Court : Allahabad
Decided on : Nov-25-2003
Reported in : 120CompCas18(All); (2004)2CompLJ446(All); 49SCL77(All)
..... m.a. kazmi for the petitioner and shri s.p. gupta for the respondent no. 4.3. the petitioner no. 1 is a public ltd. company incorporated under the indian companies act, 1956 carrying on inter alia the business of collective hi-tech and hi-brid agro-plantation sale and development of orchards on behalf of the owners, cottages ..... like nature in or of any incorporated company or other body corporate;(ii) government securities;(iia) such other instruments ..... in force. there are already regulations for the registration of the debenture trustees made under the sebi act, and the present regulations require the appointment of trustees to be the custodian of public funds. although the trustee is appointed by the collective investment management company, the trustees act in a fiduciary capacity in respect of the trust property which ..... such matters, shall be disclosed by the companies;' section 2(i) of the sebi act defines 'securities' as having the same meaning as in section 2 of the securities contracts (regulation) act, 1956.section 2(h) of the securities contracts (regulation) act, 1956 defines securities to include :-- '(i) shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a .....Tag this Judgment!
Court : Allahabad
Decided on : May-19-2003
Reported in : III(2003)BC497; (2003)2UPLBEC1760
..... jurisdiction.3. the petitioner is a company registered under the indian companies act, the respondent, allahabad bank filed an application before debt recovery tribunal, west bengal at kolkata under section 19 of the aforesaid act, claiming a sum of rs. 5,09,76,803/-as principal amount and payable with interest in the alleged capacity of debenture holders and debenture trustee. true copy of the application ..... corporation, iii (2002) bc 149=2002 u.p.p.b.e.c. 1789, vide para 12.5. the prayer that rule 6 be declared ultra vires section 19 of the act is nothing but a prayer for declaration. hence without a prayer for a consequential relief, such declaration can not be granted. as regards, the consequential relief, which is contained in ..... cannot really have any affinity to what is known as a declaratory suit. the first prayer made in the petition seeks relief in the shape of a declaration that the act is invalid and is apparently inappropriate to an application under article 32.'in makhan singh v. state of punjab and haryana, air 1964 sc 381 (vide para 45), it was ..... and we should consider the petitioner's prayer for declaring rule 6(1) of the debts recovery tribunal (procedure) amendment rules, 2003 as being ultra vires section 19 of the act, 1993. in our opinion, this would really be a prayer for a declaration only and it is well settled that a writ petition does not lie only for giving a .....Tag this Judgment!
Court : Allahabad
Decided on : May-08-2003
Reported in : III(2003)BC626; (2003)2UPLBEC1785
..... in view of the reference pending before the bifr. it is alleged in paragraph 11 of the writ petition that the peak net worth of the company is rs. 628.63 lakhs and accumulated losses are rs. 717.46 lakhs as on 31.10.2000. in april 2002 the bifr allowed conducting ..... 1998 the unit of the petitioner was closed on account of a sames of searches by the central excise authorities as a result of which the company could not function for about eight months and subsequently became sick.5. the petitioner was referred to bifr in january, 2001 and the reference is ..... 1995 owing to clean bill limits (discounting) facility and the bank stopped accepting the same for discounting. it is alleged that for this reason the company stopped operations with the bank and offered to settle the same by way of one time settlement in 1999 at rs. 32 lakhs. it is alleged ..... 10. section 2(zd) of the act defines a secured creditor as follows :'secured creditor' means by rank or financial institution or any consortium or group of banks or financial institutions and includes- (i) debenture trustee appointed by any bank or financial institution; or (ii) securitisation company or reconstruction company; or (iii) any other trustee ..... (hereinafter referred to as 'the act) as ultra vires and for quashing the notices dated 31.12.2002 annexures 2 and 3 to the writ petition.2. we have heard the learned counsel for the parties.3. the petitioner no. 1 is a private limited company. the petitioner no. 1 took loans from respondent .....Tag this Judgment!
