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Search Results Judgments > Phrase:COMPANIES ACT, 2013, - Preamble

Dec 04 1950

Chiranjit Lal Chowdhuri Vs. The Union of India (UOI) and Ors.

  • Decided on : 04-Dec-1950

Court : Supreme Court of India

Reported in : AIR1951SC41; (1951)53BOMLR499; [1951]21CompCas33(SC); [1950]1SCR869

... company alone. In fact, the Central Government is empowered to exclude, restrict or limit the operation of any of the provisions of the Companies Act in relation to this company. It is thus plain that the impugned Act denies to the shareholders of this particular company the protection of the law relating to incorporated joint stock companies in this country as embodied in the Companies Act ... 71. On January 9, 1950, the Governor-General of India, acting under section 42 of the Government of India Act, 1935, promulgated an Ordinance, being Ordinance No. II of 1950, concerning the Sholapur Spinning and Weaving Company, Limited, (hereafter referred to as the said company). The preambles and the provisions of the Ordinance have been referred to ... Companies Act. - (1) Notwithstanding anything contained in the Companies Act or in the memorandum or articles of association of the company (a) it shall not be lawful for the shareholders of the company or any other person to nominate or appoint any person to be a director of the company; (b) no resolution passed at any meeting of the shareholders of the company ... Act in the case of the shareholders of this company alone. In fact, the Central Government is empowered to exclude, restrict or limit the operation of any of the provisions of the Companies Act in relation to this company. It is thus plain that the impugned Act denies to the shareholders of this particular company the protection of the law relating to incorporated joint stock companies ...

Jan 10 2001

Union of India Vs. Elphinstone Spinning and Weaving Co. Ltd. and Ors. ...

  • Decided on : 10-Jan-2001

Court : Supreme Court of India

Reported in : AIR2001SC724; JT2001(1)SC536; 2001(1)SCALE157; (2001)4SCC139; [2001]1SCR221; 2001(1)LC496(SC)

... to implement the decision to nationalise the mills being the basis for enactment of the Taking Over of the Management of the Mills Act, question of taking recourse to the remedies available under the Companies Act or Industries Development and Regulation Act really do not arise and on that score it cannot be said that there has been a violation of Article 19( ... that it should have a limited application. In Coal Bearing Areas (Acquisition and Development) Act 1957 the Court was construing a Notification issued under Section 4(1) of the said Act and as in the present case the preamble of that Act was to the effect 'An Act to establish in the economic interest of India greater public control over the coal mining ... the appropriate Government did not take any action under the provisions of the Companies Act, nor there had been any investigation as provided under Section 15 and 15A of the Industrial Development and Regulation Act, according to Mr. Nariman, obviously, those provisions are less drastic in nature than the impugned Act and in fact, there was no urgent necessity for enacting a law ... larger public interest and not an executive decision of the Government which could have taken recourse to some other remedial measure provided under the Industries Development and Regulation Act or the Companies Act. If Parliament decides to enact a law for taking over the management of the Textile Mills, pending completion of the process of nationalisation, on a genuine apprehension that ...

Dec 02 1960

Itty Kurian and Anr. Vs. Union of India (UOI) and Ors.

  • Decided on : 02-Dec-1960

Court : Kerala

Reported in : AIR1962Ker267

... Companies Act, 1949. -- Act X/1949. The preamble stages that it is expedient to consolidate and amend the law relating to banking companies.69. The passing of this enactment relating to banking companies is also in accordance with the recommendation of the committee already referred to.70. Section 3 of the Act states that the Act ... Companies (Restriction of Branches) Act, 1946. The preamble states that it was found expedient to restrict t'he indiscriminate opening and removal of branches by banking companies. Section 3(1) provided that no banking company shall open a new branch or change the location of an existing branch without obtaining prior permission in writing from the Reserve Bank.68. Then comes the Banking Companies Act, 1949. -- Act ... Act, 1946. The preamble states that it was found expedient to restrict t'he indiscriminate opening and removal of branches by banking companies. Section 3(1) provided that no banking company shall open a new branch or change the location of an existing branch without obtaining prior permission in writing from the Reserve Bank.68. Then comes the Banking Companies Act, 1949. -- Act X/1949. The preamble ...

Mar 13 1984

Trade Centre Developers and Builders Pvt. Ltd. and Anr. Vs. Union of I ...

