Court : Company Law Board CLB
Reported in : (1995)82CompCas563
..... was reported to us on february 20, 1992, march 9, 1992, and, finally, on april 9, 1992, when it was reported that there was no likelihood of any settlement outside the court as the negotiations had failed. regarding the selection of the chairman, various names were suggested and considered in the correspondence exchanged with the parties between may 25 ..... time and generally on such terms and conditions as they feel proper. 6. the directors may also allot and issue shares in the capital of the company as payment or part payment for any property sold or transferred goods or machinery supplied or for services rendered to the company or about the formation or promotion of the company or the ..... statements in the reply and have filed fabricated documents. in support of the transfer of impugned shares to her, she produced a photocopy of her bank pass book showing payment of rs. 6,000 as consideration money to shri s. k, seth, along with a copy of the income-tax return for the year 1989-90.in the .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1995)83CompCas371
..... about which there are acrimonious controversies, most of which spring out of the proposed expansion programme. these controversies mainly relate to the period after the signing of the settlement arrived at between the two parties on february 7, 1989, regarding their understanding about future management of the affairs of the company. in 1988, gb proposed ..... for the assessment year 1987-88 and the same has been accepted by them. it is the contention of the respondents that size-wise, batch-wise costing system is not maintained by the company and comparison of cost and net realisable value is done at the year end by taking a composite cost and selling ..... loans by the company. (g) fixation of salaries and remuneration including benefits whether in respect of directors or any of them or staff on special contract. (h) payment of any remuneration/commission/allowance or benefit to any person who is not already an employee of the company. (i) liquidation of the company and in particular voluntary .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1996)85CompCas289
..... respondents have filed complaints against the petitioner regarding theft of records of board minutes by the petitioner. these disputes continued even after reaching an out of court settlement dated september 24, 1991, filed before the calcutta high court in suit no.642 of 1991. however, disputes continued and efforts were made again to ..... -regarding completion of several consequential steps, after the decision to increase the share capital was taken, like issue of letter of offer, letters of successive offers, payment of share application money, decisions of the board regarding successive offers, timely filing of return of allotment, etc.24. regarding the contention of the company and ..... in accordance with the articles of the company by a letter dated july 15, 1990, according to which the offerees were required to make the requisite payment for the shares on or before january 31, 1991. pursuant to such offer only shri sushil kumar choudhry (respondent no. 2) made an application for .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1994)79CompCas688
..... given to the dividend over and above the creditors, because ultimately the redemption of the new preference shares even in case of a winding up can be done only after settlement of other liabilities. the provision only envisages inclusion of dividend in the face value of the preference shares rather than its remaining as a contingent liability.8. the amendment has ..... struck a via media between total denial of the dividend and the immediate payment in cash overlooking the interest of creditors. by this process, a solution is sought to be arrived at to the long outstanding preference shares whether redeemable or irredeemable. at the .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1997)88CompCas245
..... details. another civil petition no. 354 of 1992 was also filed by chemox chemicals industries ltd. at the behest of the petitioners and/or their cohorts but an amicable settlement has been reached.11. as regards the appointment of mrs. hendre as managing director, the same was approved by the general body at an extraordinary general meeting on july ..... at the rate of 15 per cent. per annum from august 18, 1992, till the actual date of payment, which shall also be paid by demand drafts in the name of the petitioners and the ..... the suit referred to. the respondents shall make further payment if any after the value of the shares is finally determined, as per consent terms in suit no. 2278 of 1992 before the bombay high court. the difference if any shall be paid within four weeks from the date of final settlement in suit no. 2278 of 1992 along with interest .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1998)93CompCas70
..... companies act, 1956 ("the act"), in the matter of tinplate dealers association private limited, we passed an order on october 30, 1996, incorporating therein the terms of settlement between the parties and disposed of the petition as withdrawn. however, later, respondent no. 9 sought for recalling the order on the ground that even though she was a ..... petitioners claim to hold collectively among themselves 4,132 ordinary shares. even though they admit that shares are partly paid, yet according to them, no notice for payment of the balance due on the shares had been received by them. it is the contention of the company that they are not shareholders since the shares had ..... under section 397/398 in terms of section 399 of the act. (ii) even assuming that the petitioners were shareholders, since their shares were forfeited due to non-payment of calls, on the date of filing, they were not shareholders of the company. (iii) even otherwise since the shares held by the petitioners were partly paid .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (2000)102CompCas466
..... are shri hazari, who is already on the board and who has wide experience in business management and h.venkatraman former chairman of the income-tax settlement commission.the central government will appoint two directors in the areas which we have already specified within 15 days from the date of receipt of this order ..... directors, one to look into the borrowings and investments made in various companies, including the gauhati companies and the other to look into the entire accounting system to ensure that all the qualifications made by the auditors are rectified. (4) the board will also constitute two committees, one a management committee and ..... in respect of these companies, swc should take immediate remedial action to ensure that adequate rate of interest is charged and interest waived is recovered. (i) payment to raj laminates, bhalotia niagra : on an overall assessment of the allegation and the explanation given and taking into consideration the overall cost of borrowings spread .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1999)96CompCas919
..... that the transfer of shares was approved in a board meeting held on december 30, 1994, in which the first petitioner was present. in view of the family settlement, the control of esteji exports was transferred to the second petitioner. the petitioners had no interest in acquiring any further shares of the company. accordingly, with the ..... 10. in so far as the cessation of office of the director by the second petitioner is concerned, shri vedantham srinivasan submitted that in view of the family settlement, the second petitioner was never attending any board meeting right from september 2, 1993. while he could have been deemed to have vacated his office much earlier ..... part of the respondents to claim that there was an oral family arrangement. he submitted that the alleged signature of the first petitioner in the purported family settlement is a forgery and he relied on the opinion given by a handwriting expert which is annexed to the petition. he further submitted that the company cannot .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (2000)99CompCas318
..... shares which were standing in the name of shri hemant hari patel and it is he who has financed for these shares. he further submitted that later on in the settlement of the loan advanced, the shares have been transferred in favour of shri jaimal shah and his wife. he further invited our attention to sections 370, 214 and 317 of .....
Tag this Judgment!Court : Company Law Board CLB
Reported in : (1999)97CompCas341
..... of companies has not opposed the proposal. the apprehension of the objector is that their interest will be prejudiced if the registered office of the company is shifted without settlement of the amount said to be due to the objector by the company.6. admittedly, the claim of rs. 89,89,447.29 is due from idea on ..... the objector.though idea and the company belong to the same group, under the law idea and the company are two different entities. the disputes are in relation to payment for supply of boilers by the objector to idea, a separate and different legal entity. the said dispute cannot be adjudicated in the present proceedings as held in symphony ..... the company and objector. the objector cannot have any remedy for the said sum of rs. 89,89,447.29 against the company. shri krishnamurthy relied on symphony comfort systems ltd., in re [1998] 91 comp cas 404 (clb) to state that the company law board cannot adjudicate claims and counter-claims between the company and its objector creditor .....
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