Court : Allahabad
Decided on : Sep-22-2003
Reported in : (2003)185CTR(All)136; 264ITR646(All)
..... standing counsel for the department, and shri percy pardiwalla and shri s.d. singh for the respondents.3. we have carefully perused the record. the respondent-company is a company registered under the indian companies act. in the order of the cit(a) in ita no. 154 of 2000, it is mentioned that as per the memorandum of association the objects ..... imposed only on the chargeable interest.credit institution has been defined in section 2(5a) of the act to mean :(i) a banking company to which the banking regulation act, 1949, applies;(ii) a public financial institution as defined in section 4a of the companies act, 1956;(iii) a state financial corporation established under section 3 or section 3a or an institution ..... local authority, or other marketable securities of a like nature;(iii) a housing finance company, that is to say, a company which carries on, as its principal business, the business of financing of acquisition or construction of houses ..... (5a), being :(i) a hire-purchase finance company, that is to say, a company which carries on, as its principal business, hire-purchase transactions or the financing of such transactions;(ii) an investment company, that is to say, a company which carries on, as its principal business, the acquisition of shares, stock, bonds, debentures, debenture stock, or securities issued by the government or a .....Tag this Judgment!
Court : Allahabad
Decided on : Mar-26-2003
Reported in : 45SCL31(All)
..... of the companyduring the six months immediatelypreceding the presentation of thepetition for winding up.'9. in exercise of the power conferred by sub-section (2) of section 10 of the companies act, 1956, the central government has conferred the jurisdiction on the district court by sections hereafter specified in g.s.r. 663 dated 29.5.1959 :'section 89.--termination of disproportionately ..... these all included aggregate to rs. 2,698.15 crores, as against the share capital of the defendant company of rs. 158 crores. this is funded by huge borrowings as secured loans from banks and financial institutions and by issue of non-convertible debentures aggregating rs. 1,399.10 crores.10. that it is submitted that no return on these funds invested ..... a change brought about by, or in the interests of, any creditors including debenture-holders, or any class of shareholders, of the company) has taken place in the management or control of the company whether by an alteration in its board of directors, (*********) (or manager) (********) or in the ownership of the company's shares, or if it has no share capital, in its membership ..... taken huge loans aggregating, rs. 1,399 crores from banks and financial institutions, as secured loan or through non-convertible debentures on a very high rate of interest ranging upto 16.5% per annum that while the defendant company is paying heavy interest, its funds have been diverted to purposes, where no income is there since several years. that besides investments .....Tag this Judgment!
Court : Allahabad
Decided on : Oct-30-2003
Reported in : 2004(1)AWC280; 53SCL119(All)
..... in satish nayak v. cochin stock exchange limited, ernakulam and others, air 1995 ker 373, wherein a similar dispute arose and the court held that it was a company registered under the companies act and not amenable to writ jurisdiction. while deciding the said case, the kerala high court referred to and relied upon large number of judgments of the hon'ble apex ..... the division bench of this court in veena ojha's case.39. the association had been formed by the private individuals for carrying on the business of dealing in shares, debentures and government securities. it does not perform any governmental function/public or statutory duty. existence of the association is independent of any statutory provision. state does not have pervasive and ..... other state agency/ instrumentality. from the memo of article, it is evident that the primary function of the association is to carry out the business of shares and dealing with debentures and government securities, etc., which even by stretch of imagination cannot be held to be a public function or a public duty, nor there can be any trappings of the ..... to take a number of shares in the capital of the company, shown opposite to their respective names. the main object of the association-respondent no. 1 has been as under :'(i) to organise and carry on the stock exchange and regulate that business of exchange of stocks and shares, debentures and debenture stocks, government securities, bonds and equities of any description and .....Tag this Judgment!
Court : Allahabad
Decided on : Aug-04-2003
Reported in : (2003)4CompLJ325(All); 51SCL564(All)
..... in paragraph no. (ix) of the said report of the official liquidator, it is stated as follows :'that as required under second proviso to section 394 of the companies act, 1956, the transferor companies produced the books of account and statutory records for scrutiny by the official liquidator on 28-5-2003 through sri ashish sabarwal, authorised representative. on scrutiny, it has been ..... sanctioning of the scheme of amalgamation will be for the benefit of the petitioner companies and its equity shareholders.15.21 it is, inter alia, further stated in paragraph no. 12 at page 14 of the company petition that the petitioner companies do not have any creditors and have not issued any debentures.15.22 in paragraph no. 14 at page 14 of the ..... also get shares in the transferee company like any other shareholders; and that there is no other ..... company petition, it is, inter alia, stated that the directors of the petitioner companies have no interest in the scheme of amalgamation except that they will .....Tag this Judgment!