Court : Delhi
..... , available infrastructure, land and other relevant considerations to be laid down by the aai in accordance with the section 5 of the aai ground handling regulations (2000).(iii) aircraft operator shall enter into contract with the ground handling agencies only after prior security clearance to these entities from the bcas and approval from the aai/airport operator.(iv) in case aai/airport operator or ..... can enter into the fray by satisfying the conditions envisaged in the regulations and the circulars but they intend to maintain their monopoly and carry on their outsourcing having scant regard for the security of the country. it is put forth by him that section 5a of the 1934 act, which has been amended, is the repository of power which authorizes the competent authority to ..... by the respondents. in pursuance of the above decision, the dgca issued the aic no.3/2010 dated 2.6.2010 in succession to the aic 07/2007 dated 28.9.2007 and amendment to the 2007 regulations was issued on 2.12.2010. the bcas vide its avsec order no.05/2009 dated 29.10.2009 had made the airlines responsible for certain activities ..... 6/2009 dated 30.6.2009, aic no:13/2009 dated 31.12.2009, aic no:3/2010 dated 2.6.2010 and the regulations, namely, airports authority of india (general management, entry for ground handling services) regulations, 2007 (for short 2007 regulations) as ultra vires the provisions of the aircraft act, 1934 (for short the 1934 act), the aircraft rules, 1937 (for short the 1937 rules) and .....Tag this Judgment!
Court : UK Supreme Court
..... chapter 3d of the income tax (earnings and pensions) act 2003 ("itepa 2003") as inserted by the finance act 2003, schedule 22. chapter 3d consists of only three sections which are, by comparison with other chapters in part 7 of itepa 2003 (as amended), relatively simple and straightforward. they are as follows: "chapter 3d securities disposed of for more than market value "446x application of ..... part 7. timber products' appeal from a revised determination dated 3 november 2005 was dismissed by a single special commissioner (mr demack) by a written decision released on 21 march 2007. timber products' appeal to an extra division of the inner house of the court of session (lord kingarth and lord mackay of drumadoon, lord osborne dissenting) was dismissed on 13 ..... form scheduled to the agreement, and they were duly adopted on 9 december 1999. these provided for the redemption of all the company's a preference shares not later than 31 march 2000. they also referred expressly to the 14,465 ordinary shares to be issued to mr gibson (freeing them from pre-emption rights on their issue). they did not ..... may think fit. but such contracts, whether made by all or some only of the shareholders, would create personal obligations, or an exceptio personalis against themselves only, and would not become a regulation of the company, or be binding on the transferees of the parties to it, or upon new or non-assenting shareholders." 32. unfortunately russell v northern bank development corpn ltd .....Tag this Judgment!
Court : Mumbai
Reported in : 1995(3)BomCR313; (1995)97BOMLR779
..... first question which requires determination is about the constitutional validity of sub-section (3)(c) of s. 22a of the act.5. section 22a of the securities contracts (regulation) act, 1956 was inserted by amending act no. 48 of 1985. the statement of reasons and objects of the amendment act sets out that ss. 82 and 111 of the companies act permit board of directors of companies to assume powers under the articles ..... . in the year 1989, the holding of the shares was distributed as follows :--name of shareholderno. of shares% of shares1.gammon family (including estate of late mr. j. c. gammon)5,31,39624.562.non-residence (other than gammon family)40,7121.883.n. r. i. companies79,4743.674.directors (excluding peter gammon since included in gammon family)13,7900.645.directors ..... respondent no. 2 company andthough the attempts had failed, the manner in which the litigation was carried on by chhabrias against the company left no doubt that the holding-of 31% shares by chhabrias will constitute a threat to the company. the company law board was satisfied that there is likelihood of change in the composition of board of directors and ..... ' family52,2182.416.employees28,5601.327.u. t. i.1,31,3766.078.resident companies2,84,93113.169.others10,01,38346.29 total21,63,840100.00the public holding of 46.29% is disbursed all over the country, having very small holdings .....Tag this Judgment!
