Court : Kerala
Reported in : [1994]79CompCas213(Ker)
..... wherein roxburgh j. said, 'the purpose of this section (section 210) is not so much to rake up the past as to redeem the future.'35. in rajahmundry electric supply corporation ltd. v. a. nageswara rao, [1956] 26 comp cas 91, 97 ; air 1956 sc 213, 217, the supreme court observed : 'where nothing more is established than ..... . punjab co. ltd. [1962] 32 comp cas 937 (punj), (4) if the directors refuse to distribute compensation money obtained on nationalisation of the company--hindusthan co-operative insurance society ltd., in re [1961] 31 comp cas 193 (cal), (5) the company undertaking businesses other than those mentioned in the objects clause without calling a general meeting ..... in the meanings of the words 'business' and 'affairs' and observed that 'affairs' in the context of the life of a company means things to be done or business to be conducted. the companies act requires certain acts to be done even by a company which has no business or commercial activity to run. these include filing of .....
Tag this Judgment!Court : Kerala
Reported in : AIR1963Ker128; [1963]33CompCas144(Ker)
..... proceedings and without making him a party thereto.exception -- nothing in this section applies to the transfer of a marine or fire policy of insurance or affects the 'provisions of section 38 of the insurance act, 1938 (iv of 1938)'.'134. mortgaged debt -- where a debt is transferred for the purpose of securing an existing or future debt, ..... set off. chennai purasai hindu jananokula saswatha nidhi v. soobra-manya mudali, 15 mad lj 230, national benefit assurance co., ltd., in re, (1924) 2 ch 339, city life assurance co., in re, (1926) 1 ch 191, and h. naik v. panchanon das, air 1954 orissa 7. nona of them considers the effect of the transaction by ..... deposits are debts payable on a contingency, the contingency being their release from the security arrangement, and are therefore admissible io proof under section 523 of the companies act, a just estimate of the value of the deposits, subject to the contingency of release from the security, would be only the dividends payable in respect of the .....
Tag this Judgment!Court : Kerala
Reported in : [1992]73CompCas362(Ker)
..... substantial portion of debt as now claimed in the counter-affidavit.14. palmer in his company law (20th edition) referring to the following decisions, bowes v. directors of hope mutual life insurance and guarantee co. [1865] 11 hl cas 389, at page 402 (hl) ; western of canada oil, lands and works co., in re [1873] lr 17 eq 1 ; chapel ..... , is established against a company, it is not, under the act of 1862, a discretionary matter with the court to say whether the company shall be wound up or not ; but it is the duty of the court to direct the winding up', vide bowes v. directors of hope mutual life insurance and guarantee co. [1865] 11 hl cas 389 (hl). ..... 's dispute as to the existence of the debt is bona fide or not. finally, after decocting the principles from a large number of decisions, viz., london and paris banking corporation, in re [1874] lr 19 eq 444 ; doraiswami ayyar (p. r.) v. coimbatore easwara sahaya nidhi ltd., air 1929 mad 265 ; mohammed amin bros. ltd. v. dominion of india .....
Tag this Judgment!Court : Kerala
Reported in : [1986]59CompCas261(Ker)
..... decisions in state of bihar v. deokaran nenshi, air 1973 sc 908 (a case which arose under the mines act), murlidhar ram narayan v. corporation of calcutta, air 1928 cal 387, 32 cwn 591, (a case which arose under the calcutta municipal act), wire machinery . v. state [1979] 49 comp cas 197 (cal), (a case which arose under ..... the registrar filed two complaints before the chief judicial magistrate, ernakulam, against the company and its directors alleging the commission of offences punishable under section 220(3) of the act. the accused filed petitions before the trial court in crl. m.p. nos. 890 of 1983 and 894 of 1983, respectively, praying for dismissal of the complaints ..... the provident funds act), g. d. bhattar v. state, air 1957 cal 483 (a case which arose under the mines act), the calcutta .....
Tag this Judgment!Court : Kerala
Reported in : 2005(3)KLT253
..... years, no final report is filed. it is nothing rut an abuse of process of court. it is very unfortunate that the petitioner who was the mayor of kozhikode corporation has filed this crl. miscellaneous case making such false averments. this criminal miscellaneous case is liable to be dismissed on that ground alone.16. the learned counsel appearing for ..... if the case comes within the first part of section 366. originally section 366 had only one part. the second paragraph has been added by the penal code (amendment) act, 1923. a reading of the entire section shows that these two paragraphs are independent of each other. to attract the second paragraph, it must be shown that the ..... be considered as separate or distinct transactions. a series of transactions were alleged which form part of a major offence. it is not possible to bifurcate one of such acts and try separately from the others. the nature of the evidence to be adduced against all the accused is one and the same. so there is no merit .....
