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Search Results Judgments > Act:COMPANIES ACT 1956 Section 3 Page:30

Jul 27 1960

Badrinarain and Anr. Vs. The State

  • Decided on : 27-Jul-1960

Court : Rajasthan

Reported in : AIR1961Raj48; [1962]32CompCas647(Raj); 1961CriLJ433

... provisions of Section 237(6) of the Indian Companies Act, 1913 hereinafter referred to as old Act, or Section 545(6) of the Companies Act, 1956 hereinafter referred as the new Act, the entire trial is vitiated and the convictions cannot be maintained.9. Section 237(6) requires that when a matter is reported or referred to the registrar under this section, for ... obtain approval in some cases punishable there is hardly any justification for interpreting Sub-section (3) so as to deny the retrospective effect of the liberal policy of the new Act.20. I, therefore, hold that tinder Sub-section (3) of Section 295 the companies can obtain approval of the Government in respect of loans and guarantees made earlier ... Act. Clearly on the plain language of Sub-section (3) of Section 295 there is nothing to prevent the companies from obtaining approval of the Government and regularising them. The language is not acceptable of the narrow interpretation suggested by the Deputy Government Advocate.(ii) Secondly, when the restrictive provisions of Section 295 are given retrospective effect and the companies ... section (3) which seeks to give retrospective effect to the provisions of the New Act. It reads as follows:'Where any loan made, guarantee given or security provided by a lending company and outstanding at the commencement of this Act could not have been made, given or provided, without the previous approval of the Central Government, if this section had then been in force, the lending company ...

Jan 08 1974

Sri Chamundi Theatre Mysore Talkies Ltd. Vs. S. Chandrasekara Rao

  • Decided on : 08-Jan-1974

Court : Chennai

Reported in : [1975]45CompCas60(Mad)

... also is to the same effect. It is by now well settled that there is some marked distinction between cases arising in insolvency and those arising under the Companies Act for winding up of companies. Under the former, when the official assignee or the official receiver is appointed as interim receiver, even though the main application for adjudication is still pending disposal on ... prejudice such a right of the provisional liquidator to deal with the properties of the company in his own right as such receiver ought to be held to be a void act or, in any event, an act without competence. This argument overlooks the text of Clause 3 of Section 450 which says :' Where a provisional liquidator is appointed by the court, the court may ... or prescribed such powers in accordance with the circumstances of each case. In the instant case, though on March 27, 1956, the provisional liquidator was entitled to take possession of, collect and protect all the properties and effects, etc., of the company, yet, by its order dated November 21, 1958, read in conjunction with the order dated January 2, 1959, this court ... hand over charge of the company to the persons named in the order dated January 2, 1959. On a fair reading of the orders of this court, we are of the view that it was a direction of this court exercising jurisdiction under the Companies Act that the provisional liquidator should hand over possession of the properties of the company, including the immovable properties ...

Jan 23 2009

S. Pattabhiraman Vs. Registrar of Companies

  • Decided on : 23-Jan-2009

Court : Chennai

Reported in : [2009]148CompCas705(Mad); [2009]96SCL305(Mad)

... Section 220(3) of the Act.27. The Calcutta High Court in Tapan Kumar Chowdhury v. Registrar of Companies [2003] 114 Comp Cas 631, has laid down the principles governing the exercise of powers of the court under Section 633 of the Companies Act, as follows (headnote):Some of the principles governing the exercise of power by the court under Section 633(2) of the Companies Act, 1956 ... Sections 162, 168 and 220(3) of the Companies Act, 1956 (in short, 'the Act'), for contravention of Sections 159, 166 and 220, respectively, of the Act in respect of the financial years ended on March 31, 2002, March 31, 2003 and March 31, 2004. As the petitioner apprehends that he may be arrayed as accused, he has filed the present petition under Section 633(2) of the Act ... tax, Company Circle-I, Chennai, was informed of the reason for not filing income-tax return.7. The respondent has issued a show-cause notice dated July 23, 2005, to the petitioner as to why action should not be taken for prosecuting him under Sections 162, 168 and 220(3) of the Companies Act, 1956 (in short, 'the Act'), for contravention of Sections 159, ... . This company petition is filed under Section 633(2) of the Companies Act, 1956, praying to relieve the petitioner wholly or partly from the liabilities as shown in the show-cause notice dated July 23, 2005, issued by the respondent-the Registrar of Companies.2. The petitioner was one of the directors of Logix Electronics P. Ltd., a company registered under the Companies Act, 1956, ...

Aug 07 2007

Indo International Limited represented by its Director Umraomal Lodha ...

