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Judgment Search Results Home > Cases Phrase: debentures companies act Sorted by: old Court: orissa Year: 1961 Page 1 of about 1 results (0.031 seconds)

Nov 20 1961 (HC)

Shanti Prasad JaIn Vs. Kalinga Tubes Ltd. and ors.

Court : Orissa

Decided on : Nov-20-1961

Reported in : AIR1962Ori202

..... and it was provided that the shares held by a group of shareholders were to be surrendered in exchange at par for debentures to be created and issued by the company; the company, in pursuance of that agreement, obtained a private act whereby the agreement was 'validated, ratified and confirmed, subject to the same being adopted by a resolution passed by 76 per ..... notice should state its general nature; four years later, when, the shareholders by their acts and conduct adopted and acquiesced in the agreement, the company and two shareholders, suing on behalf of all, brought an action to set aside the trust deed creating the debentures and the debentures issued thereunder. it was in this context, that the privy council declared the resolution ..... vires the company and incapable of being made valid even by acquiescence on the part ..... ineffective, and that the said agreement and the acts done in pursuance of it were consequently ultra .....

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