Court : Gujarat
Reported in : [2009]147CompCas243(Guj)
..... having heard the learned advocates appearing for the respective parties at great length and having considered relevant documents and materials in light of statutory provisions contained in the companies act, 1956 as well as ulc act and authorities cited before the court by learned advocates, the court is of the view that relief claimed by the official liquidator in his report as well as company application needs to be refused. ..... of 1989, commercial ahmedabad mills limited has been ordered to be wound up and the official liquidator attached to this court was appointed as the liquidator of the said company with all usual powers and under the provisions of the companies act, 1956 and accordingly, the official liquidator has taken the possession of all available assets of the company in liquidation on 04.12.1989. ..... the same is contrary to the provisions contained in the companies act, 1956 and since no leave is obtained from the court before initiating any proceedings under the ulc act, the said proceedings should be declared as null and void and the official liquidator may be permitted to proceed with the sale of the assets of the company in liquidation.18. mr. ..... shelat further relied on the full bench decision of the delhi high court in the case of life insurance corporation of india v. .....
Tag this Judgment!Court : Gujarat
Reported in : [1984]56CompCas487(Guj); (1983)1GLR44
..... the consideration to be paid therein, and the company has acquired the possession which it can defend on principle of part performance, or some such similar arrangement is effected between the parties, and that some definite provision in the scheme of arrangement in respect of the rights said to have accrued under the said agreement in favour of the company is made in the scheme itself to which the owners have agreed, it is ..... companies act, 1956, decided the rights of third parties and issued the appropriate directions in order to insure a ..... direction in the matter of a decree for specific performance, or damagves since the period of limitation for the aforesaid relief would commence to run from march 25, 1981, in the light of the provisions contained in the said agreement that the balance amount of the sale price was to be paid by six monthly instalments spread over a period of five years after the mortgage deed creating first ..... following four question, therefore, arise for mmy consideration : (1) whether this court has power or authority under section 392 of the companies act, 1956, in exercise of its jurisdiction of supervision over the scheme of arrangement between the company and its creditors and/or members approved by it, to adjudicate upon the rights ..... that basides relying on these facts and circumstances as emerging from the affidavit filed on behalf of the ..... 1 has relied on certain facts and circumstances as emerging from the various averments made in the affidavit made .....
Tag this Judgment!Court : Gujarat
Reported in : [2006]130CompCas551(Guj); [2005]58SCL469(Guj)
..... the funds as suggested by the operating agency before the bifr and in view of the said facts, the bifr formed opinion under sub-section (1) of section 20 of sick industrial company (special provision) act, 1985 for recommending this court that it is just, equitable and in the public interest to wind up the applicant company. ..... registrar of companies, 48 company cases 98 wherein it is held that 'the power to stay the winding up of a company under section 466 of the companies act, 1956, in the case of companies which were wound up by the court, could also be exercised when a company was in voluntary liquidation; and that since the management wanted to revive the company and there ..... nanavati has further submitted that the reason for moving this application for revoking the order of winding up under section 466 of the companies act, 1956 as a contributory, is that on account of positive change in the market for steel industry and ferroy alloy industry, the persons who have faith in the ability and skill of the applicant have made ..... it may be that despite the inability to pay its debts, a company has still prospects of coming back to life and if the court is told to any specific proposal, which in the opinion of the court is likely to materialise, the court will be inclined to give a chance ..... however, the facts which are emerged from the record do not lead to believe that the present applicant would be in a position to discharge all the liabilities of the company and restart the company .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]43SCL146(Guj)
..... while rejecting the slp against the high courts' view which had rejected the challenge to the constitutional validity of sub-section (2) and held that sub-section (2) of section 20 of the sick industrial companies (special provisions) act has to be construed to mean that the high court in deciding the question of winding up of the company has to take into account the opinion of the board forwarded to it under sub-section (1) and ..... otherwise, the role of the high court would be that of a rubber stamp upon the receipt of the opinion of the bifr, section 20(2) of the sick industrial companies (special provisions) act has to be construed to mean that the high court in deciding the question of winding up of the company has to lake into account the opinion of the bifr forwarded under sub-section (1) and ..... considering the provision contained in the companies act, 1956, this court ..... 236, wherein it is held as under :'when section 20 of the sick industrial companies (special provisions) act, 1985 provides for tendering of the opinion of the board for industrial and financial reconstruction for winding up of a sick industrial company, it would necessarily mean that the high court to whom such ..... submitted that both bifr as well as aaifr have not taken into consideration very fact that the economic life of more than 600 workers are involved and hence they should not have recommended the winding up ..... that no viable or credible proposal had emerged till date despite further opportunities given to .....
