Judgment Search Results Home > Cases Phrase: state financial corporations act 1951 section 15 chairman of board Court: mumbai Page 8 of about 723 results (0.158 seconds)

Piramal Spinning and Weaving Mills Ltd., Mumbai Vs. Rashtriya Mill Maz ...

Court : Mumbai

Reported in : [2001(91)FLR536]; 2002(1)MhLj824

..... 1) cannot be given a narrow or restricted meaning confined to legal proceedings but the expression would include proceedings under sections 29 and 31 of the state financial corporation act, 1951 as well.9. the learned counsel appearing on behalf of the petitioner sought to submit that the expression 'suit for the recovery of money' ..... words 'proceedings for execution, distress or the like against any of the properties of the industrial company', the supreme court in maharashtra tubes ltd. v. state industrial and investment corporation of maharashtra ltd. and anr., : [1993]1scr340 , held that the words 'or the like' which followed the words 'execution' and 'distress' were ..... the cotton textile industry for the local area of greater bombay under the provisions of the act. the agreement between the parties commenced with a recital to the effect that the petitioner had been facing serious financial difficulties since 1998 due to a recession in demand coupled with the unavailability of finance. on .....

Maharashtra State Financial Corporation Vs. Swift Industries and Anoth ...

Court : Mumbai

Reported in : 1994(2)BomCR585; [1994]80CompCas311(Bom)

..... second additional district judge, pune, on the 'emergent application' taken out by the respondents in miscellaneous application no. 496 of 1983 filed by the applicants. 2. the appellants are a financial corporation established under the state financial corporation act, 1951. the respondents, who are the original respondents in the said miscellaneous application, had borrowed certain amounts from the appellants. the loan transaction is governed by the ..... state financial corporations act, 1951 (hereinafter referred to as 'the said act'). 3. the brief facts giving rise to the present appeal are as follows : on july 17, 1976, the appellants sanctioned a term loan of rs. 39,000 .....

SICOM Ltd. Vs. Indrajeet Arya and Another

Court : Mumbai

..... incurred by the respondents as guarantors under four deeds of guarantee. the petition is filed under section 31(1)(aa) and section 32 of the state financial corporations act, 1951 (the act) for enforcing liability of the sureties under the contract between the sicom and the principal borrowers. 2. the principal borrower is the company of which ..... (1972) 4 supreme court cases 562 is between private parties governed by the rigours of the cpc and the evidence act. it has no application to the statutory relief to a state financial corporation under the above act. similarly the reliance upon the case of central bank of india vs. ravindra and ors., air 2001 supreme court ..... 2 crores as security. the bills were dishonored. the petitioner issued notice upon the principal borrower and the drawer of the bills as also acceptor, state trading corporation (stc) and the respondents herein as guarantors on 17th february, 2009. the petitioners set out the two bills drawn and accepted by the principal borrower .....

EDC Limited Vs. M/s. GKB Opthalmics Ltd. and Others

Court : Mumbai Goa

..... that case, the issue was about the sale of an industrial concern in view of the default of the loan and in exercise of powers under section 29 of the state financial corporation act. it was, inter alia, held by the hon'ble supreme court that while resorting to sale of defaulting industrial concern, a method of public auction and tender should be preferred ..... of mahesh chandra vs. regional manager, u. p. financial corporation and others, reported in (1993)2 supreme court cases 279. insofar as the contention regarding prohibition by the company in buying back the shares is concerned, the learned counsel submitted that the trial court has already held that section 77 of the companies act is not applicable to the first respondent. he, therefore .....

Paradigm Hotels Private Ltd. Vs. Edc Limited (a Government of Goa Fina ...

Court : Mumbai

Reported in : (2004)106BOMLR501

..... 2003. as the borrower failed to repay the loan as per the agreed terms, the respondent took over the assets of the borrower under section 29 of the state financial corporation act, on or about 27th november, 2003. a notice for auction of the borrower's assets consisting of land, building, plant and machinery was published in the ..... forthwith accept the petitioner's tender for purchase of the property for rs. 2,70,00,000/- only,3. the respondent is a government corporation governed by the provisions of the state financial corporation act. it sanctioned a loan of rs. 4,00,00,000/- to m/s. anderson marine (hereinafter referred to as 'the borrower'). an ..... the borrower to match the bid made by the highest tenderer. it is further stated that this policy has been consistently followed by the respondent-corporation since the decision of the apex court in the case of mahesh chandra v. regional manager, u.p. financial corporation and anr. : [1992]1scr616 , shri kakodkar, learned senior counsel for .....

