Case Laws
Showing 1 to 100 of 151776 Records
1...1854 (2) TMI 8 - HIGH COURT OF ALLAHABAD
Raghubar Dayal Versus The Sarrafa Chamber
Winding-up of unregistered companies ......
...........trary to the provisions of section 4 can also be wound up through court. I am, therefore, of the opinion that this petition must fail on the preliminary ground that the court cannot entertain a petition for the winding up of a company formed in contravention of the provisions of section 4 of the Act. I make no orders as to costs because the opposite parties are also privy to the formation of an association forbidden by law. Moreover, they had not taken in their reply the point on which they have succeeded. The petition is dismissed. Parties shall bear their own costs. Stay orders dated 15th December, 1952, and 7th August, 1953, are vacated.
2...1871 (8) TMI 1 - ALLAHABAD High Court
Hamid Hussain Versus Controller of Estate-Duty, U. P.
Estate Duty Act, 1953 - Whether the sum of Rs. 3,61,939, or any part thereof being the value of the properties settled by the deceased as wakf properties, was rightly included in the principal value of the estate of the deceased and charged to estate ......
3...1899 (1) TMI 3 - SUPREME COURT OF INDIA
UNION OF INDIA Versus SUKSHA INTERNATIONAL & NUTAN GEMS & ANR.
Interpretation of Statute - Beneficial provision ......
...........on Bench to be such as to disentitle respondents to relief, the Division Bench may proceed to allow the appeals and dismiss the writ-petitions. All other controversies in the appeal shall be held to have been concluded in favour of the respondents. Accordingly, the appellate-judgments of the High Court under appeal are set aside and the appeals 149 of 1987 and 179 of 1987 before the High Court are remitted for a fresh disposal as indicated above. The High Court might also consider the desirability of a very early disposal of the appeals. These appeals are disposed of accordingly. There will, however, be no order as to costs in these appeals.
4...1900 (8) TMI 7 - SUPREME COURT OF INDIA
Madhubhai Amathalal Gandhi Versus Union of India
Grant of recognition to stock exchanges ......
...........here and to fix a period of activity reasonable in its opinion as a standard to satisfy the test of " active member. The burden which lie upon the petitioner who impeached the validity of the classification to show that it violates the guarantee of equal 'protection has been discharged. On the material placed before us we cannot say that the period fixed by take Government as the standard for ascertaining the active membership is arbitrary or unreasonable. We must make it clear that this finding must be confined only to the validity of the impugned notification dated August 31,1956. The petition accordingly fails and is dismissed with costs.
5...1913 (10) TMI 1 - HIGH COURT OF JUDICATURE AT ALLAHABAD
KISAN SAHKARI CHINI MILLS LTD. Versus UNION OF INDIA AND OTHERS
Incentive Scheme for higher production of sugar ......
...........r. No other point was urged. 29. In the result, the writ petition fails and is dismissed with costs. 30. While we were delivering judgment in this case Shri Awasthi, learned counsel for the petitioner prayed for a certificate under Article 134-A of the Constitution so as to enable him to go up in appeal to the Supreme Court. Having heard Shri Awasthi we are not satisfied that the proposed appeal to the Supreme Court involves any substantial question of law of general importance or that the question raised in the case needs to be decided by the Supreme Court. The prayer for the certificate made by Shri Awasti is accordingly rejected.
6...1927 (2) TMI 7 - HIGH COURT OF BOMBAY
Matheran Steam Tramway Co. versus B.N. Lang
Transfer to Shares Powers to refuse ......
...........on in the present case is headed in the matter of the Indian Companies Act and in the matter of the Company. Section 32(3) of the English Act provides that any question relating to the title of any party to the application may be decided on the originating summons or motion. Here the question has developed into one purely of title. I, therefore, think there is nothing in this objection. On the other points in the case I agree with the conclusions arrived at by the Chief Justice. I would dismiss the appeal with costs. Appeal dismissed. Attorneys for appellants : Edgelow, Gulabchand, Wadia & Co. Attorneys for respondents : Payne & Co.
7...1929 (11) TMI 1 - PRIVY COUNCIL
Commissioner of Income-tax Versus Ahmedabad New Cotton Mills Co. Ltd.
- ......
...........ed for the purposes of sections 10, 11 and 12 in accordance with the method of accounting regularly employed by the assessee". Of course, that must be the method regularly and properly employed by the assessee, and it Has never been suggested here that this has not been the method regularly employed, nor, in their Lordships’ opinion, was it improper. Their Lordships hare merely to consider the point raised by the Commissioner, and it is sufficient to say that for the above reasons the judgment of the High Court is, in their opinion, right. Their Lordships will therefore humbly advise His Majesty that the appeal be dismissed with costs
8...1929 (8) TMI 7 - HIGH COURT OF CALCUTTA
Kharkharee Collieries Ltd., In re
Winding up Receiver not to be appointed of assets with liquidator ......
...........ere is a question of competition between a liquidator and a receiver appointed by the Court at the instance of the debenture-holders or mortgagees, the Court will ordinarily, in the exercise of its discretion, give preference to the liquidator. In my judgment, the application so far as it asks for leave to proceed with the suit may be allowed, but so far its relates to possession by the receiver it should be refused. As regards costs, it is true that the applicant has had to apply for leave to proceed with the suit, but it is not that which has stimulated opposition on the part of the liquidator. The applicant must pay the liquidator costs.
9...1930 (1) TMI 13 - HIGH COURT OF RANGOON
Gidne Versus Anglo-Indian & Domiciled European Federation
Company Incorporation of ......
...........made therein were false, and that the second respondent has cleared his character of any cloud that may have been cast on it by the libels. I would, therefore, set aside the judgment and decree of the learned Judge on the Original Side of this Court and would dismiss the suit without order for costs so far as the first respondent is concerned and I would award to the second respondent nominal damages of ten rupees with costs on that amount together with the special Advocate's fee of Rs. 660 in the Trial Court. I would direct respondents to bear appellant's costs in the appeal, Advocate's fee to be 20 gold mohurs. Mya Bu, J.—I concur.
10...1930 (1) TMI 14 - HIGH COURT OF MADRAS
Liquidator of the City Hygienic Milk Supply Co. Ltd. Versus Official Assignee of Madras
Validity of acts of directors ......
...........nt of Sargent, L.J., at page 527. This ruling is decisive of the question, and has been regarded as conclusive of it by a Bench of the Lahore Court in Bhim Singh v. Basheshar Nath Goehla 8 Lah. 167; 100 Ind. Cas. 907; AIR 1927 Lah. 433. In my opinion, therefore, it is impossible to hold that the liquidator acquired a new right from the winding-up order to enforce against the directors a claim which had already become time-barred whether under Article 36 or Article 120 of the Limitation Act. I think that the Judgment of Mr. justice Beasley should be upheld and that this appeal fails. I agree to the order of costs passed by my learned brother.
11...1930 (10) TMI 1 - HIGH COURT OF DELHI AT NEW DELHI
JAY ENGINEERING WORKS LTD. AND ANOTHER Versus UNION OF INDIA & OTHERS
Valuation - Related person - Criteria for - Effect of common directors - Valuation - Distributor - Connotation of ......
...........hat the expressions 'related persons, and 'distributor' should be given a narrow and restricted interpretation that it has become unnecessary to pronounce on the question of constitutionality. We, therefore, think that writ is not liable to be dismissed on the preliminary objection raised by Mr. Sapra. 22. In the result, the writ petition is allowed and we direct the issue of a writ on the terms already mentioned. The respondents will determine the liability of the petitioner to excise duty in accordance with the principles enunciated above. The assessee-petitioner will be entitled to its costs in the writ petition : Counsel's fee Rs. 500/-.
12...1930 (10) TMI 14 - HIGH COURT OF MADRAS
Madras Native Permanent Fund Ltd., In re
Requirements with respect to memorandum ......
...........20 of 1930 (misfeasance summons), (2) Application No. 436 of 1930 (the liquidators' application as to the disposal of Rs. 2,330-13-9 said to be the assets of the Loan Branch), and (3) Application No. 3485 of 1929 regarding the disposal of Rs. 1,500. In the misfeasance summons, the liquidators shall take their costs which I fix at Rs. 150 and pay the applicants' costs which are also fixed at Rs. 150. In Application No. 436 of 1930, the liquidators may take Rs. 35 as their costs. I desire, before closing, to tell the liquidators that they must, to save further costs, take steps to have the affairs of the company wound up as early as possible.
13...1930 (10) TMI 15 - HIGH COURT OF LAHORE
Haribans Prasad-Ajodhia Prasad Versus National Sugar Mills, Ltd.
Winding up Power to summon persons suspected of having property of company, etc. ......