  • Decided on : 13-Mar-1984

Court : Mumbai

Reported in : AIR1985Bom4

... the Central Government or the Governmental companies, if renewal of the lease is necessary for achieving the purpose of the enactment. Thus enough guidelines are laid down by the substantive provisions of the Act read with the preamble. We do not think that any arbitrary or unbridled power has been conferred upon the Central Government or the Governmental Companies to exercise the discretion. ... substantive provisions of the Act read with the preamble. We do not think that any arbitrary or unbridled power has been conferred upon the Central Government or the Governmental Companies to exercise the discretion.13. It is also not possible for us to accept the construction of Shri Paranjape qua these provisions. Ss. 5(2) and 7(3) of the Act apply to ... the preamble of the Act read as under:'An Act to provide for the acquisition and transfer of the right, title and interest of Esso Eastern Inc. in relation to its undertakings in India with a view to ensuring co-ordinated distribution and utilisation of petroleum products distributed and for matters connected therewith or incidental thereto. Whereas Esso Eastern Inc. a foreign Company, ... and marketed in India by the said company are vested in the State and thereby so distributed as best to subserve the common good'.From the bare reading of the preamble and long title it is clear that this enactment was enacted to nationalise private enterprises by transferring the ownership and control of the company and its petroleum products, so as ...

Mar 21 1984

Ajoy Kumar Banerjee and Ors. Vs. Union of India (UOI) and Ors.

  • Decided on : 21-Mar-1984

Court : Supreme Court of India

Reported in : AIR1984SC127; [1984(48)FLR448]; 1984LabIC691; (1984)ILLJ368SC; 1984(1)SCALE539; (1984)3SCC127; [1984]3SCR252; 1984(16)LC500(SC)

... the companies would not fall within Section 16(1)(g) of the Act. According to the petitioners, the only properly called schemes sanctioned under Section 16(1) are those four merger schemes of 1973 as would be evident from the preamble to the Act.19. The petitioners further contend that under the Life Insurance Corporation Act, Banking Companies Act. ... as would be evident from the preamble to the Act.19. The petitioners further contend that under the Life Insurance Corporation Act, Banking Companies Act. etc. there were powers to frame regulations independently of reorganisation. But there is no such power, according to the petitioners, under the General Insurance Business (Nationalisation) Act, 1972. The said notification therefore is ... shall form a Government company in accordance with the provisions of the Companies Act, to be known as the General Insurance Corporation of India for the purpose of superintending, controlling and carrying on the business of general insurance. Section 10 stipulates that all shares in the capital of every Indian insurance company which shall stand transferred ... of the general insurance companies under the General Insurance (Emergency Provisions) Act, 1972. The general insurance business was nationalised by the General Insurance Business (Nationalisation) Act, 1972 (Act 57 of 1972). The preamble of the Act explains the purpose of the Act as to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other ...

Sep 16 2003

Centre for Public Interest Litigation Vs. Union of India (UOI) and Anr ...

  • Decided on : 16-Sep-2003

Court : Supreme Court of India

Reported in : AIR2003SC3277; 2004(5)ALLMR(SC)65; 1(2004)BC173(SC); [2003]117CompCas123(SC); (2003)4CompLJ1(SC); 2003(4)CTC237; JT2003(Suppl1)SC515; 2003(7)SCALE491; (2003)7SCC532; [2003]

... Preamble, though does not control the statute, is an admissible aid to construction thereof. The Act sets out that the assets of the undertaking shall vest in the Government as provided under Section 3 of the Act. However, Section 7 of the Act enables the Government to transfer the undertaking to a Government company as defined under Section 617 of the Companies Act, 1956. If the Act ... Act, 1971 audit of companies is to be conducted by him in terms of the Companies Act. Annual Reports on the working of affairs of the company is laid before Parliament under Section 619(1)(b) of the Companies Act. Such control will be lost if a company ceases to be a Government company.13. Argument of Sri Harish Salve that a simple amendment of Section 617 of the Companies Act ... the said company are vested in the State and thereby so distributed as best to subserve the common good;' 10. Section 2(d) of the Act defines a 'Government company' to mean 'A company as defined in section 617 of the Companies Act, 1966.' Section 617 of the Companies Act, 1956 provides that a Government company means 'any company in ... Act. However, Section 7 of the Act enables the Government to transfer the undertaking to a Government company as defined under Section 617 of the Companies Act, 1956. If the Act intended that the undertaking so vested in the Government company can be transferred, wholly or partly, to any company other than a Government company, there certainly would have been an Indication to that effect in the Act ...

Nov 09 1987

Swastik Household And Industrial Vs. Income-Tax Officer

  • Decided on : 09-Nov-1987

Court : Income Tax Appellate Tribunal (ITAT) - Mumbai

Reported in : (1988)25ITD479(Mum.)

... statement dated 4-6-1982 prepared under Section 393(1)(a) of the Companies Act, 1956, recorded the following position : 10. On the amalgamation of the Transferor Companies with ASE all the properties and assets of the Transferor Companies including those which were required to be transferred by the former to the ... forming part of the aforesaid industrial undertakings and businesses, situated at Ambernath and Anik Chembur. Further, under Clause Z-C (vii)(b) of the said Preamble the assessee also agreed to transfer the tenancy/occupancy rights in respect of various premises, described in particular in the Sixth Schedule to the ... the asset earlier it got from its holding company along with one or two businesses developed in the interim to its 100 per cent subsidiary, M/s Ofisade Pvt. Ltd. The transfer was effected under the agreement referred to above. The preamble to the agreement recites the nature of the ... of assessing the profits under Section 41(2) of the Income-tax Act, 1961 in the hands of a holding company arises in case of sale by a holding company as a going concern to its hundred per cent subsidiary company. As regards the main issue, i.e., as to whether the ... (movable and immovable) and all liabilities forming the undertaking of the old banks stood transferred to the new banks under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970, with effect from the appointed date ; and hence that circular [directing that no profit under Section 41(2) shall be ...

