Court : Chennai
Decided on : Feb-25-2003
Reported in : 116CompCas214(Mad); (2003)4CompLJ50(Mad); 49SCL319(Mad)
..... admitted to the membership of the exchange 'unless he/institutions referred to herein above satisfies the requirements prescribed in that behalf under the securities contracts (regulation) act, 1956, and the rules framed thereunder.'19. article 23 prohibits the formation of partnerships, unless all the partners are members of the exchange. a non-member may not be a partner in the business carried on ..... regarded as being ineligible to function as companies under the provisions of the companies act.43. as between the companies act and the securities contracts (regulation) act, the latter enactment is the special law in relation to stock exchanges and stock broking, while the companies act is the general law which deals with the formation and management of companies and various matters enacted therewith. the companies ..... industry, commerce and art.30. prior to the formation of registration of this company in the year 1957, the stock exchange that functioned at madras was madras stock exchange association (private) limited which had been registered on august 12, 1937 under the indian companies act of 1913. after the coming into force of the securities contracts (regulation) act, 1956, which enactment was passed to prevent .....Tag this Judgment!
Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Decided on : May-30-2003
Reported in : (2003)3CompLJ259SAT
..... other source to locate order receipt time, in the event of any dispute. but this information is not readily available to the client. the appellant's argument that the format of the contract note was not amended and therefore it was not required to do time stamping has no basis. it is well settled that an administrative circular is effective as an ..... important document in the transaction and its relevance is all the more when dispute arises between the broker and the client. the requirement of affixing the stamp on contract note is a requirement under the indian stamp act independent of the stock broker regulations or regulations of exchanges. if stamps of adequate value are not affixed, the consequences as provided under the stamp ..... purchase/sale of securities, to clients within 24 hours of the execution of the contract note as specified by nse, that the contract note as specified by nse requires maintaining trade time and affixing of stamp as required under the stamp act. learned representative referred to the format of the contract note forming part of the reply and submitted that there is specific space provided ..... purpose of maintaining the book is to keep the relevant information and the said purpose has been achieved. learned counsel submitted that the fact that respondent has not prescribed any format for the margin deposit book itself indicates that it is not a crucial register/document, that the failure to maintain such a register in a book form is only a .....Tag this Judgment!
Court : Kolkata
Decided on : Jan-14-2003
Reported in : AIR2003Cal233
..... effectively and comprehensively be dealt with for which no separate provision for adjudication of dispute by in-house procedure under clauses 29 and 30 is necessary. the act does not contemplate for formation of such in-house tribunal for adjudication of dispute as regard theft and pilferage of electric energy.4. the mechanism provided in the aforesaid conditions of supply, ..... without notice in case of consumerhaving been found to be guilty of mal-practice in respect of use of energy or pilferageis contrary to the provision of section 20 ofthe indian electricity act, 1910, which is reproduced hereunder :'power for licensee to enter premises and to remove fittings or other apparatus of licensee.-- (1) a licensee or any person ..... proved before competent court of law the person and/or the consumer being the accused has to be punished. realization and payment of security deposit necessarily has link with lawful contract of supply, not as penal measure. the competent court of law alone can impose penalty. therefore, i cannot hold the condition for realization and payment of additional security ..... . the statesman, bartaman and biswamitra, moreover the conditions of supply have also been printed on the electricity bills.10. he submits that there is no inconsistency between the indian electricity act, 1910 and amended condition of supply, which have been challenged here. he contends further that principle of natural justice may be excluded expressly or by necessary implication by legislation .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Nov-17-2003