........... connected with the formation or management of the company is to be investigated, that must be done under s, 196, Companies Act. The two sections referred to have quite different scopes. The first one is intended to be used for the purpose of promoting the liquidation proceedings while the second section is primarily intended to investigate the conduct of those who have been charged with its affairs. The examination in this case was ordered to take place under section 195, Companies Act, and consequently, I can only assume that it has been confined to the purposes mentioned in that section. With these remarks I dismiss this appeal with costs.
14...1930 (11) TMI 13 - HIGH COURT OF CALCUTTA
Jyoti Prasad Singh Deo Versus Patmohana Collieries Ltd.
Winding up Avoidance of certain attachments, executions, etc. ......
...........n Official Liquidator in a winding up by the Court. This matter does not touch the question with which we are concerned now. The question before us is whether the learned Subordinate Judge has the power to stay the execution proceeding. We do not mean to suggest that no Court has the power, but we are decidedly of opinion that the learned Additional Subordinate Judge of Asansol has no power to stay the proceedings in execution of the decree obtained by the decree-holder appellant. The result is that this appeal is allowed and the order of the Court below is set aside. The appellant is entitled to his cost which we assess at five gold mohurs.
15...1930 (11) TMI 14 - HIGH COURT OF RANGOON
V.E.R.M. Chettyar Firm Versus Hormas ji
Winding-up of unregistered companies ......
...........orrect; and the appeal must be allowed. The proceedings will be remanded to the Original Side in order that the petition may be determined upon the merits according to law as laid down in this appeal. When the matter is re-heard on the Original Side, it will be for the learned Judge to determine in his discretion whether or not, in the circumstances obtaining in this case, the parties shall be allowed to adduce further evidence by affidavit or otherwise in support of their respective cases. In our opinion the appellants are entitled to their costs of this appeal and we assess the Advocate's fees at five gold mohurs. Mosely, J.—I agree.
16...1930 (12) TMI 12 - HIGH COURT OF BOMBAY
Narayanlal Bansilal Versus The Maneckji Petit Mfg. Co., Ltd.
Meetings and proceedings Contents and manner of service of notice and persons on whom it is to be served ......
...........s issue a circular in which they refer to certain alterations, and say that the only important alteration is with regard to clause X, whereas there are equally important alterations in clause Y, can it be said that the shareholders have sufficient notice of the proposed alteration in clause Y? I do not think so. The result is that I find on Issue No. 1 that the notice was insufficient, and consequently, on Issue No. 2 that the meeting was not duly convened and the resolutions are not valid and operative. The plaintiff will be granted the declarations and injunctions sought in prayers (a) and (b) of the plaint together with costs of the suit.
17...1930 (12) TMI 14 - IN THE PRIVY COUNCIL
Steel Co. of Canada Ltd. Versus Ramsay
Kinds of share capital - Two kinds of share capital and Dividend - Manner and time of payment of ......
...........nd. It does no such thing. Arithmetically, it may be the case that the amount eventually received by the ordinary shareholders may be the same as if they had had a cumulative dividend. But equally it may not be so. And in any view they are not getting what they do get as a cumulative dividend; they are getting it because they are entitled to have the condition fulfilled before the preferred shareholders can call for participation. Their Lordships will humbly advise His Majesty to dismiss the appeal with costs. Solicitors for the appellant : Lawrence Jones & Co. Solicitors for the respondent : Blake & Redden.
18...1930 (2) TMI 13 - HIGH COURT OF RANGOON
Ram Raghubirlal Versus United Refineries (Burma) Ltd.
Directors Power of ......
...........he facts bearing on that question. It is only when all those facts are before it that the Court can properly come to a finding as to whether the section quoted covers the case or not. We, therefore, return the case to the District Court with a direction that the defendants be permitted to cross-examine S. Behal on the question of his appointment as a director of the plaintiff company, and that both parties be permitted to call such further evidence on that question as they may desire, and that the case be then returned to this Court with findings of the District Court on issue Nos. A, B and C, framed by the District Court on 7th March, 1929.
19...1930 (2) TMI 14 - HIGH COURT OF CALCUTTA
Bagdigi Kujama Collieries Ltd. Versus Jagmohan Das Nagar
Winding up - Appeals from orders ......
........... majority of the contributories or the majority of the shareholders did not desire the winding-up. For the purpose of giving value to, a more desire of a contributory or shareholder, the position of a fully paid up shareholder may be one of comparative unimportance, but that a person, who may have a large holding in a company, is not entitled to be heard before the Court makes an order bringing the company to an end is a proposition which, so far as I know, has never been given effect to. In my judgment, this appeal must be dismissed with costs. Mr. Westmacott's clients are not entitled to any costs in this appeal. C.C. Ghose.—I agree.
20...1930 (3) TMI 13 - HIGH COURT OF ALLAHABAD
Bank of Upper India Ltd. Versus Arif Hussain
Compromise and arrangement ......
...........ry of three months from the date of the deposit. Article 60 of the Limitation Act is, therefore, not applicable to a suit of this description. The plaintiff's claim, however, is saved from the operation of limitation by a variety of reasons. The cause of action accrued to the plaintiff during his minority and the disability has not ceased. Under the composition scheme, sanctioned by the High Court, ten years' time was allowed for the debentures to mature for payment. The period of debentures expired on April 1, 1925. The suit was instituted on March 18, 1926. It is clearly within time. This appeal is without force and is dismissed with costs.
21...1930 (3) TMI 14 - HIGH COURT OF ALLAHABAD
Jhandu Mal & Sons Versus Official Liquidators of the Dehra Dun Mussoori Electric Tramway Co. Ltd.
Bills of exchange and promissory notes ......
...........nsider that when the application for costs is actually made to the learned Company Judge, it will be a matter for him to decide. The order of the Company Judge before us is, in our opinion, in accordance with the term 9(f) in the compromise between the parties. The order of the learned Company Judge before us deals with items No. 1 to 4 only in the application of August 3, 1928, and does not deal with items Nos. 5 to 9 in that application. On those items we express no opinion, and it will be for the learned Company Judge to decide those items if application is further made to him on the subject. Accordingly we dismiss this appeal with costs.
22...1930 (4) TMI 7 - HIGH COURT OF ALLAHABAD
Co-Operative Co. Ltd. Versus Bhagwan Dass & Co.
Managing director Tenure of appointment ......
...........ivate treaty or by public sale and it is definitely understood that the shares and not the dividends on the shares are the subject of bargain, the purchaser cannot deprive the original owner of his right to the dividend of a period anterior to the sale, even though the dividend may have been declared subsequent to the date of the purchase. The defendant company, therefore, had no right either to withhold the payment of the dividend from the plaintiff or to pay the same to the purchaser. We are clearly of opinion that the plaintiff's claim was rightly decreed. We dismiss this appeal with costs including in this Court-fees on the higher scale.
23...1930 (5) TMI 7 - HIGH COURT OF ALLAHABAD
U. P. Oil Mills Co., Ltd., In re
Company Membership of ......
...........y Nabi undoubtedly thought that he had ceased to be a member. The managing agents undoubtedly thought the same. There was no demand after the letters to which I have alluded, made upon him to contribute to the company the price of his shares or any part of it, and there was, therefore, no refusal or neglect, by him to comply with the lawful demand of the company.. The question, therefore, arises as to whether I should order interest to be paid on the amounts outstanding. I do not think that this is a case where interest should either be asked for by the liquidator or granted by the Court. The application under sections 184 and 160 is granted.
24...1930 (6) TMI 7 - HIGH COURT OF ALLAHABAD
Dehra Dun Mussoorie Electric Tramway Company Ltd., In re
Winding up - Preferential payments ......
...........e lines and also the charge for trunk calls is the income of the Government, and, therefore, must be taken to be 'revenue' within the meaning of section 230(a) of the Indian Companies Act. I order, therefore, that priority be given to the amount of Rs. 481-5 in the winding up of this company. It is to be noted that as far as the Dehra Dun Electric Tramway Company is concerned, the point raised today is merely an academic one. There are I am informed, sufficient funds to meet all the debts of the company, whether they have to be paid in priority or not, and, therefore, the whole of this claim by the Telegraph Department will eventually be met.
25...1930 (7) TMI 11 - HIGH COURT OF PATNA
Prayan Prasad Versus Gaya Bank & Trades Association Ltd.
Shares Power, to issue of at discount ......
...........ent case could not realize the calls by reason of lapse of time is no answer to the liquidator's claim. As to the third point, it is plain on the terms of section 184 of the Act as well as on the general law that Anant Prasad Varma, appellant No. 3 in Appeal No. 209 of 1928 and Raghubans Sahay, appellant in Appeal No. 213 of 1928 are only liable to contribute to the extent of the assets, if any, which came to their hands from the deceased shareholders Harbans Lal and Bansi Lal and the order of the District Judge must be modified accordingly. With this modification of the order the appeals are dismissed with costs. Scroope, J.—I agree.