Amba TannIn and Pharmaceuticals Ltd. Vs. Official Liquidator, High Cou ...

Court : Mumbai

Reported in : [1975]45CompCas457(Bom)

..... division bench on 7th and 8th february, 1972, to which i was a party. this case relates to a question of sale under the provision of the maharashtra state financial corporation act, 1951, and this court set aside the sale that was confirmed by the district judge on the ground that he failed to discharge the elementary duty of the court ..... upon the decision of the gujarat high court in colaba land and mills co. ltd. v. vasant investment corporation ltd. the question that arose for consideration in that case was whether an application for compensation under section 543 of the act can be made as a part of a petition under section 397 or section 398. miabhoy j. took ..... exercise any of the powers specified in clauses (a) to (e) of sub-section (1) of section 457 of the act, at what stage the sanction is required or becomes necessary. as we have stated above, for exercise of the power of sale by the official liquidator the sanction becomes necessary before any contractual rights or obligations are .....

Minhas Steels Ltd. and Another Vs. Punjab and Sind Bank and Others

Court : Mumbai

Reported in : 1997(4)ALLMR350; 1997(3)BomCR522; [1998]94CompCas21(Bom); 1997(2)MhLj480

..... that the petitioners had committed defaults in the payment of the loan given by respondent no. 2. respondent no. 2, therefore, had issued a notice under section 29 of the state financial corporations act, 1951. however, the petitioners approached respondent no. 2 with a request to withdraw the notice under section 29 since respondent no. 1-bank had done the appraisal for the public ..... the contract. it was not disputed and in fairness to mr. bhatt, it must be said that he did not dispute that the corporation which is set up under section 3 of the state financial corporations act, 1951, is an instrumentality of the state and would be 'other authority' under article 12 of the constitution. by its letter of offer dated july 24, 1978, and the .....

Gajanan Shivram Lele and Others Vs. Dena Bank and Another

Court : Mumbai

..... due to the financial corporation as arrears of land revenue. 13. in the case of m/s. crawford bayley and co. (supra), the apex ..... or connection or personal interest or has personally acted in the matter concerned and/or has already taken a decision one way or other which he may be interested in supporting. this position, was in the context of section 32g of the state financial corporations act, 1951, under which the managing director of the state financial corporation was appointed by the state government as the authority to recover amounts .....

Shrijee Nutrients Food Pvt. Ltd. Vs. the Maharashtra State Financial

Court : DRAT Mumbai

Reported in : IV(2004)BC206

..... on the file of civil judge (s.d.), nagpur. the original applicant maharashtra state financial corporation (hereinafter to be referred to for the sake of brevity as the corporation) filed misc. civil application no. 843 of 1996 under section 31 of the state financial corporation act, 1951 in the court of district judge, nagpur against the defendant nos. 1 ..... can be thereby avoided, but because that is the requirement of law, keeping in view provisions of the recovery of debts due to banks and financial institutions act, 1993 and decision of the supreme court in united bank of india calcutta v.abhijit tea company pvt. limited and ors., i (2001) bc ..... of the act, which lays down jurisdiction powers and authority of tribunals, states as follows: "(1) a tribunal shall exercise on and from the appointed day, the jurisdiction powers and authority to entertain and decide applications from the banks and financial institutions for recovery of debts due to such banks and financial institutions. ( .....

Ramdas Govind Bakhle Vs. Maharashtra State Financial Corporation

Court : Mumbai

Reported in : [2000(85)FLR59]; (2000)ILLJ1307Bom

..... board of directors, o.s.f.c. and ors. reported in : (1999)illj1236sc . incidentally this was also a case of an employee working in a state financial corporation. in this case the service regulations had not made any specific provision for deducting any amount from the provident fund consequent to misconduct determined in the departmental enquiry ..... in accordance with rules 188 and 189.8. in the other case of brahm datt sharma (supra), the provisions of uttar pradesh civil service regulations act were applicable and article 348-a provided that pension shall be granted subject to the conditions contained in the regulations. article 351-a empowered the governor ..... case of payment of provident fund and gratuity, particularly in the case before us.9. we were appraised of the staff regulations styled as 'bombay state financial corporation (staff) regulations, 1954' which deal with disciplinary matters. the learned counsel for the respondent cited regulation nos. 25, 26 and 40 and contended that .....