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

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 ...

Oct 23 2003

Bil Industries Limited Vs. The Appellate Authority for Industrial and ...

  • Decided on : 23-Oct-2003

Court : Delhi

Reported in : 2003VIIIAD(Delhi)475; I(2004)BC327; [2005]123CompCas357(Delhi); 108(2003)DLT144; [2004]50SCL742(Delhi)

... Board of Directors of the petitioner company vide resolution dated 3.5.1999 resolved to make a reference under Section 15 of SICA before the BIFR for declaring the petitioner company a sick industrial company in terms of Section 3(1)(o) of SICA. 3. It is mentioned that the BIFR after having made an enquiry in terms of Section 16 of SICA gave certain guidelines to ... to rehabilitate genuinely sick companies where because of factors beyond their control the companies have become sick. This Act is not really meant to help those companies where the company has become sick due to dishonesty, siphoning of funds and misappropriation of funds by its promoters and managements. The protection of Section 22 has been grossly misused by the petitioner company. The creditors who ... beyond the control of the company/its Board of Directors and the statutory obligation cast upon them, the Board of Directors of the petitioner company vide resolution dated 3.5.1999 resolved to make a reference under Section 15 of SICA before the BIFR for declaring the petitioner company a sick industrial company in terms of Section 3(1)(o) of SICA. 3. It is mentioned ... under Section 15 of SICA before the BIFR for declaring the petitioner company a sick industrial company in terms of Section 3(1)(o) of SICA. 3. It is mentioned that the BIFR after having made an enquiry in terms of Section 16 of SICA gave certain guidelines to the operating agency to formulate its revised proposal which was to be rendered by 31.3.2000 ...

Mar 04 2003

Director General of Income Tax Vs. A.A.I.F.R. and Ors.

  • Decided on : 04-Mar-2003

Court : Delhi

Reported in : (2003)185CTR(Del)663

... recalled that at the hearing held on 9th July, 1999, the Bench had declared the Company M/s Amitabh Bachchan Corpn. Ltd. (since renamed A.B, Corp. Ltd.) (ABCL) a sick industrial Company under Section 3(l)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as the 'Act'), and had appointed IDBI as the operating agency (OA). A Draft Rehabilitation Scheme (DRS ... by the Board for Industrial & Financial Reconstruction (for short 'the BIFR') on 9th July, 1999, in Case No. 60/99, declaring M/s Amitabh Bachchan Corpn. Ltd., respondent No. 3 herein, as a sick industrial Company.2. The main grievance of the petitioner before the AIFR was that the BIFR has held the demand created by the IT Department against respondent No ... position to recover its dues because these will not be treated a's part of the liabilities of the Company.3. We have heard Mr. Sanjiv Khanna, learned senior Standing counsel for the Revenue, and Dr. Debi Pal, learned senior counsel for respondent No. 3.4. During the course of arguments, it is pointed out by Dr. Pal that the said respondent has ... on 22nd April, 2002, providing for the IT Department to consider granting reliefs to the Company. Further, all liabilities not disclosed in the DRS were to be the personal responsibility of the Promoters.'5. Learned counsel submits that in view of the said undertaking, respondent No. 3 is obliged to liquidate its liability towards the IT Department as and when its appeal ...

Dec 10 2008

JSRS Udyog Limited and Anr. Vs. Income-tax Officer

  • Decided on : 10-Dec-2008

Court : Delhi

Reported in : [2009]313ITR321(Delhi); [2009]180TAXMAN477(Delhi)

... assessee / petitioner company. The petitioner had also stated categorically that no loans had been accepted by it during the year under consideration and that there was an increase of Rs 64,75,000/- in the share capital of the company. It was also stated that all the share application money had come from companies which were duly registered under the Companies Act, 1956 and that each ... re-assessment proceedings preferred by the petitioner/assessee.2. We have heard the learned Counsel for the parties. The facts are that the original assessment was framed under Section 143(3) of the said Act on 05.03.2003. In the course of the assessment proceedings, the Assessing Officer had raised certain queries, inter alia, with regard to the share application money ... Delhi -110 005.SUPPORTING EVIDENCE RELIED UPON 1.The applicant is a legal entity, a company duly incorporated under Indian Companies Act. 2. The Applicant is a regular Income Tax Assessee on P.A. No. AAACS9707P. [Thus the identity of the investor is established and known to the department.]3. The Payment has been received through Banking Channels. [Copy of relevant extract of ... been stated that funds available with the company has been advanced to various persons and the company has earned interest income of Rs. 7,44,691/- on such advances. 4. The Assessing Officer issued the notice under Section 148 of the said Act on 28.03.2008 beyond the period of four years. As such, the proviso to Section 147 would become applicable. Under ...