26...1930 (7) TMI 14 - SIND JUDICIAL COMMISSIONER S COURT
Official Liquidators of the Karachi Bank Ltd. Versus Directors, Manager & Auditors of the Karachi Bank Ltd. .
Penalty for false statements ......
...........sidered to have merely signed the report or note and not the balance sheet, they have willfully made a false statement in their report which by section 131 (2) has to be attached to the balance sheet. I, accordingly, direct the official liquidator to prosecute the managing director, the manager, the auditors and Messrs. Lokamal Chellaram, M. Misquita and A. B. Fonseca for an offence under section 282 of the Indian Companies Act, and direct that they should bear the official liquidator's costs in this inquiry. No direction is given to the official liquidators to prosecute R. B. Shivratan G. Mohatta who will bear his own costs in this enquiry.
27...1930 (8) TMI 18 - HIGH COURT OF CALCUTTA
Janbazar Manna Estate Ltd., In re
Winding up - Company when deemed unable to pay its debts ......
...........s a private company and the transfer of shares restricted in the first instance to members of the family or their representatives, the ordinary principle of company law must be observed, namely, that the dissatisfied shareholders' remedy is to obtain a majority in favour of their views and through such majority elect a new directorate. The practical difficulties may be considerable, but this does not, in my opinion entitle them to the order asked for. I find that the grounds on which the winding up order is sought have not been established, and I dismiss the petition, but in the peculiar circumstances of the case, I make no order as to costs.
28...1930 (8) TMI 19 - HIGH COURT OF BOMBAY
The Calico Printers' Association Ltd. Versus A.A. Karim & Bros
Authentication of documents and proceedings ......
...........f the company does not choose to do that, it can act under O. XXIX, r. 1, i, e., it can rely on that Order as in fact constituting an agent to sign without the necessity of giving any express authority. In that way O. XXIX, is read as merely permissive and not mandatory. In point of form it is clearly permissive and not mandatory. I think, therefore, that the order of Mr. Justice Blackwell was wrong technically and the plaint was correct. But as this point does not seem to have been taken in the Court below, I think the appeal should be allowed without costs either here or in the Court below. Baker, J.—I agree and have nothing to add.
29...1930 (8) TMI 20 - HIGH COURT OF BOMBAY
Dharwar Bank, Ltd. Versus Mahomed Hayat
Trust not be entered on register of members ......
...........idence of the trust is forthcoming, and that is done by the Chancery Court in England. I may refer to the case of Binney v. The Ince Hall Coal and Cannel Company [1866] 35 LJ Ch 363; 14 LT 392 and also to the case of Bank of N.T. Butterfield & Son, Ltd. v. Golinsky [1926] AC 733; 95 LJPC 162; 135 LT 584 . I find these cases in Dr. Khergamvala's Indian Companies Act, 2nd Edition, p. 48. In these circumstances, I think there is no reason why the plaintiff should not be considered to be the owner of the shares and should not be given the declaration which he seeks. I am of opinion, therefore, that this appeal should be dismissed with costs.
30...1930 (9) TMI 13 - HIGH COURT OF MADRAS
Sabapathi Rao Versus Sabapathi Press Co., Ltd.
Winding up Delivery of property to liquidator, Debts of all descriptions to be admitted to proof, Avoidance of transfer, etc. ......
...........an of the Board of Directors. Whether the liquidator is bound to pay this sum or not, I do not wish to decide at present. Granting the liquidator is not bound to pay this sum from the assets of the company it may be open to the creditor to ask that it should be paid over to him from any amount to be found payable by the company to Mr. Venkata Rao. This point I must reserve for future consideration. The applicant's costs, which I fix at Rs. 150, shall come from the assets. The liquidator may pay himself Rs. 50 for his costs. I also direct that Mr. Gopalaswami Mudaliar be paid from the assets the costs of his application, which I fix at Rs. 50.
31...1930 (9) TMI 15 - HIGH COURT OF RANGOON
Ram Ragubhir Lal Versus The United Refineries (Burma) Ltd.
Directors Power of ......
...........ct Judge's finding on the remitted questions as a decision in this sense; It is merely an expression of this opinion for the assistance of this Court, which now has seizin of the case. The result is that this judgment is the first definite decision as to the invalidity of the appointment. The District Court, in its original judgment, did not decide the question, the view taken by the Judge being that in view of section 86 it was immaterial whether the appointment was valid or not. I hold, therefore, that this objection fails. (The remaining portion of the judgment is not material for the purposes of this report). Cunliffe, J.—I agree.
32...1931 (1) TMI 16 - JUDICIAL COMMISSIONER S COURT OF SIND
Shewaram Dewanmal Versus Charles M. Lobo
Winding up - Appeals from orders ......
...........iminal offence and it is, therefore, more of a criminal nature than of a civil nature. Apart from that, it does not appear to me that this is a case which can be certified as a fit case for appeal under section 109(c) if that section applies. The Court held that the balance sheet was prima facie a false one. This is a matter not of law but of fact. Moreover, this is not a final order as the question whether the offence for which the prosecution is ordered was really committed will be decided by the Magistrate. For these reasons I am unable to grant a certificate that the order is a fit one for appeal and dismiss the applications with costs.
33...1931 (1) TMI 19 - IN THE COURT OF APPEAL
Cousins Versus International Brick Co.
Meeting and proceedings Proxies ......
...........spect of which shareholders had not voted in person, were properly disallowed. Speaking for myself, I think that they ought to have been disallowed. But it by no means follows that, as between the proxy and the shareholder, the proxy in voting in accordance with the power given to him after notice that the proxy was withdrawn, was not committing a breach of duty to his principal in voting. The question is not raised in this case, but I desire to mention the point to show that it has not been overlooked, and to reserve any opinion upon it. Solicitors—Bateman & Co., for appellant; Clifford Turner, Hopton and Lawrence, for respondent.
34...1931 (1) TMI 20 - HIGH COURT OF MADRAS
M.K. Srinivasan Versus W.S. Subrahmanya Ayyar.
Meeting and Proceedings Power of Company Law Board to Order Meeting to be Called, Ascertainment of directors retiring by rotation and filling up vacancies, Directors - Right of person other than retiring director to stand for directorship and Filli ......
35...1931 (10) TMI 15 - IN THE SIND JUDICIAL COMMISSIONER S COURT
Karachi Bank Ltd. Versus J.R. Castellino
Winding up Fraudulent preference ......
...........lish Act is by summons. But it is clear that there is no provision in the Indian Companies Act for a summary method of recovering money paid by way of fraudulent preference. Section 231 merely defines what is a fraudulent preference. Section 185 has no application; it refers to contributories, trustees receivers, bankers, agents or officers of the company and provides a summary remedy in respect of such persons but no summary remedy is provided in respect of a creditor to whom payment had been made by way of fraudulent preference. I would, therefore, hold that the present application does not lie. Application dismissed. No order as to costs.
36...1931 (10) TMI 16 - HIGH COURT OF BOMBAY
Ali Mahomed Ghulam Hussain Molubhai Versus The Deccan Match Mfg. Co. Ltd.
Winding up Overriding preferential payments ......
...........managing agents ostensibly on behalf of the company, to ascertain from the memorandum and the articles of association whether the managing agents had power to borrow money on behalf of the company. The remarks in para. 6 of the learned District Judge's judgment set forth this position very clearly, and I entirely agree with them. In these circumstances, this appears to be a case in which if the true facts had been before the court, there should have been no judgment. The case falls within the principle of In re Van Laun, Ex parte Chatterton ( supra) and the order of the District Judge should be confirmed, and the appeal dismissed with costs.
37...1931 (10) TMI 17 - HIGH COURT OF LAHORE
The Merchants Ltd., In re
Restrictions on commencement of business ......
...........n view of the conclusions arrived at above, it is not necessary to discuss the remaining grounds urged on behalf of the contesting shareholders. The petition is accordingly dismissed. As regards costs, it was urged on behalf of the shareholders that the petitioning liquidators should be made to pay them as the company cannot be held to be legally liable. On the other hand, it is contended for the petitioner that they have acted in good faith and should not be made to suffer for the faults of others. In view of all the circumstances, I think, it will be on the whole equitable to leave the parties to bear their costs, and I direct accordingly.
38...1931 (11) TMI 6 - IN THE COURT OF CRIMINAL APPEAL
R. Versus Kylsant.
Prospectus Registration of ......
...........told them that on this third count it was sufficient if they found an intent to induce persons to subscribe or advance money to the company. As regards the appeal against sentence, we had considered this matter already, and having given the fullest consideration to everything the counsel for the appellant has now urged before us, we are quite unable to accede to the application that there should be any alteration in the sentence which has been passed. The application for leave to appeal against the sentence must also be dismissed. Solicitors :—Holmes, Sons & Pott, for appellant. The Director of Public Prosecutions, for the Crown.