Reported in : JT2003(9)SC178; (2004)3MLJ73(SC); 2003(9)SCALE643; (2003)12SCC738
..... the government laboratories are not well equipped with sophisticated technology for detecting adulteration, the concerned excise officials sought permission of the trial court for sending the samples to the indian institute of chemical technology and forensic sciences laboratory, hyderabad for chemical analysis. the trial court permitted and accordingly the samples were sent to the above laboratories for chemical ..... would further submit that the metropolitan magistrate exercised his non-existent jurisdiction of referring the sample bottle to the forensic science laboratories and indian institute of chemical technology violating the then existing rule 24, acting on the request of the authorities and as such the aforesaid action is void ab initio and the said void action cannot confer ..... the licensee.'11. we have perused the pleadings, annexures and the relevant rules section 72 of the a.p. excise act and other relevant records. we have also perused the report submitted (annexure-p1) by the indian institute of chemical technology. it was submitted by the respondents that the entire action is vitiated by malafides and that the ..... authorities are acting under the influence of some powerful lobby and that there is no provision in law enabling the authorities to .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : May-01-2003
Reported in : 2004(3)ALD357
..... for the purpose gaining revenue, but in the interest of public health, morality or welfare and infringement to their provisions will make an agreement unlawful. (see indian contract act - pollack and mullah 12th edn. p.622)43. p.s. 59 also came up for consideration before this court in the case reported in y. ..... m-books, they ought to have been paid cost of the steel involved in the overlapping.' the learned arbitrator also referred section 17 of the indian contract act and justified this claim. it is evident from the above referred clause that the work done by the contractor was only in pursuance of the ..... and recorded the same in m.books, they ought to have paid the cost of steel involved in the overlapping also.section 70 of the indian contract act says that where a person lawfully does anything for another or delivers anything to him not intending to do so gratuitously and such other person ..... person and may be valid or voidable between the parties thereto is not applicable to an agreement the formation whereof law interdicts or which falls within the prohibitory range of section 23 of the contract act. thus, no legal relations are created by the agreement offending a statute or public policy enabling neither ..... to the r&b; in m.18/4 of guntur-repalle road (k.m.06 of nidubrole-govada road) in ponnur municipal limits including the formation of the service roads on either side of the overbridge of nidubrole in lieu of level crossing no. 267 of vijayawada-gudur section in guntur district .....Tag this Judgment!
Court : Gujarat
Decided on : Jul-30-2003
Reported in : (2003)3GLR2177
..... plaintiff has led necessary evidence in this behalf and in our view, the learned judge has rightly awarded the amount in view of section 70 of the contract act as the contractor has done the work. admittedly, the plaintiff is not reimbursed for the said work by the government.6.17 as regards claim no. ..... books of accounts were kept as required in the regular course of business and even the claim is established on the basis of section 73 of the contract act and on which detailed reasoning is given by the trial court. we fully agree with the same. as regards limitation, the defendant had taken the ..... books of accounts were kept as required in the regular course of business and even the claim is established on the basis of section 73 of the contract act and on which, detailed reasoning is given by the trial court.5.14 as regards interest, the learned counsel for the plaintiff has submitted that ..... non-pecuniary (viz., injury to reputation, mental pain and suffering) or pecuniary damage (loss of profit, cost of replacement etc.). (re : pollock & mulla - indian contract and specific relief acts, 12th edition, vol. 2 pages 1457 and 1548)(i) the first paragraph of the section (section 73 of the ..... for loss or damage that arose in the usual course of things from such breach;(iv) or which the parties knew at the time of the formation of the contract as likely to result from such breach. (ii) the third paragraph of section 73 explains that the principle contained in para 1 is applicable to .....Tag this Judgment!
