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

May 05 1998

Real Value Appliances Ltd. Vs. Canara Bank & Ors.

  • Decided on : 05-May-1998

Court : Supreme Court of India

Reported in : 1998VAD(SC)121; AIR1998SC2064; [1998]93CompCas26(SC); 1998(3)CTC112; [1998(79)FLR675]; JT1998(3)SC715; (1998)119PLR553; 1998(3)SCALE427; (1998)5SCC554; [1998]3SCR170

... Section 22(1): suspension of legal proceedings, contracts etc.: Where in respect of an industrial company, an inquiry under Section 16 is pending or any scheme referred to under Section 17 is under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under section 25 relating to an industrial company is pending, then, notwithstanding anything contained in the Companies Act, 1956 (1 of 1956 ... Section 16 read with Section 3(o) of the Act. It then said that it is necessary in the public interest to adopt the measures specified in Sections 18 and 19 of the Act in relation to the Company. It accordingly appointed IDBI as the Operating Agency under Section 16(2) of the Act and directed it under Section 17(3) to prepare a rehabilitation Report. The Company was directed under Section ... company, an inquiry under Section 16 is pending or any scheme referred to under Section 17 is under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under section 25 relating to an industrial company is pending, then, notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), or any other law or the memorandum and articles of association of the industrial company ...

Mar 25 2009

Commissioner of Income-tax, New Delhi Vs. Eli Lilly and Company (India ...

  • Decided on : 25-Mar-2009

Court : Supreme Court of India

Reported in : 2009BusLR418(SC); (2009)223CTR(SC)20; [2009]312ITR225(SC); JT2009(5)SC78; 2009(4)SCALE384; [2009]178TAXMAN505(SC); 2009(4)LC1742(SC); 2009AIRSCW3104

... Companies Act, 1956. It was a joint venture between M/s Eli Lilly, Netherlands B.V. and Ranbaxy Laboratories Ltd.. The foreign partner had seconded four expatriate(s) to the joint venture in India. They were employee (s) by the joint venture. They, however, continued to remain on the rolls of the foreign company ... section (3) of Section 200.Penalty for Failure to Deduct Tax at Source:Section 271C: (1) If any person fails to -(a) Deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B; or(b) Pay the whole or any part of the tax as required by or under, -(i) Sub-section (2) of Section ... company by the four expatriates to the joint venture company in India and that the total remuneration paid was only for services rendered in India. In such a case the tax-deductor-assessee was statutorily obliged to deduct tax under Section 192(1) of the 1961 Act.(iii) On the Scope of Section 201(1) and Section 201(1A):34. A perusal of Section 201(1) and Section ... Section 271C read with Section 273B of the 1961 Act.16. Shri M.S. Syali, learned senior counsel appearing on behalf of M/s Mitsui & Company Ltd. (Civil Appeal No. 5152/05) submitted that the sole issue in his case was whether the Tribunal/High Court were correct in law in cancelling the penalty imposed under Section 271C of the 1961 Act ...

Dec 08 2005

Prasad Technology Parki Pvt. Ltd. Vs. Sub-Registrar and Ors.

  • Decided on : 08-Dec-2005

Court : Supreme Court of India

Reported in : AIR2006SC604; 2006(1)AWC401(SC); (SCSuppl)2006(1)CHN156; [2005]128CompCas996(SC); 2006(1)CTC566; JT2005(10)SC417; 2006(1)KarLJ289; (2006)1MLJ96(SC); (2006)1SCC473; [2006]66

