Court : Kolkata
Decided on : Jul-09-1993
Reported in : AIR1994Cal1,[1996]87CompCas139(Cal)
ORDER1. An application under Section 543(1) of the Companies Act, 1956 was filed on 16-9-91 for and on behalf of the Official Liquidator by way of a Judge's Summons which are, inter alia, as follows:'1. Declaration that the Respondents and each of them, who were the Directors of the Company abovenamed at the time of winding up thereof and at all material times have misapplied, misappropriated and/ or retained and/ or become liable and/ or accountable for Rs. 72,87,903.86 p. and/or gulty of misfeasance and breach of trust in relation to the said Company on the following grounds:--(a) The respondents have misappropriated a sum of Rs. 1,11,00,260.18 p. being the money lent and advanced by secured creditors and the said Respondents are bound to restore the sum of Rs. 1,11,00,260.18 p. together with interest thereon at the rate of 18% per annum being the prevailing rate charged by the Nationalised Banks from the date of liquidation until realisation.(b) The Respondents and/ or each of them ...
Tag this Judgment!Court : Delhi
Decided on : Oct-15-1993
Reported in : AIR1994Delhi126; [1997]89CompCas785(Delhi); 52(1993)DLT560; 1994(28)DRJ228
ORDERD. P. Wadhwa, J.Rule D. B. 1. There are two petitioners. First petitioner is a public limited company registered under the Companies Act, 1956, and the second petitioner is the Director of the first petitioner. By this petition they seek to have issued a writ, direction or order in the nature of certiorari quashing the award of contract by respondents 1, 2 and 3 to respondent No. 4 for printing, binding and supply of telephone directory for Hyderabad. Then the petitioners seek a writ, order or direction in the nature of mandamus requiring the respondents 1, 2 and 3 to accept the tender of the first petitioner for the purpose aforementioned. The first respondent is the Union of India through the Secretary, Ministry of Communication, NewDelhi; the second is the Chairman, Telecom Commission, Ministry of Communication, New Delhi; the third is the General Manager, Department of Telecommunications, Telecom District, Hyderabad; and the fourth respondent is M/s. M. & N. Publications Limit...
Tag this Judgment!Court : Rajasthan
Decided on : Jan-06-1993
Reported in : (1993)ILLJ1168Raj; 1993(1)WLC415
..... under section 5a and section 5b, respectively, of the employees' provident fund and miscellaneous provisions act, 1952 (19 of 1952), or the 'indian airlines' and 'air india' corporations established under section 3 of the air corporations act, 1953 (27 of 1953), or the life insurance corporation of india established under section 3 of the life insurance corporation act, 1956 (31 of 1956), or the oil and natural gas commission established under section 3 of the oil and natural gas commission act, 1959 (43 of 1959), or the deposit insurance and credit guarantee corporation established under section 3 of the deposit and credit guarantee corporation act, 1961 (47 of 1961) or thecentral warehousing corporation establisbed under section 3 of the warehousing corporation act, 1962 ..... (supra), the reference made by the state government was to the effect that all workers who are working with thecontractors on permanent jobs should be made permanent and recruitment from outside be stopped. this court examined the scope of the provisions of 1947 act vis-a-vis provisions of 1970 act and held that terms and conditions of employment of contract labour are regulated by the provisions of 1970 act and, therefore, the provisions of industrial disputes act are not applicable. the learned single judge noted that, 'in the present case, there does not appear to be any dispute between the parties that the contract labour was employed under the provisions .....
Tag this Judgment!Court : Andhra Pradesh
Decided on : Mar-26-1993
Reported in : AIR1994AP170; 1993(1)ALT608
..... which was annexed to the transaction vested in the life insurance corporation under the provisions of life insurance corporation act, can be enforced. this decision entirely proceeded on the basis that the assets and liabilities of the andhra insurancecompany were taken over and vested in the life insurance company by virtue of the provisions of life insurance corporation act, 1956. the liability to scale down the debt is a liability attached to the transaction itself which was taken over and vested in the life insurance corporation and therefore, the corporation, though entitled to exemption under section 4(e) by itself, could not claim the exemption for the reason that the above mentioned liability vested in it. the said decision has no application to the facts of the present case. this is not ..... the same and refuse to re-open the transaction in view of the mandate contained in s. 21-a.43. in this connection, it must be stated that the fact that s. 21-a came into force with effect from 15-2-1984 is not at all decisive to come to the conclusion that the section has no application to the transactions entered into prior to the coming into force of the provision.in fact, sub-section (2) of s. 1 of the punjab custom (power to contest) amendment act, 1973 specifically provided that the amend-ment shall be deemed to have come .....
Tag this Judgment!Court : Delhi
Decided on : Nov-16-1993
Reported in : 1993IVAD(Delhi)809; 54(1994)DLT179; 1994(28)DRJ245
V.B. Bansal, J. (1) Mrs. Surinder Kaur, plaintiff has filed this suit against the Life Insurance Corporation of India for recovery of Rs. 1,28,800.00 (2) Briefly stated, averments made in the plaint are that the defendant, Life Insurance Corporation of India, was established under the Insurance Corporation Act and can sue and be sued in its name and is engaged in the business of life insurance. Mrs. Surinder Kaur is widow of late Mohan Singh. The aforesaid Mohan Singh got his life assured for a sum of Rs. 1 lakh for a term of 25 years, regarding which. Life Insurance Policy No. 50432319 was issued, which commenced on 28/3/1982 and was to mature on 28/3/2007. The premium was to be paid quarterly, payable on 28th of March, 28th of June, 28th of September and 28th of December of the each English calendar month. Each Installment of premium was for Rs. 1,367.50 paise. Mrs. Surinder Kaur was appointed as a nominee in this insurance policy. The payments of the premiums used to be made by the ...
