Court : Delhi
Decided on : May-17-2013
..... approved by the general body of shareholders at properly convened general meetings. 4c. whether there was any valid debenture trust deed executed on 20.5.1970 and if so, whether the court under section 402 of the companies act, 1956 could set aside the debenture trust deed and the interest accrued upon the assets of the respondent no.1 4d. whether the commissioner of ..... payment has any jurisdiction to decide on the validity of and consideration for 7.75 % debentures allegedly issued to the respondent no. 10 and is so ..... india as the administrator of hvocl.23. in an order dated 18th may 1984 the company court noted that as a result of gfmcl act 1984 while gfmcl was allowed to continue, its assets termed as ganesh flour mills had vested in the central government. as far as debentures issued by gfmcl were concerned, the court noted the concern of the clb that ..... the personal gains on the part of the directors, the company suffered losses? 3. whether the acts like alleged licence/lease of property hind oil mills at bombay and or the debentures trust deed obtained by the morarka groups are acts of oppression and misfeasance by morarka groups. if so, its effect? 4. whether the debentures were issued, if the same were issued, whether the .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Jul-16-2013
..... time of payment; (ii) accepting cash payment of lesser face value; and (iii) exchanging debentures for shares have been accepted since the late 1800 s ( ..... see charlesworth s company law, 18th edition, pg. 772). on the other hand, ..... between section 45qa of the rbi act and sections 391-394 of the companies act, it will not be applicable in the present case because of the non-obstante clause contained in part iiib of the rbi act. mr. divan has submitted that the ambit of sections 391-394 of companies act is very wide. in fact, arrangements with debenture holders involving (i) extension of ..... inconsistency between section 45qa of the rbi act and sections 391-394 of the companies act. it is submitted that scheme of arrangements under sections 391 to 394 is a form of novation of a contract. under the contract act, each individual party is entitled to vary the terms and conditions of the contract. therefore, debenture holders accepting cash payment of lesser face .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-14-2013
..... of oppression and mismanagement, winding-up of the company, etc. the heading of part xiii of the companies act is ??general ? and a few provisions therein ..... the offender incapable of its commission. the companies act is entirely different from those statutes which basically deal with offences and punishment like indian penal code. terrorist and disruptive activities (prevention) act, etc. it makes provision for incorporation of the companies, its share capital and debentures, management and administration, allotment of shares and debentures, constitution of board of directors, prevention ..... prescribe penalty for the same. having regard to the purpose for which section 630 has been enacted viz. to retrieve the property of the company and the salient features of the statute (companies act) it is not possible to hold it as a penal provision as the normal attributes of crime and punishment are not present here. ..... . the short question that arises for consideration of the court in this petition is ??whether on the death of accused, the proceedings under section 630 of the companies act, 1956 abate, or, the same can be continued by substituting him with his heirs? ? 2. the brief facts leading to the question are that the .....Tag this Judgment!
Court : Delhi
Decided on : Oct-21-2013
..... right to transfer shares and prohibit any invitations to the public to subscribe for any shares in, or debentures of, the company. this is how a private company is now defined in section 3(1)(iii) of the companies act, 1956 and how it was defined in section 2(13) of the 1913 act.141. subject to this restriction, a holder of shares in a private ..... patna. he had 50% of the paid up capital of maty pharmaceuticals ltd. the petitioner 2 is a company registered under the companies act, having its registered office at new delhi. respondents no.1 and 2 were the shareholders of the petitioner no.2 company and together had 50% of the total issue share capital.3. brief facts as per petitioners pleadings are that ..... the specific relief act, 1963, which corresponds to section ..... company may agree to sell his shares to a person of his choice. such agreements are specifically enforceable under section 10 of .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-21-2013
..... and to carry out, exercise and comply with such agreement or arrangement. (6) to subscribe, acquire or otherwise hold shares, debentures or other interest in any company, directly or indirectly of advantage to this corporation. (7) subject to the provisions of the act, to invest any of the funds and moneys of the corporation in shares or securities of a public or a ..... security or obligation of any company or association and to pay or provide for brokerage, commission and underwriting in respect any such issue ..... persons or companies and in particular to customers of the corporation or any person and corporations with whom the corporation may have or intend to have business relations not amounting to banking business. (14) subject to the provisions of the act, to issue or guarantee the issue of, or guarantee the payment of dividend on the shares, or interest on debentures, or other ..... , warrants, debentures and other negotiable and transferable instruments. (16) to incur from time to time such expenses and to lay out such sums or sums of money as the corporation may think fit for the pu8rpose of carrying out the business and any matter incidental thereto. (17) subject to the provisions of the act, to amalgamate with any person or company whose objects .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Jul-10-2013
..... be reported in the digest?. surya kant j. in this petition under section 391 to 394 of the companies act, 1956, duly supported by affidavits, the petitioner-transferor and transferee companies seek directions to dispense with the convening of meetings of the equity shareholders , convertible debenture holders and un-secured creditors and to consider/approve the scheme of amalgamation (annexure p-1) of the ..... of the petitioner-transferor company-i, gupta dinesh 2013.07.26 14:56 ..... aforesaid transfer companies with transferee company. .it is averred that the petitioner-transferor and transferee companies are registered under the companies act, 1956. .the main objects .....Tag this Judgment!