Tag this Judgment!Court : Gujarat
Reported in : [1973]43CompCas203(Guj); (1973)0GLR363
..... unlike that position in england, under section 28 of the indian companies act, 1913, and the provisions of the indian companies act, 1956, the shares or interest in a company are movable property, transferable ..... the shares transferred to the name of the donee, vasudev shelat, but that would involve the execution of the regular deed of transfer complete in every detail and that sentence or that provision in the gift deed, exhibit 815, would not necessarily mean that if and when a blank transfer form signed by the donor was handed over to the donee, an implied authority to ..... completed before april 10, 1943, the dates which the parties agreed was the relevant date before which the gifts must have been completed to avoid duty under the combined effect of the provisions of the taxing statutes in england; and it was held on appeal : '(1) that the deceased having done everything in his power by executing the transfers to transfer his legal and ..... tax for 1959-60 in the hands of the assessee, rejecting his contention that there was no actual transfer of the shares to his daughter as, though under the first deed he had retained a life interest in the shares and by the second deed he had settled them absolutely on her, he had neither executed any deed of transfer nor made any request to the company to effect the transfer ..... the circumstances as clearly emerge and the facts as found by the courts below, go to show that the deed of gift was executed on march 6, 1948, and at the same time the .....
Tag this Judgment!Court : Gujarat
Reported in : [2001]104CompCas533(Guj); (2000)2GLR1594
..... part vii of the companies act, 1956, deals with the provisions for winding up, whereas, chapter i of this part deals with the modes of winding up ..... the parties and considering the pleadings and the documentary evidence and the proposition of law relied on by the parties found that there was a fit case for admission of the matter, in view of the provisions of section 433(e) of the companies act, 1956. ..... this provision is required to be appreciated, evaluated and examined in the light of the factual scenario emerging from the record of the case and the relevant legal settings. ..... there are various factors and facets, contours and chronicles emerging from the facts of the case requiring consideration before adjudicating upon the plea of winding up by the court ..... we are, at present, in this group of appeals, vitally concerned with the provisions of clause (e) of section 433, which, provides that the company court is empowered to pass an order of winding up if the company is found unable to pay its ..... micro forge company neither replied nor complied with the notice, as a result of which, the tata company was led to file the company petition for winding up under section 433(e) of the companies act, 1956 ('the act') in may, 1999. 11. ..... it cannot be gainsaid that winding up of a company is a process in which the life span of it is cut short and its property administered for the benefit of its creditors, contributories and the shareholders-members by a competent person to be appointed by the .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]131STC298(Guj)
..... likely to be completed within the prescribed time, and the assessment for the period september 1, 1976 to august 31, 1984 for the assessee cannot be completed within time-limit prescribed under section 42(1) of the local act, it was considered proper to stay the assessment in the case of the said assessee up to august 31, 1988 and in this respect show cause notice was given vide letter dated nil as to why the ..... the assessee, the deputy commissioner of sales tax was pleased to pass the following order : 'i under the authority conferred on me under section 9(2) of the central sales tax act, 1956 read with rule 37-a of the gujarat sales tax rules, 1969, hereby order that the assessment in respect of m/s. ..... in [1993] 90 stc 294 in which on pages 303-304 this court has observed as under :'prior to may 6, 1970, there was no provision in the act prescribing time-limit within which assessment proceeding was required to be completed ..... . he has further invited our attention to the relevant provisions of the act and also judgment of the honourable supreme court as well as this court and the relevant ..... sales tax, baroda, passed various orders from time to time purporting to extend time for making assessment under the local act which act provided time to limit of three years up to march 31, 1979 and later on for two years for completing assessment ..... . faced with an emergency or some unexpected situation, it may become necessary for the government or the commissioner to stay the proceedings in order to .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1969Guj349; (1969)GLR769