39...1931 (12) TMI 10 - IN THE CHANCERY DIVISION
City of London Insurance Co., In re
Winding up - Liability as contributories of present and post members ......
...........call he had found it necessary to call further moneys by reason of the introduction of those words "and final." I think a final call means that you are purporting to extract the last possible shilling that can be obtained from the contributories, and not the final call, because when you make it you hope that it will indeed be final. But that is a matter of procedure. I think it is right that he should be able to enforce this call to level up, so far as possible—it may not be necessary—those persons with those who have not paid. Solicitors—Patersons, Snow & Co., for liquidator ; Reid Sharman & Co., for other parties.
40...1931 (12) TMI 11 - HIGH COURT OF RANGOON
F.G. Robson Versus Dawsons Bank Ltd.
Winding up - Meetings to ascertain wishes of creditors or contributors ......
...........our depositors should be in charge of that aspect of the management. I express no opinion whether this would be a successful scheme or not, but do say this, that it has to receive the sanction of this court. On consideration of that application the present applicants will have every opportunity of being heard, and in these difficult times, both in political and commercial affairs, I consider that it would be contrary to public policy to compulsorily wind up a substantial company of this character against which no substantial allegations of fraud have been proved before the court. For these reasons I agree that the appeal should be dismissed.
41...1931 (2) TMI 7 - HIGH COURT OF LAHORE
Secretary of State For India Versus Punjab Industrial Bank Ltd.
Winding up - Preferential payments ......
...........lt with by section 61 of the Provincial Insolvency Act with the object of superseding that section of the Insolvency Act and confining the decision on all such matters to the provisions of section 230 of the Companies Act. In my judgment, therefore, the view taken by the learned Judge in Chambers is correct and, I would, therefore, dismiss this appeal without considering whether or not the claim can be regarded as a debt due to the Crown inasmuch as, admittedly, if it were a Crown debt it does not fall within the purview of section 230 of the Indian Companies Act, Parties to bear their own costs in this Court. Shadi Lal, C.J.—I agree.
42...1931 (3) TMI 22 - HIGH COURT OF LAHORE
Buta Singh & Sons Ltd. Versus Peoples' Bank of Northern India Ltd.
Winding up Overriding preferential payments ......
...........he facts of that case, found that no good would accrue by staying the action. It is obvious that the circumstances of the present case are wholly different. Another case cited was Amrit Lal Kundu v. Anukul Chandra Das 43 C. 586; 34 Ind. Cas. 253; 20 CWN 358. In that case, however, the attached property had actually been sold and the sale proceeds brought into the executing Court, before the application was made to the High Court. After careful consideration, I am of opinion, that the application should be granted and proceedings in execution of the decree obtained by the bank against the company should be stayed. Order accordingly. No costs.
43...1931 (3) TMI 23 - HIGH COURT OF LAHORE
Shaw Bros. Versus Army Canteen Board (India).
Winding up - Power of registrar to strike defunct company off register ......
...........efore, open to the liquidator, if he thought that the Registrar was not doing his duty, to go to the Court and obtain the necessary order, and it cannot be argued that the sole means of securing the dissolution of the company was the lapse of the necessary period after the registration of the final meeting and that, therefore, it must be presumed that the Registrar's failure to register is equivalent to registration. The appeal must be accepted and the case returned to the trial Court for disposal of the other points involved in the case. Court-fee on appeal will be refunded and other costs will abide the event. Tek Chand, J.—I agree.
44...1931 (3) TMI 24 - HIGH COURT OF RANGOON
M.A. Kureshi Versus Argus Footwear Ltd.
Company when deemed unable to pay its debts ......
...........d up the company, not for the purpose of collecting the debt to which he was entitled, but for the purpose of ruining the company, if possible, and thereby avoiding the obligation that he was under to provide Rs. 7,900 for the balance of the shares which he had agreed with Sirpaul that he would purchase on 31st March, 1931. To my mind it is apparent that this bankruptcy petition was not presented bona fide by the petitioning creditor, and upon that ground also the petition was rightly dismissed by the learned Judge. For these reasons, in my opinion, the appeal fails, and is dismissed with costs, five gold mohurs. Maung Ba, J.—I agree.
45...1931 (3) TMI 25 - HIGH COURT OF LAHORE
Punjab Pulp & Paper Mills Ltd., In re
Winding up Suits stayed on winding-up order ......
...........ted above. If the suit of the petitioners is decreed and they are found entitled to enforce their alleged security against the assets of the company the amount spent by the Liquidators shall be deducted therefrom. In case, however, the petitioners' claim as secured creditors is disallowed the Government paper shall be returned to them ; and (b)That the result of the suit shall be reported to this court as soon after the decision as may be possible and the decree, if any, passed in favour of the petitioners shall not be executed against the Liquidators without the orders of this court. Parties shall bear their own costs of these proceedings.
46...1931 (4) TMI 17 - IN THE PRIVY COUNCIL
Egyptian Salt & Soda Co. Ltd. Versus Port Said Salt Association Ltd.
Requirements with respect to memorandum ......
...........rds "but not exporting from Egypt. " Their Lordships cannot accept this interpretation. In their view, the "obvious method" was not adopted and the memorandum does not effectively carry out the intention, if intention there was, to exclude from the permitted objects of the company the export of salt from Egypt. Their Lordships will therefore humbly advise His Majesty that the appeal should be allowed and injunction granted by the Court below dissolved. The appellant company will have their costs here and below. Appeal allowed. Lattey and Dawe—Solicitors for the Appellant. Herbert Smith & Co.—Solicitors for the Respondent.
47...1931 (4) TMI 18 - HIGH COURT OF PATNA
Bank of Bihar Limited Versus The Secretary of State
Winding up Suits stayed on winding-up order ......
...........fect, as in this case, of absorbing all the available assets. I do not mean to say that there may not be exceptional cases in Which the discretion undoubtedly given to the Court may not wisely be exercised. I would, therefore, reverse the decision of the learned Judge. The official liquidator will remain in possession of the property and will distribute the assets of the company in accordance with its statutory obligation. I would allow the appeal of the Bank of Bihar with costs which must be paid by the Local Government, and the Collector will hand over the assets to the official liquidator for distribution. Kulwant Sahay, J.—I agree.
48...1931 (4) TMI 19 - IN THE COURT OF APPEAL
R. Versus Registrar of Joint Stock Companies
Forming incorporated company Mode of ......
...........thin the meaning of that section has ever been passed authorising the sale of lottery tickets, and as I have already pointed out, as the permission to sell such tickets in Ireland is in terms limited by the Irish Act to Ireland, it follows that the sale in England is as illegal to-day as it was before the passing of the Irish Free State Act. For these reasons, I agree that this appeal must be dismissed, inasmuch as what the parties here have sought to do is to set up a limited company for a purpose which would necessarily be illegal. Solicitor—Arthur Benjamin & Cohen, for Appellant; Solicitor to the Board of Trade, for Respondent.
49...1931 (5) TMI 24 - HIGH COURT OF CALCUTTA
Damagoria Coal Co. Ltd., In re
Winding up - Preferential payments ......
...........the later Companies Act which, as was explained at length, contained provisions overriding the prerogative by which the Crown was bound. On appeal, Food Controller v. Cork [1923] AC 647 at 672 the Judgment of the Court of Appeal was upheld and, in the words of Lord Wrenbury, the Crown is bound "to a statutory scheme of administration wherein the prerogative right of the Crown to priority no longer exists." No reasons have been advanced why the petitioner board should proceed in execution and any question of priority under section 230 should be decided in the winding up. The application must be refused. Attorneys for Applicant: Dutt and Sen.
50...1931 (5) TMI 25 - HIGH COURT OF ALLAHABAD
Dehra Dun-Mussoorie Electric Tramway Co. Ltd. Versus Jagmandar Das
General provisions with respect to memorandum and articles Effect of memorandum and articles, Execution of deeds, ......
...........quidators. They will thus rank as unsecured creditors and will get their money is due course of liquidation. We allow the appeal and vary the decree of the trial court by granting to the plaintiffs a simple money decree for Rs. 29,773-4-3 to be realized by them in due course of liquidation. Interest at the contractual rate will cease as from the 29th of January, 1926. If there are any surplus assets, interest at 6 per cent, per annum will be payable out of the surplus up to the date of repayment. The appellants will get half the costs of this appeal and those in the court below from the respondents. The respondents will bear their own costs.
51...1931 (5) TMI 26 - IN THE PRIVY COUNCIL
Imperial Bank of India Versus The Bengal National Bank Ltd..
