Home Case Index All Cases Companies Law Companies Law + SC Companies Law - 2009 (7) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (7) TMI 768 - SUPREME COURTWhether Hotel Queen Road (P.) Ltd., was a private company or a public company? Held that:- SLP dismissed. As for the purpose of disposing of these Special Leave Petitions, we are prima facie of the view that by virtue of the resolutions dated 30-9-2002, Hotel Queen Road had become a public company thereby attracting the provisions of section 87(2)(b) of the Companies Act, 1956, upon the bar under section 90(2) thereof having been lifted. A natural consequence is that in the event dividend had not been declared or paid for a period of two years as far as Hillcrest is concerned, the Explanation to section 87(2)(b) would come into play thereby giving Hillcrest Realty, as a cumulative preference shareholder, the right to vote on every resolution placed before the Company, at any meeting, in keeping with clause (i) of section 87(2)(b) of the aforesaid Act.
|