Nov 18 1981

Kurian Vs. State of Kerala

  • Decided on : 18-Nov-1981

Court : Kerala

Reported in : [1984]55CompCas536(Ker); 1982CriLJ780

... Act or a Government Company as defined in Section 617 of the Companies Act, 1956 (1 of 1956).' 4. The Central Bank of India, of which the petitioner was an employee, is included in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. Under the said Act, certain then existing banks which were functioning as banking companies not being foreign companies ... Companies (Acquisition and Transfer of Undertakings) Act, 1970. Under the said Act, certain then existing banks which were functioning as banking companies not being foreign companies were converted into nationalised banks. 'The banking companies so converted and the 'corresponding new banks are included in the First Schedule. Under Section 3(3) of the Act ... Company as defined in Section 617 of the Companies Act, 1956 (1 of 1956).' 4. The Central Bank of India, of which the petitioner was an employee, is included in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. Under the said Act, certain then existing banks which were functioning as banking companies not being foreign companies were converted into nationalised banks. 'The banking companies ...

Sep 21 1999

Ketan Harkishan Marvadi and Anr. Vs. Saurashtra-kutch Stock Exchange L ...

  • Decided on : 21-Sep-1999

Court : Gujarat

Reported in : (2000)1GLR507

... Company for holding the office of a Director are those contained in Section 274(1) of the Companies Act, 1956 (hereinafter referred to as 'the Companies Act') and none of those disqualifications provides that a person cannot become a Director without completing three years membership of the concerned Company. (ii) Sub-section (3) of Section 274 empowers only a private Company ... Companies Act, 1956 (hereinafter referred to as 'the Companies Act') and none of those disqualifications provides that a person cannot become a Director without completing three years membership of the concerned Company. (ii) Sub-section (3) of Section 274 empowers only a private Company to provide that a person shall be disqualified for appointment as a director on any grounds in addition to those specified in sub-section (1) of Section ... Companies Act, 1956, or in any other law for the time being in force, have effect as if they had been made or amended by the recognised stock exchange or stock exchanges, as the case may be.' 11. It is thus clear that the Parliament has not treated stock exchanges like any other public limited Companies ... Companies Act or Section 274 thereof. Reference is made to the definition of Rules in Section 2(g), provisions of Section 3, Section 4 relating to recognised Stock Exchanges and Sections 7A and 8 of the Securities Act. 5. In rejoinder, Mr. Soparkar has submitted that none of the provisions of the Securities Act overrides the provisions of Section 274 the Companies Act ...

Nov 16 1964

Swastik Textile Trading Co. Ltd. Vs. Union of India (UOI), New Delhi a ...

  • Decided on : 16-Nov-1964

Court : Gujarat

Reported in : AIR1966Guj116; (1965)GLR458

... the decree in Civil Suit No. 1702 of 1956 by which the learned Second Extra Assistant Judge dismissed the appeal with costs and confirmed the decree passed by the learned Third Joint Civil Judge (Senior Division), Ahmedabad, dismissing the suit of plaintiff-appellant with costs. Plaintiff is a limited company registered under the Indian Companies Act. The defendants-respondents are Union of India, ... .3. In order to understand the first point raised by Mr. Nanavati, it is necessary to read a few sections of the Act in the first instance. The Act came into operation on 4th March 1952. It has been amended by several amending Acts from lime to time. However, it is common ground that, in the present appeal, I am concerned with the Act ... . Plaintiff is a limited company registered under the Indian Companies Act. The defendants-respondents are Union of India, State of Gujarat, Regional Provident Fund Commissioner, Bombay, and Provident Funds Inspector, Ahmedabad. The main dispute between plaintiff and defendants is about the applicability to plaintiff of the Employees' Provident Funds Act, 1952, Act No. 19 of 1952 (here after called 'the Act'). In order to ... 'factory' proscribed by Section 2(g) of the Act shows that a 'factory' means any premises, including the precincts thereof, in any part of which a manufacturing process is being carried on or is ordinarily so carried on, whether with the aid of power or without the aid of power. Thus, the word 'factory' used in Section 1(3)Ca) has a ...

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