Charges Registration of ......
...........or payment by a guarantor or out of proceeds of sale of the security or otherwise; and, subject thereto." The costs of the parties in the appeal below should be costs in the application. The costs of both parties of the appeal to His Majesty in Council should be taxed; the costs of the Imperial Bank as so taxed being added to its security: the costs as so taxed of the respondent bank being included in the costs, charges and expenses of its liquidation. Their Lordships will humbly advise His Majesty accordingly. Morgan, Price, Marley and Rugg—Solicitors for the appellant. Sanderson, Lee & Co. —Solicitors for the respondent.
52...1931 (5) TMI 27 - HIGH COURT OF RANGOON
Esmail Esoof Moolla Versus Chartered Bank of India, Australia & China
Winding up Debts of all descriptions to be admitted to proof and Overriding preferential payments ......
...........cient information as to the facts material for the determination of this question. We do not know the circumstances under which "the appellants purported to represent the estate of Mariam Bibi and we are not disposed to decide this question in the present appeal. That is a question which will have to be determined when a claim is made. We are not prepared to express any opinion as to whether the decision of the learned Judge upon that question was correct; it remains open and must be re-argued and decided when the proper occasion arises. The respondents are entitled to costs out of the estate, three gold mohurs. Maung Ba, J. —I agree.
53...1931 (5) TMI 28 - IN THE PRIVY COUNCIL
Aveline Scott Ditcham Versus James J. Miller
Winding up - Distribution of property of company ......
........... be definitely insisted upon. The present case, in its result, at least shows, and properly shows, that if it be of importance that legal interests in property shall be duly assigned, it is perilous to ignore statutory requirements of procedure. Their Lordships accordingly are not able to accept the view of the Supreme Court in this matter. This appeal should, they think, be allowed and the order appealed from discharged. The appellant should have her costs of the appeal and also the costs incurred by her in the Supreme Court. And their Lordships will humbly advise His Majesty accordingly. Solicitors for the appellant :—Torr & Co.
54...1931 (5) TMI 34 - HIGH COURT OF PUNJAB
Kirpa Ram Versus Bharat Bank Ltd.
Company when deemed unable to pay its debts and Substitution of creditor or contributory for original petitioner ......
........... just to permit the continuation of that petition by Shri Harish Chandra. In Kirpa Ram v. Shriyans Prosad, Civil Miscellaneous No. 89 of 1951, decided on the 9th of March, 1951, Kapur, J., said : "The litigation which the plaintiff is carrying on is not a bona fide one." For the foregoing reasons, I refuse to substitute Shri Harish Chandra in place of Shri Kirpa Ram in Civil Original No. 17 of 1951, and dismiss the petition of Shri Kirpa Ram for non-prosecution. On the findings set out above, Civil Miscellaneous No. 15 of 1951, also fails and is dismissed. In the circumstances of the case, I make no order as to costs in these proceedings.
55...1931 (7) TMI 15 - HIGH COURT OF BOMBAY
Motilal Kanji & Co Versus Natvarlal M. Jhaveri
Compromise and arrangement ......
...........oposed for their consideration. But when the parties really concerned in the affairs of the company rejected the scheme, it was no concern of the appellant to appeal to this Court, and say that the contributories and the creditors of the company shall not be allowed to manage their own affairs as they like. Without applying to him the choleric words of the Privy Council to which my learned brother has referred, it may be said that he has nothing to do with what the liquidator, the contributories and the creditors of the company do amongst themselves. I, therefore, agree that the appeal should be dismissed with costs on the preliminary point.
56...1931 (7) TMI 16 - IN THE CHANCERY DIVISION
Latchford Premier Cinema Ltd. Versus Ennion & Paterson
Removal of director ......
........... service which requires a written notice on either side before it can be terminated, it cannot be terminated by word of mouth by mutual agreement between the parties. That is all that has happened in this case, and, in my judgment, the offices of the defendants were vacated, when on February 10, 1931, they verbally offered to resign, and their offers were accepted by the resolution of the company. Accordingly, there should, in my judgment, be an injunction in the terms of the notice of motion. Solicitors—William Charles Crocker, Agent for Wood, Lord & Co., Manchester, for plaintiff. Lewis and Dunkerly Warrington, for the defendant.
57...1931 (7) TMI 17 - IN THE PRIVY COUNCIL
Ripon Press & Sugar Mill Co. Ltd. Versus V. Gopal Chetty
Winding up - Company when deemed unable to pay its debts, Exercise and control of liquidators powers and Meetings to ascertain wishes of creditors or contributors ......
58...1931 (9) TMI 6 - HIGH COURT OF BOMBAY
Maneckji Petit Mfg. Co. Ltd., In re
Winding up Overriding preferential payments ......
...........ntitled to preferential treatment under s. 230 of the Indian Companies Act. They are, therefore, as much in the position of ft creditor as any one else, and they can only come in with the other creditors, and are entitled to be paid pro rata along with the other creditors on a declaration of the dividend. The application must, therefore, be dismissed. I make no order as to the costs of the claimants. Costs of the liquidator will come out of the assets of the company when taxed as between attorney and client. Counsel certified. Merwanji Kola & Co., attorneys for Petitioner. Ardeshir, Hormusji, Dinshah & Co. attorneys for Respondent.
59...1932 (1) TMI 18 - HIGH COURT OF LAHORE
Modal Bank of India Versus Janwi Narain
Company Membership of, Shares Allotment of and Directors Power of ......
...........never took any real part into the business of the company. But there is nothing to show that he did not receive the various notices of the meetings etc. sent to him nor the letters appointing him director, etc. and it is too late in the day for him now to contend that, though he never took any steps whatever to repudiate the assignment of shares to him at that time, he could do so now when he is called upon to pay his share money. I, therefore, accept the appeal and hold that the respondent is a contributory and the liquidator is entitled to call upon him for the share money due. The respondent will pay the costs of the appellant throughout.
60...1932 (1) TMI 19 - HIGH COURT OF CALCUTTA
Geoffrey Cornwallis Montgomery Versus Sikdar Iron Works Ltd.
Winding up Liability as contributories of present and past members and Winding up Power of Tribunal to make calls ......
...........e. I quite agree that there are hard cases where nevertheless no attention can be paid to the hardship. But I am not of opinion that this is such a case. In my judgment it would be wrong for this Court to make an order that Mr. Montgomery should pay this amount twice over. In this view, I am of opinion that the appeal should be allowed, the order of the learned Judge as against Mr. Montgomery should be discharged and the application against him should be dismissed with costs before the learned Judge and in this Court. C.C Ghose, J.—I agree. Solicitors — Sanderson & Co. for the Appellant. Khaitan & Co. for the Respondent.
61...1932 (1) TMI 20 - IN THE CHANCERY DIVISION
Russian & English Bank Versus Baring Bros. & Co.
Winding-up of foreign companies ......
...........itor. At the Bar the defendants limited their claim to recover their costs from the solicitors who issued the writ to the costs of this summons but, having regard to the difficulties involved in ascertaining the effect of the Soviet legislation and to the length of time the defendants allowed to elapse before making this application, I think justice will be satisfied if I make an order to stay the action and say nothing about costs, except that the respondent solicitors must pay those of the Attorney-General. Solicitors:—Bischoff, Core, Bischoff and Thompson for summons; Guedalla, Jacobson and Spyer for respondents; Treasury Solicitor.
62...1932 (1) TMI 21 - HIGH COURT OF ALLAHABAD
Swadeshi Cotton Mills Co. Ltd., In re
Allotment of shares ......
........... which the duty due under the Stamp Act has been fully paid. It is not for us to consider whether the Registrar of Joint Stock Companies was right or wrong in accepting this agreement as a contract of sale under section 104 of the Indian Companies Act. The allotments of shares were to be made after this agreement was executed. The allotments were in fact made subsequently. We do not think that there is anything in the provisions of section 104 of the Indian Companies Act which requires that a duty payable on a conveyance should be levied on an agreement for the allotment of shares by a company in future. This is our answer to the reference.
63...1932 (1) TMI 23 - IN THE SIND JUDICIAL COMMISSIONER S COURT
Official Liquidators of the Karachi Bank Ltd. Versus Shewaram Dewanmal
Penalty for false statements ......
...........ucible, one favourable to the accused and the other against him, the former should ordinarily prevail. The opponents have remained in suspense for over a year and a half. The case took an inordinately long time in the Magistrate's Court. Not that anybody should be blamed for it, but the fact remains that for so long the opponents had the sword hanging over their heads. It would not be in the interest of public policy to prolong the anxiety of the opponents ad lib. To order further prosecution might, I fear, amount to prosecution. For the foregoing reasons then I would dismiss this application and refuse to order a further enquiry to be held.
