Judgment Search Results Home > Cases Phrase: state financial corporations act 1951 section 15 chairman of board Page 1 of about 14,569 results (0.250 seconds)

there Is No Provision Under the Sidbi Act 1989 or Under the State Vs. ...

Court : Punjab and Haryana

..... to the acceptance of deposits from a local authority and other persons, deposit of funds of the financial corporation and furnishing of returns (sections 8(1).33(2) and 38 of the state financial corporation act, 1951 (for short the 1951 act).as against this, the idbi used to play and not sidbi plays some role under various provisions, ..... of india. the court held to the following effect: - 24. there is no provision under the sidbi act, 1989 or under the state financial corporation act, 1951 comparable to the provisions of sections 21 and 35a of the banking regulation act, 1949 extracted above. in the absence of any such analogous provision, it is difficult to see how the ..... the petitioners.the answer to the question that arises for our consideration does not lie in the provisions of the banking regulation act, 1949 but in the state financial corporation act, 1951 and the sidbi act both of which do not support the view that the sidbi has the power to issue any binding directions to the .....

Maharashtra Tubes Ltd. Vs. State Industrial and Investment Corporation ...

Court : Supreme Court of India

Reported in : (1993)2CompLJ346(SC); JT1993(1)SC310; 1993(1)SCALE223; (1993)2SCC144; [1993]1SCR340

..... . : [1990]1scr966 held as under:.we are of the view that when the 1st respondent seeks to enforce its special rights under sub-section (1) of section 29 of the state financial corporations act, 1951, such an action would not attract the bar of sub-section (1) of section 22 of the 1985 enactment. in our view, some distinction has to be made between ..... as the respondent herein, can the latter take recourse sections 29 and/or 31 of the state financial corporations act, 1951 (hereinafter called the 195l act') notwithstanding the bar of section 22 of the sick industrial companies (special provisions) act, 1985 (hereinafter called the '1985 act')? in order to answer the aforesaid question it is necessary to bear in mind the provisions of the aforesaid two statutes .....

Yashdeep Trexim Vs. Board for Industrial and Financial Reconstruction ...

Court : Kolkata Appellate

..... where the supreme court had the occasion to consider the term proceedings in section 22(1) of sica and had ruled, upon consideration of the state financial corporations act, 1951, that if the corporation is permitted to proceed under section 29 thereof when proceedings under sections 15 to 19 of sica are pending, that would render the entire process ..... exalted status to be treated as one incorporated in india. any company incorporated outside india is included in the definition of body corporate, as defined in section 2(7) of the companies act. therefore a foreign company which was carrying on business in india upon ceasing to carry on business would be liable to be ..... the context of clause twelfth of section 21, indian penal code must mean a corporation created by the legislature and not a body or society brought into existence by an act of a group of individuals), state of maharashtra v. indian medical association reported in air 2002 sc 302 (where the defined meaning of the expression .....

industrial Finance Corporation of India and Another Vs. Century Metals ...

Court : Delhi

Reported in : AIR1990Delhi186; II(1992)BC546; [1992]73CompCas630(Delhi)

..... so upheld by the high court of punjab and haryana, it was further pleaded that provisions of ss. 31 and 32 of state financial corporations act, 1951, which were identical to those of section 30 of the act, have been upheld by various high courts in the country and were even considered by the supreme court, and thus the ..... materia in all material particulars with that of s. 30 of the act and as such the ratio of that judgment would squarely apply in the present case.38. ..... a petition under s. 30 of the act was not to be circumscribed by other statutory provisions.37. dr. ghosh pointed out that the supreme court in the aforesaid case was dealing with the matter arising out of a petition under s. 31 of the state financial corporations act, (for short the state act), but submitted that these provisions are pari .....

The Lord Krishna Sugar Mills and ors. Vs. Union of India and ors.

Court : Delhi

Reported in : ILR1973Delhi570

..... managed in a manner highly detrimental to public interest; now thereforee in exercise of the powers conferred by section 18a of the said act, the central government hereby authorises the u.p. state textile corporation ltd. (hereinafter referred to as authorised controller) to take over the management of the whole of the said undertaking, namely, lord ..... against the supply of cloth and that the bank realised the amount of all the bills from their account immediately and this tightened the financial position very much. it is also stated that the central bank stopped the operation of the accounts of the mill on the ground that the petitioner had not submitted the proforma ..... managing director of the company by contacting the bank officials for allowing the operation of the account ......... it is hereby notified that pending efforts for early financial arrangements with the bank to resume normal working of the mills the workmen and the staff of all the shifts of the department of the mills are .....

