterling holiday resorts (india) limited ("the company") and others seeking directions of this bench to register the transfer of 22,93,000 shares of the company pledged by respondents 2 to 4 in favour of .....