64...1932 (10) TMI 11 - IN THE COURT OF APPEAL
Scientific Poultry Breeders Association Ltd., In re
Alteration of memorandum ......
...........e company amongst the members; in the words, we find in clause 4 a provision that the objects of the company in whatever other manner they may be carried out, are not to be carried out in that manner; none the less, though it is negative in its terms, it is a provision in respect to the objects of the company. I entirely associate myself with the remarks made by the Lord Justice-Clerk and Lord Hunter in the Scottish case of Incorporated Glasgow Dental Hospital v. Lord Advocate, a case which is really, in my opinion, indistinguishable from the present. Appeal allowed. Solicitors—Finnis, Downey, Linnell & Chessher, for the company.
65...1932 (10) TMI 9 - HIGH COURT OF LAHORE
Punjab Sindh Chattar Versus Lahore Bank Ltd.
Contributories in case of death of member ......
..........." It would appear from the wording of this section that the personal representatives of the contributory automatically become liable instead of the deceased contributory. I am, therefore, of opinion that no application for the purpose was necessary and consequently no question of limitation arises. The application made in the present instance was simply intended to bring to the notice of the court the death of Surjan Singh and the court was bound to treat his personal representatives as contributories in his place in accordance with the provisions of section 126 of the Indian Companies Act referred to above. I dismiss the appeal with costs.
66...1932 (11) TMI 10 - HIGH COURT OF MADRAS
Pioneer Mutual Benefit & Friend-In-Need Society Ltd. Versus Assistant Registrar of Joint Stock Co.
General provisions with respect to memorandum and articles - Effect of memorandum and articles ......
...........hether it is likely to mislead the ignorant anxious to raise money or not is not my concern. Whether this falls within section 294-A of the Indian Penal Code is the question I have to consider. If it does it is certainly better to stop it at the threshold rather than to allow the company to proceed along these lines and then wind it up as an illegal company after many thousands of people may be, have entered the scheme. In my opinion it does offend against section 294-A and the Assistant Registrar of Joint Stock Companies was right in refusing to register the articles as presented to him. The motion is accordingly dismissed with taxed costs.
67...1932 (11) TMI 9 - CHANCERY DIVISION AND IN THE COURT OF APPEAL
William Metcalfe & Sons Ltd., In re
Kinds of share capital - Two kinds of share capital ......
........... He was dealing with a somewhat similar question to this and he says (81 L. J. Ch., at p. 723; (1912) 2 Ch., at p. 580): "To my mind the considerations affecting capital and dividend are entirely different. The preference given to capital is in the winding up, and the preference claimed to be given to dividend here is in a going concern, and I do not think that you can reason from what will happen to capital in a winding-up what ought to happen to dividend while the company is a going concern." To my mind the converse of that proposition is directly applicable to the present case. For these reasons I agree that this appeal must be dismissed.
68...1932 (12) TMI 6 - IN THE PRIVY COUNCIL
Hansraj Gupta Versus Official Liquidators of the Dehra Dun Mussourie Electric Tramway Co., Ltd.
Winding up - Payment of debts due by contributory and extent of set off ......
...........t which an agreement is discovered to be void within the meaning of section 65 is the date of the agreement, viz., the 13th September 1922 (see Annada Mohan Roy v. Gour Mohan Mullick [1923] I.L.R. 50 Cal. 229). Their Lordships are of opinion that this appeal should be allowed and that the decree of the 14th May, 1929, should be set aside and that in lieu thereof a decree should be made dismissing the application of the liquidators with costs; and they will humbly advise His Majesty accordingly. The respondents must pay the appellants' costs of this appeal. Solicitors: W.W. Box & Co. for appellants. Gardew, Smith and Ross for respondent.
69...1932 (2) TMI 18 - IN THE CHANCERY DIVISION
Lee Behrens & Co., In re
Requirements with respect to memorandum and Meetings and proceedings - Annual General Meeting ......
........... from complaining of what they have sanctioned; but for the purpose of binding a company in its corporate capacity individual assents given separately are not equivalent to the assent of a meeting. The company is entitled to the protection afforded by a duly convened meeting, and by a resolution properly considered and carried and duly recorded." All of which is peculiarly appropriate to the present case. In my opinion, the rejection of this proof by the liquidator was quite right, and I must therefore dismiss this summons with costs. Solicitors—Billinghurst, Wood & Pope, for applicant; W.W. Young, Sons & Ward, for liquidator.
70...1932 (2) TMI 19 - HIGH COURT OF RANGOON
Dawson Versus Hormasji
Meetings and Proceedings Chairman of Meeting and Compromise & arrangement. ......
...........y of the proxies that have been tendered. I do not propose, and for the purpose of deciding these appeals it is unnecessary, to consider whether any of the proxies tendered at the meeting were admissible or not. At this stage of the proceedings it is premature for the court to consider or determine that question. We have decided that the court is entitled to entertain the appeals, and that being so, all parties to the appeals consent to the appeals being allowed, and the order from which the appeals are brought set aside. The costs of the liquidators will be defrayed out of the funds of the Bank, five gold mohurs. Mya Bu, J.—I agree.
71...1932 (2) TMI 20 - HIGH COURT OF ALLAHABAD
Bishambhar Nath Versus Agra Electric Stores Ltd.
Winding up - Powers and duties of liquidator ......
........... the absence of any provision of law or contract. The lower appellate court has held that under Article 14, Table A, interest was payable, but in our opinion interest that is payable under Article 14 is interest as a share-holder and the defendant ceased to be a shareholder of the company on the date when the share was forfeited. See also Stocken's Case [1868] 3 Ch. App. 412; 37 LJ Ch. 230; 17 LT 554; 16 WR 322 . We therefore modify the decree of the lower appellate court and restore the decree of the court of first instance. Parties will pay and receive costs in proportion to failure and success, in this Court and the lower appellate court.
72...1932 (2) TMI 21 - HIGH COURT OF LAHORE
Mumtaz Bank Ltd., In re
Winding up Application for and Right to present winding-up petition where company is being wound-up voluntarily or subject to courts supervision ......
........... the rate fixed by the shareholders in the meeting held on the 6th of September, 1930, when they decided that the company should go into voluntary liquidation and which is by no means excessive having regard to the meagre assets of the company and the amount of work which the liquidators will have to do. The remuneration fixed above shall be shared equally by the two joint official liquidators. I also order that under section 164 of the Act, all further proceedings in this liquidation be taken in the Court of the District Judge, Lahore. Having regard to all the circumstances, I leave the parties to bear their own costs of these proceedings.
73...1932 (2) TMI 23 - HIGH COURT OF CALCUTTA
Pabna Dhanabhandar Co. Ltd. Versus Foyez-Ud-Din Mia
Winding up - Liability as contributories of present and post members and Penalty for false statements ......
..........., so it is said, of a nature cognizable by a Court of Small Causes. In view however, of the provisions of section 159(2), Companies Act, and of the definition of the term "contributory" in section 158 of that Act I am of opinion that the preliminary objection is without any substance and I have accordingly considered and decided the appeals on the merits. The appeals are dismissed with costs and the judgment and decrees of the lower Appellate Court are affirmed. Separate costs are awarded to the respondents in respect of each of the two hearings of the appeals in this court, viz., the former hearing before Coming, J., and the present hearing.
74...1932 (3) TMI 15 - HIGH COURT OF MADRAS
Lakshmana Mudaliar Versus Emperor
Annual Return Penalty for not filing and Balance sheet Default in filing copies of ......
...........liquidator, T.A. Doss. With regard to this I may say that this liquidator has failed to prove his status. In the Fort St. George Gazette dated 31st January, 1931, three liquidators were appointed and he says that two of those resigned and the third appointed petitioner in his place. But he failed to show me any authority for one liquidator appointing another in his place. I consider therefore that he has no locus standi. As the grounds taken by the 4th accused are the same as those taken by the other accused, this petition must also be allowed. In the result the convictions are set aside and the accused acquitted. The fines will be refunded.
75...1932 (3) TMI 16 - HIGH COURT OF MADRAS
Universal Mutual Aid & Poor Houses Association Ltd. Versus A.D. Thoppa Naidu
Winding up Company when deemed unable to pay its debts ......
...........the keeping of any office or place for the purpose of drawing any lottery not authorised by Government or in publishing such lottery. Theye can, I think, be no doubt that the company in keeping an office, as it does, for the conduct of this lottery, and in publishing in its Articles and prospectus the scheme of the lottery, is acting in contravention of section 294-A. The business at least a very substantial part of it, which it is carrying on is consequently an illegal business ; and such being the position, the case of In re International Securities Corporation (supra) is good authority for ordering the compulsory winding up of the company.
76...1932 (3) TMI 17 - HIGH COURT OF LAHORE
Haribans Prasad, Ayodhya Prasad Versus National Sugar Mills Ltd.