Tag this Judgment!Court : Mumbai
Decided on : Sep-22-1993
Reported in : [1999]236ITR220(Bom)
..... are substantially interested. if the assessee is a 'domestic company' within the meaning of section 2(6) (b) of the finance (no. 2) act, 1971, and if it is a company referred to in section 108 of the income-tax act, 1961, paragraph f-i (1) of the first schedule prescribing the concessional rate of income-tax is applicable. paragraph f-i (1) of the first schedule to the finance (no. 2) act, 1971, reads as under : 'in the case of a company, other than the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956), - rates of income-tax1. in the case of a domestic company -(1) where the company ..... court observed (p. 60) : 'there is no reason why the sense conveyed by the law relating to contracts should not be imported into the definition of 'speculative transaction''. in that case, the controversy pertained to the true meaning of the expression 'speculative transaction' which is defined in sub-section (5) of section 43 of the income-tax act, 1961, to mean a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips. the supreme court referred to the provisions .....
Tag this Judgment!Court : Mumbai
Decided on : Jul-14-1993
Reported in : 1994(2)BomCR178; [1994]81CompCas599(Bom)
D.R. Dhanuka, J.1. The official liquidator as liquidator of Ajanta Rubbers Pvt. Ltd. (in liquidation) has submitted his report to this court for a direction to the Gujarat State Financial Corporation to hand over the possession of the assets of the company in liquidation situate at Bharuch to the official liquidator and for issue of such other and further directions as this court deems fit and proper having regard to the facts of the case summarised in the said report dated March 19, 1993. The Gujarat State Financial Corporation took over possession of the said assets much after the company was ordered to be wound up and the official liquidator was appointed as liquidator of the company in liquidation in purported exercise of its powers under section 29 of the State Financial Corporation Act, 1951, i.e., on September 7, 1989, without the leave of the company court. By an order dated March 25, 1986, passed by this court in Company Petition No. 203 of 1985 filed by Indian Textiles (i.e.,...
Tag this Judgment!Court : Punjab and Haryana
Decided on : Aug-25-1993
Reported in : (1994)106PLR46
A.S. Nehra, J.1. This order will dispose of Civil Revision Petitions Nos. 1010 to 1018 of 1989 and No. 265 of 1991, as the question involved is common in all these cases.2. For deciding the law point, the facts of one case, i.e., Civil Revision No. 1010 of 1989 Devinder Nath Katariya v. Haryana State are briefly stated. The petitioner's land was acquired vide notification dated 30.8.1977 under Section 4 of the Land Acquisition Act, 1894 (for short, 'the Act'). The Collector gave his award on 14.2.1979 at the rate of Rs. 7.23 paise per square yard, besides solatium at the rate of 15 per cent. The amount determined by the Collector was paid on that very day. The Additional District Judge, on reference under Section 18 of the Act, enhanced the compensation on 1.4.1985 and determined the market value of the acquired land at the rate of Rs. 25/- per square yard. The Additional District Judge also held that the claimants are entitled to solatium at the rate of 30 per cent and interest at the...
Tag this Judgment!Court : Allahabad
Decided on : Apr-20-1993
Reported in : AIR1994All123
ORDERG.S.N. Tripathi, J.1. This is a petition under Art. 226 of the Constitution for the following reliefs:--(a) to issue appropriate writ, order or direction in the nature of certiorari quashing and/setting aside the notice dated 4-11-1992 issued by the respondent No. 1 (Annexure 8 to the writ petition). (b) to issue appropriate writ, order or direction in the nature of certiorari quashing/ setting aside the letter dated 9-11-1992 (Annexure 10 to the writ petition. (c)to issue an appropriate writ, order or direction in the nature of mandamus directing the respondent No. 1 to create Pari-Passu charge in favour of the other Financial Institutions vis-a-vis the petitioner. (d) to issue an appropriate writ, order or direction in the nature of mandamus directing the respondent No. 1 to disburse the balance amount of loan to the petitioner in terms of the agreements. (e) to issue a writ, order or direction restraining the respondents, their officers and agents from taking any action pursuan...
Tag this Judgment!Court : Mumbai
Decided on : Jan-14-1993
Reported in : [1995]216ITR584(Bom)
Mrs. Sujata Manohar J.1. For the assessment year 1968-69, the applicant (hereinafter referred to as 'the assessee') declared a total dividend of Rs. 6,90,000. This dividend was in excess of ten per cent. of the share capital of the company on the first day of the previous year which was Rs. 30,00,000. Therefore, the excess dividend so declared amounted to Rs. 3,90,000. Such excess dividend entailed an additional income-tax under the provisions of the Finance Act, 1968. The Income-tax Officer, however, failed to take note of this fact at the time of the assessment proceedings. He thereupon initiated rectification proceedings under section 154 of the Income-tax Act, 1961. The assessee resisted the proceedings. The assessee contended that the declaration of dividend of Rs. 6,90,000 was out of profits which were exempted from tax under section 80J of the Income-tax Act, 1961, and hence no additional income-tax was leviable on the excess dividend declared by the assessee. The Income-tax Off...
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