..... far-reaching and so wide in its impact on the industrial relations, this power could not be exercised merely on the subjective satisfaction of the government, and even in the real emergency the procedure must be adopted by the government to consult the interests concerned by giving a public notice to the particular interests affected, indicating what the government intended to do and inviting ..... not a war-time legislation, the licensing scheme especially in the context of the power to revoke or modify a license, must be interpreted on the presumption that in exercising this discretion, the authority must act fairly at least in accordance with essential principles of natural justice' of a prior notice and reasonable opportunity to be heard, and on the objective existence of the grounds on which the power is required ..... power to make a decision affecting private rights or relating solely to the treatment of an individual, it is either held to be a quasi-judicial power, or such as to imply a statutory duty to act fairly in accordance with the essential principles of justice of at least a previous notice and reasonable opportunity of being heard before an impartial authority, and a further duty to come to as honest decision on the ..... provisions of the act in which the legislature has provided ample safeguards to deal promptly and efficiently with such emergencies ..... the facets of the discretionary power conferred under section 237(b) of the indian companies act, 1956, has been fully answered. .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)22VST569(Guj)
..... section 8(3)(b) of the central sales tax act, 1956 read with rule 13 of the central sales tax (regulation & turnover) rules, 1957, which are quite different from the provisions of section 15b and the language employed in entry 175(2) made under section 49(2) of the act and, therefore, the same should not be treated as good guide while interpreting the provisions of the act. ..... question arose as to whether the state authorities should be permitted to recover the amount of tax, which would have been paid, but for the said notifications whereas in the instant case, the provision of law has remained the same, but the understanding thereof on the part of the state government was against the law, which came to be clarified and corrected pursuant to the judgment of ..... incentive scheme by way of which sales tax incentives have been granted to the petitioners since the said scheme was a specially designed package, distinct from the provisions of the gujarat sales tax act in order to invite investment in the state of gujarat and in view of the clear representation made by the state that all inputs including fuel would enjoy the benefit of ..... . from the decisions of the supreme court mentioned above, the principle, which emerges, is that where by a reason of exemption being available an assessee is prohibited or prevented from recovering the tax from its customers, and if at subsequent point of time, it is held that exemption ..... to notice the facts emerging from special civil application .....
Tag this Judgment!Court : Gujarat
Reported in : (2006)2GLR1615
..... (c) cooperative societies - andhra pradesh cooperative societies act (7 of 1964) bye laws of cooperative society framed in pursuance of provisions of the act 0 they cannot be held to have force of law - (companies act (1956), section 36) - (industrial employment (standing orders) act (1946) section 2(g)).the bye laws of a cooperative society framed in pursuance of the provisions of the act cannot be held to be law or to have ..... deceased member of a society, or a society which is a member of the society;(c) a person, other than a member of the society, who has been granted loan by the society, or with whom the society has or had transactions under the provisions of section 46, and any person claiming through such a person;(d) a surety of a member, past member or a deceased member, or a person other than a member who has been granted a loan by the society under section 46, whether such ..... 76-b, it is stated that if the managing committee of the society persistently makes defaults or is negligent in performance of duty imposed on it by the principal act rules made thereunder or the bye-laws of the society or if it does any act then prejudicial to the interest of the society or its members under provisions of section 81 of the principal act the managing committee of society is liable to be removed and an administrator can be appointed in its place. ..... of service is one of the reasons coming in the way of the emergence of competent professional management for the co-operative institutions. .....
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