Winding up Delivery of property to liquidator ......
...........ders it shall be paid to whichever party is found entitled to it. Having regard to all the circumstances I leave the parties to bear their own costs in this Court. Both Counsel have been directed to cause their respective clients to appear before the District Judge, Delhi, on the 4th of April, 1932, when the learned Judge will fix a date in the following week for framing the necessary issues. He shall then adjourn the hearing to a suitable date in the month of May, 1932, when evidence for both parties shall be recorded from day to day. The Assistant Registrar is directed to take steps to transmit the records to the District Judge forthwith.
77...1932 (4) TMI 10 - IN THE CHANCERY DIVISION
William C. Leitch Bros. Ltd., In re.
Winding up Liability for fraudulent conduct of business ......
...........eclaration is to be a charge upon the debenture which, I understand, is still held by him. [Finally, his Lordship dealt with the claims for misfeasance and made an order that the respondent should pay to the liquidator £260, the amount of the goods which he removed while acting as manager for the receiver; £1,300, the amount which he received while acting as manager for the receiver also the sums of £500, £684 6s. 8d. and £154 respectively, with interest thereon as claimed by the summons.] Solicitors—Bernard Kuit & Co., Manchester, for liquidator; Harry Finklestone, Manchester, for respondent director
78...1932 (4) TMI 9 - HIGH COURT OF LAHORE
General Relife Association Versus Crown
Company Incorporation of ......
...........s to the officers of the company. As regard this, I have directed the learned Government Advocate to make enquiries as to what reasonable facilities the Police are prepared to offer to the petitioners and the case will come up for hearing next Friday when orders will be passed. (The case came on for further hearing and the learned Judge passed the following Order.) The parties agree that a clerk or clerks of the company may to go the Police Station, Old Anarkali, between the hours of 10 A.M. to 4 P. M. and take copies of the entries in the registers taken by the Police. Reasonable facilities will be given to secure compliance with this order.
79...1932 (5) TMI 6 - IN THE CHANCERY DIVISION
Contal Radio Ltd., In re
Compromise & arrangement and Winding up - Arrangement when binding on company and creditors ......
...........petition. [Accordingly it was ordered that the petition should stand over for a fortnight to enable the creditors to pass a scheme of arrangement.] May 9.—It was stated to the Court that a summons had been taken out for leave to convene a meeting of creditors under section 153 of the Companies Act, 1929. The Court thereupon ordered that the petition should be adjourned until the first petition day of the following sittings, thus enabling the creditors to consider a proposed scheme under section 153 of the Companies Act, 1929. Solicitors—Cochrane & Cripwell for the Petitioner; G. Edmund Hodgkinson for the Respondent Company.
80...1932 (6) TMI 10 - HIGH COURT OF RANGOON
Tan Waing Versus Bo Hein
Associations and partnerships exceeding certain numbers Prohibition of ......
...........hey had contributed for the purpose of the Society. In these circumstances it appears to me that this association was formed inter alia for the purpose of carrying on a money-lending business that had for its object the acquisition of gain by individual members of the society. If that be so, it follows that the Society falls within section 4, Companies Act, and as it is admitted that the number of its members is 124, and that it is not registered as provided by law, the suit must fail. The result is that the appeal is allowed, the decree of the District Court set aside, and the decree of the Sub-Divisional Court restored. No order for costs.
81...1932 (6) TMI 11 - HIGH COURT OF LAHORE
Lal Chand Versus Official Liquidator of The Punjab United Bank Ltd.
Winding up Appeals from orders ......
...........ppellants contends that time against his clients began to run from the last order passed by the District Judge refusing the application of his clients on the 18th December, 1931. I am unable to agree with this contention. This order did not direct the examination of the appellants. It was not an order made under section 196 of the Indian Companies Act. The order under that section had already been made in December, 1929 and an appeal lay only against that order. This appeal is clearly barred by time. I dismiss it but as the objection as to limitation was not raised by the respondent, I leave the parties to bear their own costs in this Court.
82...1932 (7) TMI 10 - HIGH COURT OF RANGOON
Lawrence Dawson Versus J. Hormasji
Compromise & arrangement, Winding up - Appeals from orders and Power of Supreme Court to make rules ......
...........freedom to the committee and to the liquidators in the furtherance of their new arrangement and an increased power to deal with unforeseen eventualities because the margin of liquid annual finance would be substantially enlarged. There are objections to every scheme and I can see objections in this one here, but they are not insuperable or fundamental objections; and I, therefore, prefer this constructive compromise to the compulsory liquidation put forward by those who raise their objections in such a half-hearted way. For these reasons I agree with the modified sanction proposed by the learned Chief Justice and that the appeal be allowed.
83...1932 (7) TMI 8 - IN THE PRIVY COUNCIL
Hansraj Gupta Versus N.P. Asthana
Winding up Liability as contributories of present and past members ......
...........This view renders it unnecessary to consider whether the application was out of time. Their Lordships, however, think it right to state that, as at present advised, they are unable to understand how the period of 30 days mentioned in Rule 58 of the Rules before mentioned can have commenced to run unless and until the notice contemplated by Rule 57 had been served. This admittedly was never done. Their Lordships will humbly advise His Majesty that this appeal (No. 127 of 1930) should be dismissed. The appellants will pay the costs of the appeal. Solicitors — WW Box & Co. for the Appellant. Garden Smith and Ross for the Respondent.
84...1932 (9) TMI 11 - HIGH COURT OF MADRAS
Official Liquidator, Bellary Electric Supply Co. Ltd. Versus Kanniram Rawoothmal
Shares Allotment of ......
...........fect of which is that the provision of the Interest Act are all comprehensive and interest can only be allowed in accordance therewith. Applying that principle it is clear that this payment of Rs. 1,400 cannot be construed to be "a debt or sum certain payable at a certain time—by virtue of a written instrument." It is payable "otherwise" (i.e., as money had and received) and interest is, therefore, only recoverable from the date of demand, that is, petition dated 27th July, 1928. We, therefore, vary the decree of the lower Court to this extent and with this variation dismiss this appeal with costs here and as decreed in the lower Court.
85...1932 (9) TMI 12 - HIGH COURT OF BOMBAY
D.K. Jhalani Versus H.H. Wadia
Winding up - Liability as contributories of present and post members ......
...........s entitled to assume that these notices were sent out by the agents of the company with the sanction of the directors, and that the directors had in fact appointed the persons and the place, and that is the assumption which I make. In my opinion, therefore the requirements of the articles in this case had been complied with and the appellant's shares were duly forfeited. It follows that the company were not entitled to rescind the forfeiture without the consent of the appellant : see Larkworthy's case and his name ought not to have been placed upon the list of contributories. Accordingly I agree that this appeal should be allowed with costs.
86...1933 (1) TMI 18 - KING S BENCH DIVISION
Stead Hazel & Co. Versus Cooper
Winding up Disclaimer of onerous property, etc., after commencement of ......
...........was not intended, by conferring the right of disclaimer upon the liquidator, to affect his personal rights or liabilities. If such had been the Intention, the statute could not have provided, as it does by section 267, sub-section 2, that the disclaimer shall not affect the rights or liabilities of any other person than the company, since the disclaimer would be affecting the personal liability of the liquidator by determining it. I therefore give judgment for the defendant, with costs. Solicitors—Layton & Co., Liverpool, for Plaintiffs; Hill Dickinson & Co., agents for J. Arnold Brierley & Robinson, Oldham, for D efendant.
87...1933 (1) TMI 19 - IN THE CHANCERY DIVISION
Walters Deed of Guarantee, In re
Requirements with respect to memorandum ......
...........d, preference shareholders are not entitled to be paid twice over any part of dividends which the defendant has provided for distribution among them. I therefore declare that Clause 7 is wholly ultra vires and void, and that this declaration is without prejudice to any claim of the defendant to be subrogated to the rights of preference shareholders of the company as to payments which may be made in regard to preference dividends for the period of three years from May 30, 1928, or in respect of any rights of preference shareholders in a winding-up. Solicitors—Samuel Price, Sons & Robertson for plaintiffs; Lucien Fior, for defendant.
88...1933 (1) TMI 20 - IN THE COURT OF APPEAL
Matthew Ellis Ltd., In re
Winding up Effect of floating charge ......
...........ot hold the only interest, or even a controlling interest, so far as I know. Why in those circumstances it should be said that this was merely a subterfuge to make it appear there had been a payment in cash, when there was in fact no payment in cash, I do not know. The circumstances appear to me to point strongly in favour of the conclusion that here there was in truth and in fact, in substance and not merely in form, a payment of cash by Mr. Tipper to the company. For these reasons I have come to the conclusion that this appeal should be allowed. Solicitors—Stibbard, Gibson & Co., for appellant; Syrett & Sons, for respondent.