  • Decided on : 07-Aug-2007

Court : Chennai

Reported in : 2007(218)ELT661(Mad)

... companies registered under the Companies Act, 1956, the petitioners in the other five writ petitions are individuals who are none other than the Directors/officials in these two companies.3. The facts leading to the filing of these writ petitions, in short, are as under:a Indo International Limited and Rave Global Limited, petitioners in W.P. Nos. 17176 and 17177 of 2007 respectively are companies ... the petitioners, the first respondent preferred Complaints against the petitioners in F. No. T-3/62/SZC/2002 (SK) dated 30.04.2004 under Section 16(3) of the Act for the alleged contravention of the provisions of Section 10(6) read with Sections 10(5) and 42(1) of the Act before the second respondent. A detailed reply was submitted by the petitioners stating there ... 2002 (SK) dated 30.04.2004 under Section 16(3) of the Act for the alleged contravention of the provisions of Section 10(6) read with Sections 10(5) and 42(1) of the Act before the second respondent. A detailed reply was submitted by the petitioners stating there has been no violation on their part in respect of the Sections referred to above. However, the ... Act, 1999 (in short 'the Act') and to produce the copies of the applications for purchasing the foreign exchange under LERMS and also the details of their financial status. Though the summons were duly replied by the petitioners, the first respondent preferred Complaints against the petitioners in F. No. T-3/62/SZC/2002 (SK) dated 30.04.2004 under Section 16(3) of the Act ...

Nov 12 1976

Agra Electric Supply Co. Ltd. (In Voluntary Liquidation) and Ors. Vs. ...

  • Decided on : 12-Nov-1976

Court : Kolkata

Reported in : [1982]52CompCas337(Cal)

... Companies Act, has all the powers which the court might exercise as if the company were wound up by the court. Therefore, Section 446 read with Section 518(1)(b) of the Companies Act, 1956, empowers this court, being admittedly the court within the meaning of the Companies Act, to transfer the said suit from the Agra court to this court and dispose of under Section 446(3) of the Companies Act, 1956 ... Section 446 of the Companies Act, 1956, or not, came up for consideration. Bijayesh Mukherji J., observed in the said paragraph that by the mere incorporation of Section 457 read with Section 512 of the Companies Act, 1956, it does not follow that leave for continuing a suit instituted before the operation of the winding-up is covered by Section 457, and Section 512 of the Companies Act, 1956 ... company having its registered office within its jurisdiction, being the court defined under the Companies Act, has all the powers which the court might exercise as if the company were wound up by the court. Therefore, Section 446 read with Section 518(1)(b) of the Companies Act, 1956, empowers this court, being admittedly the court within the meaning of the Companies Act ...

Nov 30 2007

Bangur Land Devlopment Corportion Ltd. Vs. State of West Bengal and Or ...

  • Decided on : 30-Nov-2007

Court : Kolkata

Reported in : 2008(1)CHN618

... company incorporated under the provisions of the Indian Companies Act, 1913. It was dealing with business of land development. In 1976 the Urban Land (Ceiling and Regulation) Act came in force and under the provisions of the said Act of 1976 the owner was to submit return of the excess land beyond the ceiling limit fixed under the said Act ... 1982. He has also relied upon the order dated October 11, 1982 to show that the subject land was declared as vested under Section 10(3) of the said Act of 1976.11. In support of his contentions Mr. Panja has relied upon the Apex Court decision in the case of State of ... the Collector observed, 'I am satisfied that compensation money is payable for acquisition of those plots in question under Act II of 1948 pursuant to the notice under Section 4(1)(a), Act II already published in the Calcutta Gazette.' Such observation was made by the Collector after recording the fact that ... land stood vested, the appellant was not entitled to compensation. Once it was cleared from the Urban Land Ceiling Authority, the order under Section 10 of the said Act of 1976 stood modified and to that extent the writ petition was infructuous. However, this fact was not properly brought to the ... cottahs of land as indicated above.13. Let us come to the refugee land. Admittedly, on the day of passing of the order under Section 10 the legal ownership was with the appellant. However, they lost control and possession of the said land because of possession being taken by refugee ...

May 03 2007

In Re: Shiv Shakti Builders and Financial Company Ltd. (In Liquidation ...

  • Decided on : 03-May-2007

Court : Patna

... to powers contained in Section 531A of the Companies Act, 1956 (hereinafter referred to as the Act) as the said agreement for sale/ sale deed was executed within a period of one year from the date of presentation of the winding up petition i.e. 15.4.1998. In this connection, he relied on the provisions contained in Section 531A of the Act, which inter alia provides ... company appointed Official Liquidator as Provisional Liquidator then under the scheme of the Act and the Rule particularly in terms of the powers of the Liquidator contained in Section 457 of the Act as also in terms of Sub-section (3) of Section 450, Provisional Liquidator shall have all powers of the Official Liquidator as Provisional Liquidator is also put in-charge of the assets of the company ... Company in Liquidation be set aside by resorting to powers contained in Section 531A of the Companies Act, 1956 (hereinafter referred to as the Act) as the said agreement for sale/ sale deed was executed within a period of one year from the date of presentation of the winding up petition i.e. 15.4.1998. In this connection, he relied on the provisions contained in Section ... is passed.3. Before I take up the first point about the bona fide of the purchaser, would like to deal with the second submission that without any formal winding up order being passed, the Provisional Liquidator has no jurisdiction to question the sale deed in terms of Section 531A of the Act. Once the winding up petition is presented before the Company ...