Feb 12 1988

Doypack Systems Pvt. Ltd. Vs. Union of India (UOI) and Ors

  • Decided on : 12-Feb-1988

Court : Supreme Court of India

Reported in : AIR1988SC782; [1989]65CompCas1(SC); (1988)1CompLJ225(SC); 1988(36)ELT201(SC); JT1988(1)SC304; 1988(1)SCALE273; (1988)2SCC299; [1988]2SCR962; 1988(2)LC54(SC)

... the IDR Act had no effect on the voting rights of the Cotton Mills Company. It was further observed that the Polytex Company had in that case rightly treated the registered holder i.e. the cotton Mills Company as the owner of the shares in question and to call the meeting in accordance with the notice issued under Section 169 of the Companies Act, 1956. Therefore ... the acquisition of the undertaking had to be resorted to since the order of taking over the management of the company issued under Section 18AA of the IDR Act could not be continued any further.12. The preamble to the Act, however, reiterated that the Act provided for the acquisition and transfer of textile undertakings and reiterated only the historical facts that the management of ... law under Section 108 of the Companies Act as there was transmission of shares by operation of law, rectification is not necessary. See in this connection Palmer's Company Law, 24th Ed. (1987) page 608. See also in this connection Mahadeo Lal Agarwala and Anr. v. The New Darjeeling Union Tea Co. Ltd. and Ors. : AIR1952Cal58 and Unity Company Pvt. Ltd. v. Diamond Sugar ... the Companies Act, 1956. Therefore, a challenge to the validity of the meeting was negatived. As good deal of reliance was placed on behalf of the petitioners on this decision, it must be emphasised that the decision must, however, be understood in the context of the facts and the language used in the order passed under Section 18AA of the IDR Act whereby ...

Jul 04 1972

Union of India Vs. Seksarai Cotton Mills Ltd. (In Liquidation) and Ors ...

  • Decided on : 04-Jul-1972

Court : Mumbai

Reported in : [1975]45CompCas613(Bom)

... Companies Act or in any other law for the time being in force. But this aspect of the matter has nothing to do with the question as to whether absolute, unguided or unfettered power or discretion has been conferred upon the Central Government to pick and choose without providing any guideline under section 15A in that behalf. As stated earlier, the preamble ... thereof with necessary powers under the Indian Companies Act, 1956, to take charge of the assets of the company and to conduct its affairs in the course of winding-up and to distribute its assets in accordance with the provisions of the Companies Act. However, it appears that on 14th September, 1962, the 1st respondent-company had executed two debenture trust deeds - ... the Industries (Development and Regulation) Act, 1951, as amended by the Amending Act No. 72 of 1971. 2. The fact giving rise to the application by way of judge's summons may be stated : The Seksaria Cotton Mills Ltd. (hereinafter referred to as 'the 1st respondent-company'), a public limited company incorporated under the Indian Companies Act, VII of 1913, used to ... 1st respondent-company'), a public limited company incorporated under the Indian Companies Act, VII of 1913, used to run textile mills situate at Delise Road, Parel, Bombay. It ceased production and actually stopped its business since about 18th October, 1967. On a creditor's petition, being Company petition No. 139 of 1967, filed on 7th December, 1967, the 1st respondent-company was ordered ...

Oct 13 1987

Rolls Royce India Ltd. Vs. Income-Tax Officer

  • Decided on : 13-Oct-1987

Court : Income Tax Appellate Tribunal (ITAT) - Delhi

Reported in : (1988)25ITD136(Delhi)

... Indian Company to represent in India as the agent of the English Company and bind and saddle the English Company with liability under an agreement entered into by the Indian Company acting on its own and not under the authority and command of the English Company. Clause (4) aimed at limiting the power of the Indian Company to represent and saddle the English Company ... by the Indian Company and its personnel under contractual agreements between the Indian Company and the personnel cannot overshadow the paramount truth that the Indian Company as brought out on the preamble was created only to carry out the task appointed by the English Company. The English Company had brought the Indian Company into existence to sub-serve its need of a company doing liaison ... Company was any better than that of its agent or representative or a subsidiary. Clause (4) only disentitled the Indian Company to represent in India as the agent of the English Company and bind and saddle the English Company with liability under an agreement entered into by the Indian Company acting on its own and not under the authority and command of the English Company ... Company acting on its own and not under the authority and command of the English Company. Clause (4) aimed at limiting the power of the Indian Company to represent and saddle the English Company with liability. Otherwise it is not possible to think of it as an independent unit doing its business on its own irrespective of its agreement with the English Company ...

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