... Act, 1957, consequent upon the change of the name of the erstwhile company to the Appellant Company is the question involved in this appeal.2. The basic fact of the matter is not in dispute. One "Prasad Garments Pvt. Ltd." was a company registered under the Companies Act, 1956. ... Section 3 thereof. Once it is held that the supplementary agreement is neither a deed of lease nor a deed of sale within the meaning of Section 105 or Section 54 of the Transfer of Property Act as the case may be. Article 5(d) of the schedule to the Act ... Change of the name of a company can be allowed by the Registrar of the Companies in terms of Section 21 of the Companies Act. Once such a name is permitted to be changed, a certificate is issued in terms of Section 23 thereof.10. The Appellant ... Section 21 of the Companies Act. Once such a name is permitted to be changed, a certificate is issued in terms of Section 23 thereof.10. The Appellant indisputably was permitted by the Third Respondent herein to establish a software park. The execution of supplementary agreement, it has categorically been stated, became necessary consequent upon the change in the name of the company ... Act must involve transfer of the property or otherwise a right or liability may inter alia be created, transferred etc., as envisaged in Section 3 thereof. Once it is held that the supplementary agreement is neither a deed of lease nor a deed of sale within the meaning of Section 105 or Section 54 of the Transfer of Property Act ...

Aug 20 2008

Smt. Leelabai Gajanan Pansare and Ors. Vs. The Oriental Insurance Co. ...

  • Decided on : 20-Aug-2008

Court : Supreme Court of India

Reported in : 2009(4)BomCR774; JT2008(9)SC551; 2008(11)SCALE391; (2008)9SCC720; 2008(2)LC1155(SC); 2008(6)Supreme89

... Section 3(1)(b) of the Rent Act, 1999 are PSUs but not Government Companies incorporated under the Companies Act, 1956. It was further held that a Government Company stands in a different category and by the very absence of the words 'Government Company' in Section 3(1)(b) it is clear that the Legislature did not intend their exemption from the protection under the said Rent Act ... Section 3(1)(b) vulnerable to challenge as violative of Article 14 of the Constitution. In this regard, it may be noted that in the insurance industry, we have LIC, banks, private sector companies and Government companies. To say that LIC being a statutory corporation stands excluded from the provisions of the Rent Act whereas Government companies incorporated under the Companies Act, 1956 ... Companies Act, 1956:Preamble An Act to consolidate and amend the law relating to companies and certain other associations. ... Section 2. Definitions.- In this Act, unless the context otherwise requires.- (5) 'banking company' has the same meaning as in the Banking Companies Act, 1949 (10 of 1949) (7) 'body corporate' or 'corporation' includes a company incorporated ... public sectors general insurance companies, namely, National Insurance Company Ltd., New India Assurance Company Ltd., OICL and UICL. In the said introduction, there is also reference to LIC, a statutory corporation, which also offers health covers. This Report indicates that companies under Section 617 of the Companies Act, 1956, including OICL and UICL ...

Oct 12 2007

Devinder Singh and Ors. Vs. State of Punjab and Ors.

  • Decided on : 12-Oct-2007

Court : Supreme Court of India

Reported in : AIR2008SC261; 2008(1)ALD84(SC); 2008(1)AWC168(SC); 2007(2)BLJR3069; (2008)1CALLT31(SC); [2008(3)JCR43(SC)]; JT2007(12)SC256; (2008)1MLJ887(SC); 2007(2)LC1223(SC); 2007AIRSCW6692; (2008)1SCC728

... companies. Section 3 of the Act provides for interpretation clauses. Clause (cc) of Section 3 of the Act defined the expression 'corporation owned or controlled by the State' in the following terms:(cc) the expression 'corporation owned or controlled by the State' means any body corporate established by or under a Central, Provincial or state Act, and includes a Government company as defined in Section 617 of the Companies Act, 1956 (1 of 1956 ... . The expression 'company' has been defined under Clause (e) of Section 3 of the Act to mean:(i) a company as defined in Section 3 of the Companies Act, 1956 (1 of 1956), other than a Government company referred to in Clause (cc);(ii) a society registered under the Societies Registration Act, 1860 (21 ... Section 3 of the Act defined the expression 'corporation owned or controlled by the State' in the following terms:(cc) the expression 'corporation owned or controlled by the State' means any body corporate established by or under a Central, Provincial or state Act, and includes a Government company as defined in Section 617 of the Companies Act, 1956 (1 of 1956), a society registered under the Societies Registration Act ... Act. However, the State has been empowered to acquire land also for 'companies' and for purposes other than public purpose.13. Companies Act, 1956 provides for different types of company. A Government Company is defined in Section 617 thereof. Respondent No. 5 may be a public limited company, but it is not a Government Company ...