Tag this Judgment!Court : Kerala
Reported in : [1985]57CompCas85(Ker)
..... assets, but would enable the company to function normally and economically.11. thus, while there should be an anxiety on the part of the court to promote life rather than affirm the death, the court should very judiciouslydetermine in every case whether that would be a feasible proposition. ifthere is a scheme before it, ..... williams j. (used in reference to the corresponding section of the english act) provide an alternative mode of liquidation, which the law allows the statutory majority of creditors to substitute for winding up, whether voluntary or under the court: in re ..... quilon bank limited [1939] 9 comp cas 14 (mad). in madan gopal's case [1935] 5 comp cas 313, tek chand j. said: ' section 153, indian companies act, makes provision not merely for schemes for the ' resuscitation ' or 'reorganisation' of companies, but it also provides for ' schemes of arrangement' which in the words of vaughan .....
Tag this Judgment!Court : Kerala
Reported in : AIR1965Ker241
..... 16. it is said that the petitioners have guaranteed repayment of a loan granted to the company by the madras industrial investment corporation in 1950 and that this contingent liability (on which however the petition is not based) gives them an interest in the winding ..... different. japan cotton trading co. ltd. v. jajodia cotton mills ltd., a i r 1927 cal 625, sudhiya nath v. bihar national insurance co. ltd. patna, a i r 1941 pat 603 and in re, cine industries & recording co. ltd., a i r 1942 bom ..... the sense that it has reached a stage where, in the language of sir william james, v. c. in in re, european life assurance society, (1869) l r 9 eq 122 at p. 128, it is'plainly and commercially insolvent--that is to say, that ..... the law seems to me much the same in both countries. a contributory's petition is after, all comparatively rare; for, the act establishes a domestic tribunal as between the members and the company, and thus enables the members themselves by passing the requisite resolutions, .....
Tag this Judgment!Court : Kerala
Reported in : AIR1964Ker135
..... 3287 he ob serves:-'although in in re, hallett's estate; knatchbull v. hallett, (1880) 13 ch d 696 and in central national bank of baltimore v. connecticut mutual life insurance co., (1881) 104 u. s. 184 : 26 law ed 693 it was held that the right of the claimant to follow his money into a mingled fund is not ..... of the contract under which the goods were sold to them and therefore when they converted the goods, they were answerable for all the consequences reasonably flowing from their act with notice of the subsisting contract under which the goods were sold. the mills were therefore liable for damages for the price of the goods under the contract, ..... possession of the 50 bales from the railway administration. there was no unconditional appropriation of the goods to the mills. section 23 of the indian sale of goods act makes it clear that if under a contract for sale of unascertained goods, goods have been unconditionally appropriated by the seller with the assent of the buyer the property .....
Tag this Judgment!Court : Kerala
Reported in : (1996)135CTR(Ker)25; [1997]226ITR55(Ker)
..... the amalgamated company to each share of the amalgamating company. on behalf of the assessees reliance was placed on the decision of the madras high court in united india life assurance co. ltd. v. cit : [1963]49itr965(mad) , with regard to the consequence in regard to a compromise or arrangement of amalgamation of companies. for ..... accident and sinking of a boat in the high seas and the assessee receiving compensation from the insurance company which is held to be not a 'transfer' as contemplated by section 45 read with section 48 of the income-tax act. since we have held that this amounts to 'transfer', the observations that the definition of ' ..... 1968. in pursuance of the order dated april 2, 1969, in company application no. 19 of 1969 under section 394 appearing in chapter v of the companies act, common powers to compromise or make arrangement otherwise known in common parlance as 'amalgamation proceedings', were recorded. the original company petition and the order of this court .....
Tag this Judgment!Court : Kerala
Reported in : [1978]111ITR77(Ker)
..... company law itself (see governor-general in council v. shiromani sugar mitts ltd. [1946] 14 itr 248 ; 16 comp cas 70 (fc) referred to with approval in builders supply corporation v. union of india : [1965]56itr91(sc) ). our high court has also come to the same conclusion (see official liquidator, indian traders bank ltd. v. income-tax officer ..... result to my mind is the same. in the ordinary case no doubt the contingent liability is imposed by contract. a common example is a contract of insurance when the insurance company promises to make a payment to the assured on the happening of a contingency. a car owner may have an accident and be liable to meet ..... the assets of the company and, therefore, payable before other debts. the expression ' costs, charges and expenses ' referred to in sections 520 and 476 of the companies act are very general. in this will come the cost of repairs, payment of rent and tax, cost of preservation of any property, cost of realisation including costs of litigation .....
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