Court : Delhi
Decided on : Apr-03-2003
Reported in : 2003IIIAD(Delhi)254; 104(2003)DLT529; 2003(68)DRJ416
..... perspicuous judgment his lordship has considered all the precedents on the issue. it is apparent, however, that the attention of the court was not drawn to section 5 of the indian contract act. this interesting question has also been cogitated upon by the hon'ble supreme court in abc laminart vs. a.p. agencies, : 2scr1a , the relevant passage being the following paragraph ..... of the connecting factors.' 11. in baroda oil cakes traders v. parshottam narayandas bagulia and another, : air1954bom491 , a division bench of that court, by reference to section 4 of the indian contract act, opined that 'the communication of an acceptance is complete against the proposer when it is put in the course of transmission to him, so as to be out of the ..... [india] or, in respect of any cause of action arising at any place where it has also a subordinate office, at such place.' 6. sections 4 and 5 of the indian contract act read thus: '4. communication when complete.-- the communication of a proposal is complete when it comes to the knowledge of the person to whom it is made. the communication of ..... based on commercial expediency, or what cheshire calls 'empirical grounds'. it makes a large inroad upon the concept of consensus, 'a meeting of minds' which is the basis of formation of a contract. it would be futile, however, to enter upon an academic discussion, whether the acceptation is justifiable in strict theory, and acceptable in principle. the exception has long been recognised .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Mar-12-2003
Reported in : 2003(2)ARBLR677(P& H); (2003)134PLR360
..... guarantee was furnished on 28.4.1980 much after the stipulated date i.e. 31.3.1980. in these circumstances, there was no concluded agreement or contract between the parties. section 8 of the indian arbitration act deals with the power of the court to appoint arbitrator or umpire in any of the following cases: (a) whether an arbitration agreement provides that the ..... contractual obligations and on the non-fulfilment of their contractual obligation by the firm, fci cancelled the contract and referred the matter under clause 27 to the arbitrator. 18. the learned counsel for the petitioners/firm submitted that the condition precedent for the formation of the contract of deposit of security by the arbitrator was not fulfilled. therefore, no agreement came into existence ..... null and void and non-est in the eye of law. 2. the condition precedent for the formation of contact of deposit of security by the objectors was not fulfilled. therefore no agreement came into existence and as such question of breach of contract in the circumstances of the case does not arise. the only remedy in the circumstances of the case ..... and as such question of breach of contract in the circumstances of the case did not arise. the only remedy in the circumstances of the case .....Tag this Judgment!
Court : Rajasthan
Decided on : Sep-03-2003
Reported in : (2004)186CTR(Raj)1; 268ITR305(Raj)
..... no citizen or person has any right much less fundamental right to do trade or business in intoxicants. the bottling fee for acquiring right of bottling indian made foreign liquor, which is determined under rajasthan excise act, 1950, and rule 69 of the rajasthan excise rules, 1962, is payable by the respondent-assessee as consideration for acquiring this exclusive privilege. it is ..... exaction in the exercise of state's power of taxation where levy and collection is duly authorised by law as distinct from amount chargeable on principle as consideration payable under contract.30. the principle of statutory interpretation is well known and well settled that when particular words pertaining to a class, category or genus are followed by general words, the general ..... its exclusive privilege to deal in such commodity it did not require specific legislation but could have been charged by state in exercise of its exclusive authority to enter into contracts. merely because for regulating its own exclusive right to trade in potable liquor, the state has legislated on the subject it cannot alter the character of bottling fee from ..... of the state. the former falls within the domain of compulsory exaction by the state in exercise of its taxation power. the latter falls in the realm of term of contract.70. from the aforesaid discussion, conclusion is irresistible that bottling fee was charged from the respondent-assessee by the state government by way of consideration for parting with its exclusive .....Tag this Judgment!
Court : Company Law Board CLB
Decided on : Jun-23-2003
Reported in : (2004)118CompCas618
..... to time with the petitioner through exchange of correspondence and on a few occasions in person,whenever the petitioner was in bangalore. the correspondence so exchanged in regard to the formation and conduct of the software business and produced before the bench are not in dispute.while according to the company, the correspondence exchanged between the parties (pages 1 to 81 ..... 2,000 shares impugned in the petition and cancel the allotment in the facts and circumstances of the case.5. it is on record that the petitioner, a non-resident indian entrepreneur in the information technology business and resident of california, usa was evincing interest in the establishment of a software company at bangalore, in course of which got introduced to ..... to the tune of us$ 4,70,000 on 7.4.2001 in favour of one (sic) srikanth nagaraja (sn) on his request, who was introduced by prof. akilesh (sic) indian institute of science, for incorporation and promotion of the company. the amount was remitted in the personal name of sn through normal banking channels and sn was the beneficiary, as ..... when a person has not complied with the requirement of section 41(2) of the act. compliance with the provisions of section 41(2) of the act is not a mandatory requirement but only directory. allotment of shares is a matter of contract between the parties and that contract could be either express or implied. if a person is treated as a shareholder of .....Tag this Judgment!