Nov 16 2007

I.D.L. Chemical Ltd. Vs. State of Orissa

  • Decided on : 16-Nov-2007

Court : Supreme Court of India

Reported in : JT2007(12)SC635; 2007(13)SCALE181; 2007AIRSCW7259

... Orissa Sales Tax Tribunal.3. Brief facts which are necessary for disposal of this appeal are that the assessment under the Central Sales Tax Act, 1956 for the years 1976-77, 1977-78 to 1983-84, 1989-90 and 1990-91 was made in respect of assessee, M/s. IDL Industries ( formerly IDL Chemicals Ltd.), a company under the Indian Companies Act having its registered office ... supply order placed by M/s. CIL, whether the Sales Tax Tribunal was correct in law to hold that the transactions do not constitute sale falling Under Section 3(a) of the C.S.T. Act ?(3) That in view of the fact that the indents placed by the constituents of M/s.IDL was mere indents to take delivery of the goods, ... IDL Chemicals Ltd.), a company under the Indian Companies Act having its registered office at Kukatpalli, Andhra Pradesh engaged in manufacturing explosive, detonators and accessories and holding licence under the Explosive Act, 1984. It has a manufacturing unit at Sonaparbet near Rourkela in Orissa which is also registered under both Orissa Sales Tax Act, 1947 and the Central Sales Tax Act, 1956 with the Sales Tax ... Central Sales Tax Act, 1956 for the years 1976-77, 1977-78 to 1983-84, 1989-90 and 1990-91 was made in respect of assessee, M/s. IDL Industries ( formerly IDL Chemicals Ltd.), a company under the Indian Companies Act having its registered office at Kukatpalli, Andhra Pradesh engaged in manufacturing explosive, detonators and accessories and holding licence under the Explosive Act, 1984. It ...

May 11 1973

Abnash Kaur Vs. The Lord Krishna Sugar Mills Ltd., Delhi and Ors.

  • Decided on : 11-May-1973

Court : Delhi

Reported in : 9(1973)DLT357

... 3) The contention of the learned counsel is erroneous. Sub-section (2) of section 3 of the Amendment Act creates an absolute bar to an appeal to the Supreme Court unless the appeal satisfies the provision of clause (1) of Article 133 of the Constitution as amended by the Amendment Act. There are, however, two exceptions provided by suo- section (1) of section 3 of the Amendment Act ... the Articles, whereby the deadlock, if any, can be resolved and the availability of the alternative remedies, cannot be ignored. Specific provision have been made in the companies? Act, to which we will refer later, which have made available to the shareholderi, in suitable cases , remadies not open to a partner in a partnership '(6) We, ... section (2) of section 3 of the Amendment Act creates an absolute bar to an appeal to the Supreme Court unless the appeal satisfies the provision of clause (1) of Article 133 of the Constitution as amended by the Amendment Act. There are, however, two exceptions provided by suo- section (1) of section 3 of the Amendment Act, viz. (a) appeal. which immediately before the commencement of the Amendment Act ... Act. There are, however, two exceptions provided by suo- section (1) of section 3 of the Amendment Act, viz. (a) appeal. which immediately before the commencement of the Amendment Act was pending before the Supreme Court, and (b) an appeal preferred after the commencement of the Amendment Act by virtue of a certificate given before the commencement of the Amendment Act ...