Court : Chennai
Reported in : 2008BusLR908; 2009(1)CTC227; (2008)8MLJ261
..... the reforms, transactions in 'derivatives' stormed the market. to begin with, 'derivatives in securities/shares', were statutorily recognised under amendment act 31 of 1999 to the securities contracts (regulation) act, 1956. by the said amendment act, which came into force with effect from 22.2.2000, section 18a was inserted in the securities contracts (regulation) act, 1956. section 18a reads as follows:18a.contracts in derivative: notwithstanding anything contained in any other law for the time being ..... the bank, the plaintiff has come up with the present suit seeking the following reliefs:(i) to declare that the deal confirmation of u.s. dollar v. swiss franc structure dated 22.06.2007 in opt contract no. 727 with the schedule thereon purportedly made by the cfo on behalf of the plaintiff with the defendant is void ab-initio, illegal, violative of ..... rbi guidelines, opposed to public policy and unenforceable and not binding on the plaintiff company. (ii) to declare that the deal confirmation of u.s. dollar v. swiss franc contract dated 22.06.2007 in opt contract no. 727 with the schedule thereon purportedly made by the cfo on behalf of the plaintiff with the defendant bank is voidable at the instance of the .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1992SC847; 73CompCas762(SC); JT1992(1)SC463; 1992(1)SCALE264; (1992)2SCC255; 1SCR481
..... in on that stock exchange has been preferred under section 22 of the securities contracts (regulation) act, 1956 (42 of 1956), such allotment shall not be void until the dismissal of the appeal.(2) where the permission has not been applied for as aforesaid, substituted for 'or has not been granted as aforesaid' by the companies (amendment) act, 1974, w.e.f. 1.2.1975 substituted for ..... repay the excess money with interest. a 'director of a company who is an officer in default' appearing in sub-section (2a) must be understood with reference to the definition of 'an officer who is in default' contained in section 2(31) read with section 5. this definition includes the managing director or the wholetime director of a company. so understood, the liability imposed under ..... sub-section (2a) on a director of the company falls only upon a director who is 'an officer in default', as defined under section 2(31) read with section 5(a)(b), and not upon any other director. the nominees of the government or financial institutions on the ..... the date of closure of the subscription lists. paragraph 23.2 of its publication of march 1991 quotes the condition mentioned in the order of the government of india dated 31.5.1990 (which we have extracted above) to the effect that the liability of the company for despatch of refund orders arose only at the end of 10 weeks from the .....Tag this Judgment!
Court : Allahabad
Reported in : 120CompCas18(All); (2004)2CompLJ446(All); 49SCL77(All)
..... regulate the securities market, by such measures as it deems fit. section 12(2)(c) specifically provide that the board can register and regulate the working of collective investment schemes. the rules and regulations made by sebi have to be placed before parliament as mentioned in section 31 of the sebi act.77. it may be mentioned that section 12 of the sebi act was amended in 1995 and section ..... such matters, shall be disclosed by the companies;' section 2(i) of the sebi act defines 'securities' as having the same meaning as in section 2 of the securities contracts (regulation) act, 1956.section 2(h) of the securities contracts (regulation) act, 1956 defines securities to include :-- '(i) shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated ..... learned counsel for the respondents has submitted that neither the directive issued under section 16 of the sebi act (vide annexures 3 and 5 to the writ petition) nor the regulations made under section 30 are being enforced retrospectively. as regards the argument that these regulations of 1999 are being applied to a business which has been closed in ..... had mobilized money through collective investment schemes. in pursuance of the notices issued by sebi on 17-4-1998, 478 companies field returns with sebi. on 5-5-1998 sebi held a meeting with the credit rating agencies to estimate the ratings of the collective investment scheme, and it was informed by the agencies .....Tag this Judgment!
