Court : Mumbai
Reported in : (1920)22BOMLR429
..... .17. in the latter case, the director of a company induced the advance by them of . 6,000 on the security of a second mortgage debenture in another company, with the intention of using the money for the purpose of forwarding a scheme in which he was personally interested, a ..... is to be found in the fact already mentioned that vaidya never did have express or implied authority to name any person to act for the texas oil company in the business; that he did not appoint them to act on behalf of the principal but on behalf of himself, and that the guarantees and deposited moneys were to secure him as against ..... and used the fund in the purchase of land, which was conveyed to his brother alone. the property was then mortgaged in favour of a mortgagee for whom the trustee acted as solicitor; but it was decided that this fact could not affect the mortgagees with notice of the improper use of the trust money in the purchase of the estate ..... of such sub-agencies. the appellants, however, say that such priority is established by section 194 of the indian contract act, 1872, which is in these terms :-where an agent, holding an express or implied authority to name another person to act for the principal in the business of the agency, has named another person accordingly, such person is not a sub .....Tag this Judgment!
Court : Delhi
Reported in : 127ITR239(Delhi)
..... obtaining amounts by the issue of debentures. it is thus clear that the expenditure incurred by an assessed-company in its attempt to raise additional share capital for the company would be capital in nature. 4. shri beri invited our attention to s. 35d of ..... (sc) , at page 61, that though the bombay high court was wrong in relying, for arriving at this conclusion upon the case of texas land and mortgage company v. holtham  3 tc 255 (qb), the conclusion itself was correct. it was pointed out that obtaining capital by the issue of shares was different from ..... : 'whether, on the facts and in the circumstances of the case, the expenses of rs. 5,625 for increase of the authorised capital of the assessed-company was allowable as a revenue expenses ?' 3. we are of opinion that the conclusion arrived at by the tribunal is clearly correct and has to be upheld ..... s. ranganathan, j. 1. it is a very short question that arises in this reference under s. 256(1) of the i.t. act, 1961, at the instance of m/s. bharat carbon & ribbon ., new delhi (hereinafter referred to as 'the assessed'). during the previous year which ended ..... the i.t. act, 1961. this section does not help the assessed. this section has no direct relevance .....Tag this Judgment!
Court : Jharkhand
..... jharkhand at ranchi w.p.(c) no. 2861 of 2014 hindustan steelworks construction ltd. (hscl), a government of india undertaking under the ministry of steel, government of indian incorporated under companies act, 1956, having its registered office at p 34 a, gariahat road (south), po & ps gariahat, district kolkata, west bengal and one of its unit at bokaro steel city, po & ps ..... of court, not being a voluntary liquidation proceedings for the purpose of amalgamation or reorganization, or receiver or manager is appointed by the court on the application by the debenture holders of the company, if any. c. if the contractor shall suffer an execution being levied on his/their goods, estates and allow it to be 7 continued for a period of ..... of the general terms and conditions would indicate that in case of breach, termination of contract under the following circumstances is permissible:9. termination, suspension, cancellation, foreclosure of contract: the company shall in addition to other remedial steps to be taken as provided in the conditions of contract be entitled to cancel the contract 5 in full or in part, if ..... finally, vide letter dated 28.04.2014 the respondent c.c.l threatened penal action. the agreement was terminated vide order dated 06.06.2014, challenging the same the petitioner company has approached this court. 3. a counter affidavit has been filed stating that, since the petitioner failed to discharge its obligation under the agreement, the contract was terminated vide order .....Tag this Judgment!
Court : Company Law Board CLB
Reported in : (1995)82CompCas688
..... because if our views in that respect are in the negative, then it may not be necessary for us to examine the remaining issues. before amendment of the companies act, 1956, by the companies (amendment) act, 1988, section 111 covered cases of trans fers or transmissions and power under that section was given to the central government and section 155 relating to rectification of .....  71 comp cas 88, made the following observations as to the scope of power under section 155 (now section 111) (headnote) : "the relief envisaged under section 155 of the companies act, 1956, is discretionary in nature. this discretion, however, is not an uncontrolled one but can only be exercised in accordance with the known principles of justice, equity and fair play ..... under section 155 to examine all questions, complex, intricate or otherwise, relating to the title to the shares, and further enlarges the jurisdiction of the court set up under the companies act to decide all those questions, which the court considers necessary or expedient to decide in connection with the application for rectification. in other words, when an application for rectification of ..... they shall be treated as a single member. (c) no invitation shall be issued to the public to subscribe for any shares in or debentures of the company." "5. subject to the provisions of the act, the shares shall be under the control of the directors who may allot or otherwise dispose of the same to such persons, on such terms and conditions .....Tag this Judgment!
Court : Company Law Board CLB
Reported in : (2004)4CompLJ519
..... one-tenth of the total number of members of best vestures trading (p) ltd. ('the company') have filed this company petition under sections 397 and 398 read with section 402 of the companies act, 1956 ('the act') alleging the following acts of oppression and mismanagement in the affairs of the company: (a) exclusion of the petitioners from day-to-day affairs and management of the ..... company; (b) illegal allotment of 12,000 equity shares, in favour of the second respondent; (c) illegal removal of the ..... to 100 shares of rs. 10 each and the first directors of the company. the entire shareholding of the company is held among the petitioners and the second respondent.article 3 prohibits any invitation to the public to subscribe for any shares in or debentures of the company, article 5 stipulates that any issue of shares shall be offered to the ..... existing shareholders in proportion to their holdings. it is beyond doubt that the company is a family company; and therefore, the principles of partnership are attracted. against this background, the alleged acts of oppression and mismanagement in the affairs .....Tag this Judgment!
Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... acquirers vide their letter dated 09.04.2004 have submitted the following: a. they shall take requisite steps to pass a fresh special resolution under section 81(1a) of the companies act, 1956 for the proposed preferential allotment, b. the disclosures shall be made in the explanatory statement forming a part of the notice. d. the prospective acquirers being interested ..... ltd., sidhant investment pvt.ltd. and oswal industries pvt. ltd. 7.1 it is noted that in the egm of the company held on 26.12.2003. the shareholders approved the special resolution under section 81 (1a) of companies act, 1956 for the preferential issue of equity shares at par to financial institutions and the acquirers in terms of the cdr package ..... (hereinafter referred to as "the said regulations").3.. in the application, it is submitted that the financial position of the target company is very weak. the company was not able to service debts to financial institutions (fis), non convertible debentures (ncd) holders and banks. this resulted in accumulation of debt and burden became very high and disproportionate to the size and ..... operations of the company.3.1 the entire networth of the company has been eroded as on 31.03.2002 and the company has come under the purview of sick industrial companies (special provisions) act, 1985. the company had been declared .....Tag this Judgment!
Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... the sebi (registrars to an issue and share transfer agents) regulations, 1993.6. i find that the registrar is guilty of several irregularities while handling the public issue of the company thereby has violated sebi (registrars to an issue and share transfer agents) regulations, 1993. i am satisfied that this is a fit case to impose the minor penalty for suspending ..... following activities in connection with an issue: (i) despatch of allotment advice/share debenture certificates/letters of allotment /refund orders/canceled stock invests. it is clarified that the rti shall not handover these to the company or any other person for dispatch." it is observed that the registrar has acted in utter disregard to clause 4 (a) of the mandatory instructions of sebi ..... of the registrar was ordered vide chairman's order dated 06/02/2001 with specific reference to its role in the alleged irregularities while handling the public issue of the company. the inspection report was forwarded to the registrar. the registrar replied vide its letter dated 18.05.2001. on receiving reply from the registrar, the chairman, sebi appointed an ..... to the issue and share transfer agent, holding sebi registration no. inr 000001732, (hereinafter referred to as "the registrar") acted as registrar to the issue and share transfer agent in the public issue of m/s sankhya infotech ltd. 1.2 the company alleged certain irregularities on the part of the registrar while handling their public issue. an inspection of the books .....Tag this Judgment!
Court : Guwahati
..... entering his name in the register of members cannot be refused. mr. n. m. lahiri, learned counsel for the respondent-company, contended that the petition is not maintainable under section 111(1) of the companies act tead with the articles of the company.3. before dealing with the rival contentions of the parties, i feel it necessary to examine the relevant provisions of the ..... , or the transmission by operation of law of the right to, any shares or other interest of a member in, or debentures of, the company.6. the expressions 'transfer' and 'transmission' have been employed in section 111. the word 'transfer' is an act of .the parties or of the law, by which title to property is conveyed from one person to another. inter ..... companies act relating to transfer of shares. in section 108, the mode of transfer of shares is provided. section 108 provides, inter alia, that transfer of shares is to be made by ..... . this is an application under section 156 of the companies act, 1956, to rectify the register of members of the respondent-company on refusal by the company to enter the names of the petitioners as members or shareholders. facts : mrs. premada barooah, during her lifetime, was a shareholder or member of the respondent-company, the bahudur tea company pvt. ltd. she died on march 31, 1978 .....Tag this Judgment!
Court : Madhya Pradesh
Reported in : 53SCL204(MP)
..... 9th and 10th year. idbi needed time to examine the proposal submitted by the company.'7. this court while hearing the writ cannot act as an appellate court and re-examine on facts as to whether ..... idbi bank ltd., exim bank and state bank of indore who had earlier filed applications for permission under section 22(1) of the act, to proceed legally against the company and guarantors for recovery of their dues subject to the condition that decrees, if issued, would not be executed without prior approval ..... period of 4 weeks. the cost of the advertisements would initially be borne by the oa and would subsequently be reimbursed by the company.(ii) the company would furnish to the oa the details of its assets as on 31-3-2003 along with their book value and market price as ..... on 2-5-2003. the company submitted a revised rehabilitation proposal. the revised proposal submitted by the company was more or less similar to the earlier one which had not been found acceptable by the secured creditors. the proposal envisaged conversion of 50% term loan into zero coupon debentures (zcds) payable in 8th, ..... ) nor is acting as an appellate authority. in other words, this court has to examine the issue keeping in view the jurisdictional constraints put on the writ court while hearing the writ petitions in such cases.3. petitioner is a limited company engaged in the business of manufacture and sale of .....Tag this Judgment!
Court : Delhi
Reported in : (2004)86TTJ(Del)1006
..... suo motu, in the best interests of its business. it cannot, thereforee, be said that by incurring the said expenditure, the employer company had met any obligation of the appellant. the provisions of section 17(2)(iv) of the act are, thereforee, not applicable.10. after the appellant had completed his studies, the appellant intimated the employer of his intention of returning ..... the appellant 1ut could not be regarded as perquisite.13. the department had taken proceedings under section 201 of the act against the employer company for alleged default in not deducting tax at source on the amount of expenditure incurred by the employer company on the higher education of the appellant, treating the same as perquisite.14. cancelling the order passed under section ..... -98. in various 'grounds, the assessed has challenged the sustenance of addition of rs. 11,73,015 spent by the employer company on higher education of the appellant treating the same as perquisite under section 17(2)(iv) of income tax act, 1961.2. shri ajay vohra, learned counsel for the assessed, stated that the appellant is a qualified cfa and was ..... working in nishigandha trading (p) ltd. since 1992. the company intended to diversify its business in the field of merchant banking, advising of public issue of shares, debentures, portfolio management, etc. for this purpose, it .....Tag this Judgment!