Alka Ceramics Vs. Gujarat State Financial Corporation and ors.

Court : Gujarat

Reported in : AIR1990Guj105; [1992]73CompCas209(Guj); (1985)1GLR57; (1990)1GLR628; (1990)1GLR628

..... repayment of the loan and instalments thereof and in meeting their obligations to the respondent corporation. the respondent-corporation had, therefore, resorted to section 29(1) of the state financial corporation act, 1951 (act no. 63 of 1951), whereunder the state financial corporation has been conferred a right to take over the management or possession or both of the ..... , therefore, of the opinion that there is no merit in the challenge by the petitioner to the constitutional validity of section 29(1)of the state financial corporations act on the ground of articles 14, 19, 21 and 300a of the constitution. 51. as regards the individual facts of each petition, it is ..... not diminished but increased the usefulness of such provision. it is seen from experience that neither section 69 of the transfer of property act nor section 29 of the state financial corporations act has resulted in grave injustice to any party. if there has been any occasion of injustice, remedy is available to the aggrieved .....

Sabitri Pradhan Vs. State of Orissa and ors.

Court : Orissa

Reported in : 99(2005)CLT802; [2005(106)FLR451]

..... articles 14 & 15 of the constitution. therefore, the writ petition is allowed in part. writ in the nature of mandamus be issued commanding the state government, housing and urban development department to take a decision on the recommendation of the vice-chairman, cuttack development authority for according permission for regularization of ..... was similarly situated like them. besides, the recommendation for regularization of service of the petitioner sent by the vice-chairman, cuttack development authority to the state government, housing and urban secretary to government, housing and urban development department was also not proper. a letter of the under secretary to government, housing ..... o.m. no. 34383 dtd. 7.8.1999 in accordance with the mou signed with government of india which has also been approved by the state cabinet', which was applicable to the cuttack development authority.3. in spite of the above mentioned ban on appointments/recruitment of personnel, the cuttack development .....

The Gujarat State Financial Corporation, Ahmedabad Vs. Lotus Hotels Pv ...

Court : Gujarat

Reported in : AIR1982Guj198; (1982)2GLR49

..... preferred the present appeal. the facts giving rise to this appeal, briefly stated, are as under,2. the appellant is a statutory corporation established under see. 3 of the state financial corporations act. 1951, (hereinafter called the act). the said act was enacted to provide medium and long-term credit to industrial concerns which ..... expression as defined by s. 2(iii) includes a concern engaged or to be enagaged in the hotel industry. the appellant-corporation established under section 3 of the act is a body corporate ..... the interests of industry, commerce and the general public. section 25 (1) (9) with which we are concerned states that the financial corporation may, subject to the provisions of the act, carry on and transact the business of granting loans or advances to an industrial concern, repayable within a period .....

Indian Textiles and Another Vs. Gujarat State Financial Corporation an ...

Court : Mumbai

Reported in : 1994(2)BomCR178; [1994]81CompCas599(Bom)

..... . merchant, learned counsel for the gujarat state financial corporation, submitted that the state financial corporations act, 1951, was a special act whereas the companies act, 1 of 1956, was a general act. mr. merchant submitted that the provisions contained in the state financial corporations act, 1951, had an overriding effect over the provisions of the companies act, 1 of 1956. mr. merchant relied on the schemes of the state financial corporations act, 1951, and in particular on section 29 ..... assets of the company from the date of passing of the winding up order by the court. on a true and correct interpretation of section 29(1) of the state financial corporations act, 1951, the state financial corporation is entitled to take possession, charge, control and management of the assets of the company only so long as the company is itself in possession, control and charge of .....

Abdul MobIn Ansari and Others Vs. the Maharashtra State Financial Corp ...

Court : Mumbai

Reported in : AIR1993Bom48; 1992(3)BomCR338; [1994]79CompCas236(Bom)

..... well as the relevant provisions of the state financial corporations act and civil procedure code. section 31 of the state financial corporations act is a special provision for enforcement of claims by the finance corporation. the section 31 of the act reads as under:'special provision for enforcement of claims by financial corporations:-- 1. where an industrial concern in ..... plant machinery, equipments and accessories from the hypothecated premises, the respondent/ applicant has filed the proceedings under sections 31 and 32 of the state financial corporations act, 1951. the appellants/non-applicants filed written statements dtd. 7-4-82 vide exh. 11. it is admitted by the appellants/non- ..... joint civil judge, akola.2. the facts giving rise to the instantappeal are as under : the respondent is the statutory corporation established for the state of maharshtra, under the state financial corporation act, lx-iii of 1951. the appellant no. 1 is the proprietor of the proprietary concern of m/s. new .....