Jul 28 1993

Lavino Kapur Cottons (P.) Ltd. and another Vs. B.I.F.R. and another

  • Decided on : 28-Jul-1993

Court : Delhi

Reported in : [1994]79CompCas713(Delhi)

... the petitioner-company by the Central Bank of India. There was a strike by the employees of the petitioner-company which has seventy persons in its employment. The bank held the petitioner-company to be a non-viable unit and asked for the payment of the amount. 5. The petitioner-company became a sick industrial company as provided under section 3(1)(o) of the Act and ... No. 2. 9. Learned counsel for the petitioner has submitted that a scheme has been formulated by the petitioner-company with the financial institutions and that the petitioner-company is not a sick industrial company, as provided under section 3(1)(o) of the Act. He has further submitted that there are no grounds for the BIFR to continue with the proceedings when no ... An order dated October 6, 1987, was passed by the BIFR, exercising the powers under sub-section (3) of section 17 of the Act and the Industrial Credit and Investment Corporation of India was appointed as the operating agency for preparing a scheme for rehabilitation of this company, if possible, and a direction was given as to what aspects were to be kept in ... to double its capacity to 4,800 tonnes per annum. 3. The Board for Industrial and Financial Reconstruction, respondent No. 1, has been constituted under section 4 of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as 'the Act'). Respondent No. 2 is the Union of India. 4. The petitioner-company was having financial assistance from the Central Bank of India, ...

Feb 26 2002

Sree Kumar R. Vs. Union of India (UOI) and Anr.

  • Decided on : 26-Feb-2002

Court : Delhi

Reported in : 2002VAD(Delhi)690; 97(2002)DLT347; [2003(97)FLR709]; 2003(1)SLJ200(Delhi)

... Board For Industrial And Financial Reconstruction (for short the BIFR) under Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (for short the said SICA) in December, 1999. The BIFR declared respondent No. 2 corporation as a sick industrial company in terms of the provision of Section 3(1)(o) of the said Act. The petitioner and other officers of the respondent No. 2 ... also referred to certain proceedings before the BIFR of 1.2.2001 to contend that even BIFR was of the view that VSS extended to the company was an indication to the staff that the company was to be closed down in due course and was a sort of a threat that in case the employees did not accept the VSS they ... be notionally on revised pay scales of officers, as approved by the Board of Directors/Government. ii).... iii)... iv) Arrears of salary/wage revision, shall however, become payable only when company generates adequate surplus through improved productivity 'and profitability to the satisfaction of Administrative Ministry.' 8. The aforesaid Sub-clause 4 is also being reproduced because it has relevance when the ... relevancy of the said judgment is to the extent as to what is the scope of enquiry by the courts in the matters relating to economics and functioning of the companies. While dealing with the rights of the employees the Supreme court observed as under:- '47. process of disinvestment is a policy decision involving complex economic factors. The Courts have consistently ...

May 05 2005

The East India Hotels Ltd. and Anr. Vs. The Assessing Authority (Sales ...

  • Decided on : 05-May-2005

Court : Delhi

Reported in : 120(2005)DLT300; [2005]142STC376(Delhi)

... .1 is a Company registered under the provisions of the Companies Act, 1956. The main object for which the Company was incorporated, was to carry on the business of hotels and restaurants. The Company was also registered dealer under the Bengal Finance (Sales Tax) Act, 1941/Delhi Sales Tax Act, 1975 in respect of Hotel Oberoi ... the order passed in review, assuming that any review is made in the time allowed by law.It is provided by sub-section (6) of Section 3 of the Delhi Sales Tax Act, 1975, that where there are any pending proceedings, the Commissioner may withhold the refund if it is likely to adversely ... petition.3. Counter-affidavit on behalf of the respondents was filed wherein it was stated that in view of the 46th Amendment Act, 1982 of the Constitution of India, the writ petition was not maintainable as the provisions had become effective from 2nd February, 1983 and section 6(2) of the amending Act ... it would no way adversely affect the case of the petitioner. No doubt by section 4 of the Amending Act in Article 366 of the Constitution, Clause 29A was added after Clause 29 and section 6 of the said Act was a saving provision with regard to revalidation and exemption. The settled ... authorities would exercise power of review only if the grounds are made out for exercise of such jurisdiction and the ingredients of section 48 of the Act are satisfied. Section 48 empowers the authorities to exercise on his own motion power to rectify any mistake apparent from the records. A bare ...

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