89...1933 (1) TMI 21 - HIGH COURT OF ALLAHABAD
Gur Prasad Kapoor Versus Rameshwar Prasad
General provisions with respect to memorandum and articles - Effect of memorandum and articles ......
...........tiffs 1 to 6 and 8 of their duties, and with the exercise by them of their powers, as directors of the Ramchand Gursahaimal Cotton Mills Co., Ltd., and directing B. Panna Lal Burman, defendant 8, to refrain from performing the function of the general manager. The defendants are further directed to refrain from interfering with R. B. Vikramajit Singh, plaintiff 8, in performing the functions of the chairman of the board of directors. B. Gur Prasad, defendant 1, is directed to refrain from acting as chairman of the board of directors. Subject to the directions set out above, we confirm the order appealed from and dismiss this appeal with costs.
90...1933 (10) TMI 1 - CEGAT, NEW DELHI
EASTERN MINERALS Versus COLLECTOR OF CENTRAL EXCISE, INDORE
Manufacture ......
...........so cannot be of any assistance to the appellants. 10. In view of the above discussion we rely on the decision of the Tribunal in the case of Associated Soap Stone Distributing Co. (P) Ltd. v. Collector of Central Excise (supra) and the judgment of the Madhya Pradesh High Court in the case of Kher Stone Crushers v. District Inds. Centre (supra) and hold that grinding or crushing or grinding of lumps of Diaspore and Prophylite into powder or smaller lumps of specified sizes amounts to manufacture in terms of Section 2(f) of the Central Excises & Salt Act, 1944. 11. In the result the cross objection is allowed, and the appeal is dismissed.
91...1933 (10) TMI 12 - IN THE CHANCERY DIVISION
Barry & Staines΄ Linoleum Ltd., In re
Powers of court to grant relief in certain cases ......
...........be that the shareholders would be unwilling to direct proceedings to be brought against the petitioner in respect of sums paid to him as a director to which he was not entitled. But I have no information with regard to that matter and, accordingly, while granting relief under the first part of the prayer of the petition and relieving him from any liability for fines or penalties incurred by his having acted as a director without being qualified, I do not propose to grant him relief under the second part of the prayer in respect of his having drawn or received remuneration while so acting as a director. Solicitors—Linklalers and Paines.
92...1933 (10) TMI 13 - HIGH COURT OF ALLAHABAD
Dehra Dun Mussourie Electric Tramway Co. Ltd., In re
Winding up - Preferential payments ......
........... should be given interest on outstanding debts before the preferential shareholders could get anything. This is also the rule in England. I decide, therefore, that the creditors must get interest. The only question which remains is the question of rate of interest. I am not bound to give the creditors the contractual rate but, I think, in most cases where there has been a contract, I should give 6 per cent. provided the contractual interest is equal to or greater than this rate. Where there has been no contract for interest, I think, a rate of 4 per cent. will meet the case. I direct the liquidators accordingly to pay interest at these rates.
93...1933 (11) TMI 15 - HIGH COURT OF ALLAHABAD
Bir Chand Versus John Bros.
Winding up Avoidance of transfer, etc., after commencement of ......
...........course, pay to the liquidator Rs. 1 per share for the registration of the transfer. Under the trust deed, although the charge only applied to 3,841 shares, the actual amount now is 3,843 shares, and as the debenture holders have a charge on all the assets of the Agra United Mills, the total amount of the shares in the possession of the Agra United Mills being 3,843, the debenture holders will be entitled to this number of shares. I think the successful applicant is entitled to his costs from Seth Bir Chand, which I fix at Rs. 150. The decree will not be prepared until the successful applicant has paid the proper stamp duty on his application.
94...1933 (11) TMI 16 - IN THE JUDICIAL COMMISSIONER S COURT OF NAGPUR
Bisanch & Champalal Ginning Factory Versus Govinda Vishnusa
Associations and partnerships exceeding certain numbers Prohibition of ......
........... as one person for the purposes of Section 4, Companies Act. The appeal is therefore allowed and the case is remanded to the first Court for a decision of the question which of the 48 persons mentioned in the pleadings are partners, as opposed to sub-partners to the agreement. The parties will be at liberty to make fresh pleadings and to adduce evidence on this point. If it is held that more than 20 of these individual members are partners to the agreement, then the present suit must fail. A certificate will issue for the refund of court-fees paid in this Court. Costs in this Court and in the lower appellate Court will be costs in the cause.
95...1933 (11) TMI 17 - HIGH COURT OF ALLAHABAD
Indian States Bank Ltd., In re
Winding up - Preferential payments ......
...........esentation of the petition, that is, the presentation of the petition for a compulsory winding up. This case however, was considered in the case of the Havana Exploration Co., Ltd. There the learned Master of the Rolls came to the conclusion that the wordings of the two sections were completely different and that a decision on the fraudulent preference section could not be taken to be an authority on the preferential claim section. I, therefore direct the official liquidator to treat the claim for preference by the servants of the company in liquidation as if liquidation commenced from the date of the resolution for the voluntary winding up.
96...1933 (11) TMI 20 - IN THE CHANCERY DIVISION
Dorman Long & Co., In re
Compromise and arrangement ......
........... the improper rejection of proxies, the resolutions were not passed by the requisite majorities. His Lordship considered that in the South Durham case and in the case of the Dorman Loiig stockholders fresh meetings should be summoned.] Solicitors—Freshfields, Leese & Munns, for Dorman Long & Co.; G. Houghton & Son, for opposing debenture holders; Lincoln & Lincoln, for a group of debenture holders; Johnson, Weatherall, Sturt & Hardy, for South Durham Co.; Crossman, Black & Co., agents for Jos. H. Smith & Graham,, West Hartlepool, for an opposing shareholder ; Nicholl, Manisty & Co., for a mineral lessor.
97...1933 (12) TMI 22 - IN THE CHANCERY DIVISION
Russian and English Bank Versus Baring Bros. & Co. (No. 2)
Winding-up of foreign companies ......
...........32, the action in which the present motion is made was dead—dead because there was no plaintiff to maintain it; and I can see nothing in the language of section 338 which re-animates the plaintiff or avoids the dissolution brought about by the foreign law. Therefore, there is to-day no action in which the present application can be made. It is dead for all purposes. That is all that it is necessary for me to say to dispose of the present application. I dismiss the motion with costs. Solicitors—F.M. Guedalla & Co., for applicants; Bischoff, Coxe, Bischoff & Thompson, for respondent; Treasury Solicitor, for Attorney-Genera.
98...1933 (12) TMI 23 - HIGH COURT OF BOMBAY
Bhajekar Versus Shinkar
Directors Power of ......
...........otice of motion, one for the 6th defendant company, one for the 7th defendant company, and one for defendants 1 to 5. The plaintiffs to pay the costs of and incidental to the meeting held on September 10,1933, in pursuance of the order of August 3, 1933, to the 6th defendant company. The Commissioner to return to the 6th defendant company the proxies and papers relating to the meeting. Payne & Co., Attorneys for plaintiffs; Samant & Co., Attorneys for defendants No. 1-5; Motichand & Devidas, Attorneys for defendant No. 6; Craigie, Blunt & Caroe, Attorneys for defendant No. 7 and Payne & Co., Attorneys for defendant No. 8.
99...1933 (12) TMI 24 - IN THE CHANCERY DIVISION
Beni Felkai Mining Co., In re.
Winding up Power to order costs and Costs of voluntary winding up ......
...........ught to be inquired into; but I think I am justified, on the whole, in making an order that the liquidator's remuneration received by him or paid to himself before December 8, 1930—that being the date of the assessment of £487 16s.—shall not be disturbed. I propose to direct an inquiry as to what remuneration is proper to be allowed to the liquidator for the period subsequent to that date in respect of services rendered which may fairly be regarded as necessary for the preservation of the property belonging to the company. Solicitors—Solicitor of Inland Revenue, for the applicant; Rowney & Co., for the respondent.
100...1933 (12) TMI 25 - IN THE SIND JUDICIAL COMMISSIONER S COURT
Naraindas Lahoredas, In re
Winding up - Liability as contributories of present and post members, Shares Power, to issue of at discount and Company Membership of ......
...........e further question of the liability of these opponents qua directors. I pass the same order in respect of opponents Nos. 2,5, 6, 7, 8 and 11 who are ex parte and who are also signatories to the memorandum. Opponent No. 13 is not a signatory to the memorandum. He is ex parte and therefore there is nothing on the record to show that he is not liable and I order that his name be also entered in the list of contributories. The official liquidator will have his costs from Opponents Nos. 1, 3, 4, 10, 12, but Opponents Nos. 1 and 3 will not be liable for the costs of the commission which was not issued in consequence of any objection raised by them.