Court : Gujarat
Reported in : 87CompCas186(Guj)
..... mean a place or institution where the business of selling or buying of securities is carried on. selling, buying or dealing with securities is the essential ingredient of a market. though 'securities market' has not been defined, the definition of 'stock exchange' under section 2(i) of the securities contracts (regulation) act means any body of individuals whether corporated or not, constituted for the ..... according to learned counsel, refers only to persons enumerated in clause (ba) of sub-section (2) which has been inserted by the securities laws (amendment) act, 1995, [see  83 comp cas (st.) 25. ] with effect from january 25, 1995. his further contention is that section 11b confers on the sebi power to issue directions in pursuance of any inquiry. for ..... provided for by the board in furtherance of the discharge of its duties referred to in sub-section (1). 5. the words 'other persons associated with the securities market' have not been defined in the act. the question then arises whether 'persons associated with the securities market' takes its colour from persons enumerated in clause (ba)? if one has to go ..... matters, namely :- ... (c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11a.' 10. section 31 provides that every rule or regulation made under the act shall be laid before each house of parliament while in session, as soon as for .....Tag this Judgment!
Court : Supreme Court of India
Reported in : (2013)1SCC1
..... the sebi.84. as against the aforesaid, the term securities has been defined in section 2(45aa) of the companies act (consequent upon an amendment made in 2000 with effect from 13.12.2000). section 2(45aa) of the companies act, is being extracted hereunder:2(45aa) securities means securities as defined in clause (h) of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956), and includes hybrids;the aforesaid ..... companies, as the case may be.64. section 55a was inserted in the act by the companies (amendment) act, 2000 w.e.f. 13.12.2000. clauses (v) to (x) of the statement of objects and reasons give an indication of the intention of the legislature. clauses (v) and (x) read as follows:clause (v) - to provide that the securities and exchange board of india be entrusted with ..... current assets worth rs.6,54,660. company had no fixed assets nor any investment as on that date. sirecl's operational and other expenses for the three quarters ending 31.12.2007 were rs.9,292 and the loss carried forward to the balance sheet as on that date was rs.3,28,345.4. sirecl, in its extraordinary general meeting ..... a further fine which may extend to five lakh rupees for every day after the first during which the failure or refusal continues.(7) notes of any examination under sub-section (5) shall be taken down in writing and shall be read over to, or by, and signed by, the person examined, and may thereafter be used in evidence against him.(8 .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1995Bom194; 1995(3)BomCR656; 84CompCas910(Bom)
..... coming into force of the provision of section 22a of the securities contracts (regulation) act 1956 is very well settled. he also pointed out that prior to 31-5-1991 the companies act provided power of rectification of register of members of the company under section 155 of the companies act and the said provision was omitted by companies (amendment) act, 1988 with effect from 31-5-1991. similarly, there was a provision of ..... section 111 in the companies act which provided for power ..... (amendment) act 1988 with effect from 31-5-1991. under old section 111 an appeal was provided under sub-section 3 of the said section to the central government. in the new amended section the said power of appeal is given to the company law boardand if all these provisions are read it does appear that there is not much of a change made in section 22a of the securities contracts (regulation) act 1956 .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1995Bom377; 1995(4)BomCR71; 1996(1)MhLj50
..... , dated 16th march 1985, that the. securities contracts (regulation) act, 1956, would be amended to ensure free transferability of securities of public limited companies whose securities are listed on the stock exchanges. for this purpose, it is proposed to incorporate a new section, namely, section 22a, in the securities contracts (regulation) act, 1956, and also make necessary consequential amendments in the act, to provide for free transferability of listed securities with adequate safeguards against undesirable take ..... inadmissible evidence which had influenced its decision. 1995 bom./25 x g-1812. reference can be usefully made to the decision of this court in company appeal no. 5 of 1994, kinetic engineering ltd. v. unit trust of india, decided on september to, 1994. in this case, the appellant-kinetic engineering ltd. had challenged the decision of the company law board ordering ..... (4)(c) of thesecurities contracts (regulation) act, 1956 (for short 'the act') by the 1st petitioner,directing the 1st petitioner to register thetransfer of 14171 shares covering 1215transfer deeds in favour of the transferees, inthis writ petition under article 226 of the constitution of india. 2. this petition came up for admission before a division bench of this court on march 31, 1992 and it .....Tag this Judgment!