Jan 22 1991

State Bank of India Vs. The Podar Mills Limited and Others

  • Decided on : 22-Jan-1991

Court : Mumbai

Reported in : AIR1991Bom370; (1991)93BOMLR957; [1992]74CompCas710(Bom)

... by Section 529-A of the Companies Act, 1956, would be lost. It was true that the execution of the decree could be not stopped by the 6th respondent but the proceeds of such execution would have to be apportioned between the appellants and the workmen. 7. Since emphasis has been placed upon Section 529- ... Industry Research Association, which had concluded that the Jaipur unit was technically viable. The workmen were confident that a viable scheme would be propounded within 3 to 4 months. In the circumstances, it was clear that the 6th respondent was a 'necessary and affected party with the results and outcome of ... other provision of this Act or any other law for the time being in force, in the winding up of a company -- (a) workmen's dues; and (b) debts due to secured creditors to the extent such debts rank under clause (c) of the proviso to sub-section (1) of Section 529 pan passu ... . Since emphasis has been placed upon Section 529-A, it needs to be reproduced. '529-A. Overriding preferential payments. (1) Notwithstanding anything contained in any other provision of this Act or any other law for the time being in force, in the winding up of a company -- (a) workmen's dues; and (b ... company -- (a) workmen's dues; and (b) debts due to secured creditors to the extent such debts rank under clause (c) of the proviso to sub-section (1) of Section 529 pan passu with such dues; shall be paid in priority to all other debts. (2) The debts payable under clause (a) and clause (b) of sub-section ...

Jan 11 1991

Deutsche Bank Vs. S.P. Kala and another

  • Decided on : 11-Jan-1991

Court : Mumbai

Reported in : (1991)93BOMLR426; 1991(1)MhLj728

... company. 9. Laying emphasis upon the expression by or against the company occurring in clauses (a) and (b) of sub-section (2) and also in sub-section (3) of section 446 of the Companies Act, the submission on behalf of the appellant is that the provisions of sub-sections (2) and (3) of section 446 are applicable to a suit where either the company is the plaintiff or where the company ... section 446 that sub-section (2) thereof assumes relevance. Sub-section (2) of section 446 confers jurisdiction upon the company court to entertain and dispose of (a) any suit; and (b) any claim made by or against the company. 9. Laying emphasis upon the expression by or against the company occurring in clauses (a) and (b) of sub-section (2) and also in sub-section (3) of section 446 of the Companies Act ... company court to entertain and dispose of (a) any suit; and (b) any claim made by or against the company. 9. Laying emphasis upon the expression by or against the company occurring in clauses (a) and (b) of sub-section (2) and also in sub-section (3) of section 446 of the Companies Act, the submission on behalf of the appellant is that the provisions of sub-sections (2) and (3 ...

Mar 23 2007

Mineria Nacional Limitada, A partnership firm and Shri Anil Vasudeva S ...

  • Decided on : 23-Mar-2007

Court : Mumbai

Reported in : (2007)109BOMLR789

... an appeal under Section 10F of the Companies Act, 1956 (Act, for short) against the Order dated 26-9-2005 of the Company Law Board. 3. This application has taken full circle so to say. It was filed before the Company Judge of this Court, dealing with Company matters but by ... Sections 5 and 14 of the Limitation Act, except to the extent and in the truncated form embodied in Sub-section (3-B) of Section 10 of the Sales Tax Act and therefore the High Court was in error in importing whole hog the principle of Section 14(2) of Limitation Act into Section 10(3-B) of the Sales Tax Act ... Tools and Plants(supra) the Apex Court was concerned with the provision of Section 3B of Section 10 of the U.P. Sales-Tax Act, 1948 which provided that the application under Sub-section (3) shall be made within one year from the date of service of the ... Section 10F of the Act means the High Court having jurisdiction in relation to the place at which the registered Office of the Company concerned is situated as indicated by Section 2(11) r/w Section 10(12)(a) of the Act. 4. There is no dispute that the Order sought to be appealed was passed by the Company ... Section 10F deals with an appeal against the order of Company Law Board, and, provides that any person aggrieved by any decision or order of the Company Law Board made before the commencement of the Companies(Second Amendment Act, 2002) may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Company ...

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