Court : National Consumer Disputes Redressal Commission NCDRC
Decided on : Jul-12-2013
..... objection was raised by the respondent at the earliest possible opportunity. it must be borne in mind that the complainant is a private limited company, which is registered under the companies act 1986. the shares were purchased by the complainant company and not by any individual. it was not established that these shares were not purchased for any commercial purpose. it must be borne ..... standard chartered bank branch, m.g. road, mumbai, under buyback scheme for 116 shares @ rs. 100/- per share, in the year 2002, along with 580 non-convertible debentures. the complainant company refused to accept the same and informed the respondent, through e-mail, on 04.02.2003, 17.02.2003 and 20.02.2003 and the above said cheque was returned ..... depositing back the 116 demat start lite industries ltd.s shares in the cdll demat account of the complainant company. complainant company also stated that it may deposit the above said debentures in the account of the respondent. the respondent company neither gave the reply nor returned the 116 shares to the complainant. thereafter, a legal notice was sent on 16.10.2003, ..... . the petitioner accordingly filed the complaint under section 12 of the consumer protection act, with the prayer that respondent be directed to give 116 shares of sterlite industries limited of demat account of the complainant company so that the complainant company may deposit the debentures in the account of the respondent. it was further prayed that compensation in the sum of rs. 10, .....Tag this Judgment!
Court : Chennai
Decided on : Jan-10-2013
..... with option to convert such or debentures or loans into shares) rules, 1977. the said rule contemplates at least ..... to the petitioner-company, no conversion notice was issued and the loan sanction was not recalled. the said action of respondent-bank is said to be in contravention of the provisions of the companies act, particularly section 81(3)(b) and the public companies (terms of issue of debentures and raising of loans ..... .4. according to the petitioner, repayments under the term loan had been regular till april, 2012. due to unfavourable market conditions, the petitioner-company has been undergoing a severe strain in liquidity post-redemption after february, 2012, as it redeemed its foreign currency convertible bonds, which was listed ..... petition no.27547 of 2012 and m.p.nos.1 and 2 of 2012 orchid chemicals & pharmaceuticals limited rep. by its senior general manager-legal and company secretary "orchid towers" 313, valluvarkottam high road nungambakkam chenna 034. ... petitioner vs. idbi bank limited 115, anna salai p.b.no.805, saidapet ..... of 30 days notice by execution of term loan agreement and also waived right under section 23 of the indian contract act, 1872. the respondent-company also initiated legal action by filing a suit before this court bearing c.s.no.684 of 2012 after 30 days .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-08-2013
..... set up by such securitisation company or reconstruction company for the securitisation or reconstruction, as the case may be; or (iii) any other trustee holding ..... 2(zd) of the sarfaesi act reads as under : ??2. definitions.-(1) in this act, unless the context otherwise requires,- ........ (zd) "secured creditor" means any bank or financial institution or any consortium or group of banks or financial institutions and includes- (i) debenture trustee appointed by any bank or financial institutions, or (ii) securitisation company or reconstruction company, whether acting as such or managing a trust ..... company consequent upon acquisition by it of any rights or interest of any bank or financial institution in relation to such financial assistance. ........ (ha) "debt" shall have the meaning assigned to it in clause (g) of section 2 of the recovery of debts due to banks and financial institutions act, 1993; .......... (k) "financial assistance" means any loan or advance granted or any debentures .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Aug-26-2013
..... liable to be dismissed. in the present case respondent had filed the complaint against the petitioner under section 62 read with rule 628 of companies act, 1956 alleging therein that the company had diverted its funds amounting to ` 360 lacs for investment in zero percent fully convertible debentures of ` 100/-each in the year 1993-94 in m/s thapar ispat limited. the said ..... act was not the object as per the public issue of the company. trial court on 27.3.2008 (annexure p- 2) passed the following order:- i have gone through the complaint ..... filed by the "registrar of companies versus ashok thapar and others", under devi anita section 62 read with section 628 of the companies act. 2013.08.30 16:20 i attest to the accuracy and integrity of this document chandigarh crl.misc.not m- 2770 of ..... notice would be issued to him and as such there is no contravention of section 62 of the companies act. delay, there is, if any, is condoned and good portion of fine be imposed as costs of the proceedings under section 626 of the companies act. after going through the record and allegations made in that complaint, i imposed a fine of ` 5,000 .....Tag this Judgment!