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Judgment Search Results Home > Cases Phrase: indian partnership act 1932 section 17 rights and duties of partners Court: company law board clb Year: 2003

Oct 29 2003 (TRI)

Shri Kishore Kundan Sippy and Shri Vs. Samrat Shipping and Transport

Court : Company Law Board CLB

Decided on : Oct-29-2003

Reported in : (2004)118CompCas472

..... share of profits from the agency taken by the first partner on the ground that the first partner had breached his fiduciary duties in terms of section 88 of the indian trust act. the court held that since, the partnership itself had come to an end, the question of breach of fiduciary duties did not arise. but in the present case, the 2^nd respondent still continues as ..... ^nd respondent is the chairman. complete control and management has been with the 1^st petitioner. substantial funds of ssco have been pumped into meridian which has been incurring losses right from the beginning for over 14 years. the accounts of meridian are not being properly maintained and therefore the 2^nd respondent was reluctant to sign the annual accounts as ..... analysts and others involved in such work. the defendant was an architect of considerable distinction and attainment in his own sphere; he had worked in the gas industry for some 17 years, and prior to his appointment as managing director of the plaintiffs, had been the chief architect for the west midlands gas board. the success which the plaintiffs had attained ..... those suits. there is also no similarity in the reliefs sought and as such this petition cannot be dismissed on the ground that the civil suits have been withdrawn unconditionally.17. in so far as the prayer of shri sarkar for investigation into the affairs of these two companies as also other companies on the basis of various findings in the .....

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Oct 21 2003 (TRI)

Shri Chandrakant Kantilal Shah Vs. National Refinery Private

Court : Company Law Board CLB

Decided on : Oct-21-2003

Reported in : (2004)51SCL387

..... when the principles of partnership have been applied in this case. against this background, the claim of the respondents that the inherent right of the shareholders in electing a director of their choice cannot constitute an act of oppression that directorial complaints cannot be the subject of a section 397/398 proceeding and ..... falsely made the claim at the behest of the respondents' group. shri navroz seerai: the company has filed a summary suit against nrpl and its partners, being petitioner nos. 1, 2, 5, 7 and 9 and one shri bharat malabari in the high court of bombay for recovery of the ..... , but came out with the company petition alleging, among others, the very same allegations of mismanagement. a director in discharge of his fiduciary duties has to act for the benefit of the company. on the other hand if a director breaches his fiduciary responsibilities, due to which his executive powers are ..... ) 4 scc 420; thakur hotel (simla) company private limited vol. xxxiii (1963) cc page 1029 and maharani lalita rajya lakshmi v. indian motor co. (hazaribagh) ltd.-(1962) xxxii cc 207. the learned counsel pointed out that in the present case the board meetings and annual general meetings ..... the share certificates prior the november 1999. all the correspondence referred to in the petition demanding the share certificates pertain to the period from 17.11.1999 to 03.03.2000, when the company was facing income tax raid and the consequent proceedings. the complaint of the petitioners made .....

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Apr 23 2003 (TRI)

Dr. A.C. Chaudhuri and Mrs. Vs. Canadian School of India Private

Court : Company Law Board CLB

Decided on : Apr-23-2003

Reported in : (2003)47SCL672

..... raghavan pointed out that estoppel destroys the rights of the petitioners by their admissions and conduct as borne out by various pleadings in the company petition and various other civil and criminal proceedings. according to shri raghavan, by virtue of provisions of section 17 of the evidence act, admission made in the pleading is superior ..... v) to nullify the consultancy agreements (annexure p-14 and p-15) entered into between the company and the fifth respondent; (vi) to declare the partnership deed dated 11.12.2000 (annexure p-21) draw between m/s. sri lakshmi durga siddartha education institutes private limited and the company as null and ..... respondents in para 6(h) in page 7 of cp 7/2002.the first petitioner had taken an amount of us $ 6,000 in indian rupees by way of an advance against any future dividends that may be declared by the company as seen from page 64 in vol.ii. ..... .x) does not reveal any irregularity in the functioning of the school. the inspection report is quite exhaustive. the school is now permitted to admit indian students too. in the present company petition, the public interest and interests of the students and teachers are involved. the grievance of the petitioner is ..... pages 137, 138 in vol.i) but failed to account for the huge earnings in foreign exchange. the school had admitted the indian students and collected the amount in indian rupee against the terms of sia. the school is engaging the services of teachers, whose qualification is not even known to the .....

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