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Case Laws
Showing 81 to 100 of 445 Records
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2001 (12) TMI 823
Rectification of mistake ... ... ... ... ..... f a question of law to the H.C. in terms of Section 35G (1) of the Central Excise Act, was dismissed. 2. emsp No ROM is legally maintainable against such order of the Tribunal under any provision of the Central Excise Act. Therefore, ROM application of the Revenue is ordered to be dismissed.
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2001 (12) TMI 822
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... r contentions urged on behalf of the appellant-company. The winding up petition shall now proceed for hearing on the merits before the learned company judge. 51. The appeal is accordingly dismissed. However, there will be no order as to costs because although the oversights on the part of the respondent-company and its officer did not require them to suffer on the merits, they must at least suffer their own costs of this appeal. 52. At this stage, the learned counsel for the appellant-company makes a request for staying the operation of this judgment in order to have further recourse in accordance with law. 53. Since we have only dismissed the appeal against the order of the learned company judge rejecting the preliminary contentions of the appellant-company against maintainability of winding up petition which is pending before the learned company judge since September 2000, we see no reason to grant any stay of operation of this judgment. The request is, therefore, rejected.
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2001 (12) TMI 821
Compromise and arrangement ... ... ... ... ..... ons) and also in regional languages in the leading regional newspapers in all regions of India where the creditors are located. This would sufficiently protect the interest of the creditors. 19. At the hearing of the petition, Commerzbank A.G. (who claims to have a claim against the applicant and hence, a creditor) appeared and sought leave to intervene and file an affidavit of Shri C.G. Pradeep Kumar. Intervenor has no locus to be heard on an issue whether the meeting of the creditors should be convened or not. The intervenor would be heard at the hearing of the petition for sanction of a scheme, if it satisfies the Court that it is a creditor. 20. In view of this, I allow the application and direct that the meeting of the shareholders of the applicant company be held and dispense with the holding of meeting of the creditors. Minutes of the order convening the meeting of the shareholders submitted by the applicant are accepted, subject to the observations made in this order.
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2001 (12) TMI 819
Professional misconduct ... ... ... ... ..... olicitor, and observed lsquo If it is shown that a medical man, in the pursuit of his profession, has done some thing with regard to it which would be reasonably regarded as disgraceful or dishonourable by his professional brethren of good repute and competency, then it is open to the General Medical Council to say that he has been guilty of lsquo infamous conduct in a professional respect rsquo . The Privy Council approved of the definition in George Frier Granhame v. Attorney General, Fiji AIR 1936 PC 224 and this Court in the matter of P. An Advocate AIR 1963 SC 1313 has followed the same. rsquo 11. Keeping in view of the nature of misconduct proved against the respondent we are of the opinion that the penalty recommended by the Institute is not unreasonable. We accept the recommendation of the Institute to remove the name of respondent from register of Members for a period of one month and order accordingly. 12. Reference application stands disposed of. Order accordingly.
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2001 (12) TMI 818
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... 2 of 2000 in the Debt Recovery Tribunal at Guwahati for recovery of sum of Rs. 2,52,91,796.96, but the case of the State Bank of India in the said O.A. No. 42 of 2000 is that the dues have been secured by the company by hypothecation of goods and mortgage of immovable properties including 1,000 acres of land by depositing title deeds and as such the secured creditor has the right to recover its dues from the company through the said proceedings in the Debt Recovery Tribunal in accordance with the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The State Bank of India also does not support the prayer of the petitioners that the company should be ordered to be wound up and has instead contended that proper remedy for the petitioners is a civil suit and not a petition for winding up of the company. For the aforesaid reasons, I am not inclined to pass an order for winding up of the company in this case and I accordingly dismiss the petition.
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2001 (12) TMI 817
Notice of forfeiture ... ... ... ... ..... d upon this order of the Tribunal. 10. Insofar as the seventh reason is concerned that the petitioners the issuing of notice is mala fide and without jurisdiction and the reason to belief are based upon guess work cannot be sustained as no mala fides are detailed in the writ petition. Considering the plea of the petitioners in the pending Civil Writ Petition Nos. 5444 of 2000 5373 and 5293 of 2001 that the lands in question in those petitions belonged to the petitioners in the present group of writ petitions, the show-cause notices, impugned in this group of petitions prima facie cannot be said to be based upon guess work. 11. Accordingly, I am of the view that the petitioners have sought to approach this Court prematurely and the appropriate cause for the petitioners is to show cause in reply to the notice dated 31-10-2001, issued under section 6(1) read with section 6(2) and in this view of the matter the writ petitions are dismissed as premature with no orders as to costs.
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2001 (12) TMI 816
Company Deposits ... ... ... ... ..... fficult for them to plead and show that the company itself has not committed any offence. The situation would have been the same even if the company has been arrayed as one of the accused. But, if the company is not prosecuted due to any legal impediments, the officers of the company cannot on that score alone escape from the penal liability as envisaged under section 58A(6)(b). 19. The question as to whether the company has committed any offence punishable for the contravention of section 58A, is to be gone into by the trial court. The observations, if any, made in this order are confined only for the purpose of disposal of this application. The learned Special Judge shall proceed with the enquiry and trial in accordance with law uninfluenced by the observations, if any, made in this order except with regard to the declaration of law. 20. The Criminal Petition shall accordingly stand dismissed. Consequently, the interim stay earlier granted by this Court shall stand vacated.
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2001 (12) TMI 815
Winding-up - Circumstances in which company may be wound-up ... ... ... ... ..... to complicate the issue about the right of appeal that may be required to be invoked by any of the respective parties so that their right of a fair opportunity of being heard and convincing the CLB on the merits of their respective cases independent of the previous proceedings remain unaffected. 30. As a result, these appeals are allowed. As the petitioner has in pursuance of option given by the learned Company Judge preferred applications under section 397, as a remedy more appropriate to proceed in first instance, the winding-up petition is dismissed subject to observations made above. The CLB shall decide the application filed before it uninfluenced by any finding recorded by the learned Company Judge. This order does not reflect on the merit of the controversy raised by the petitioners-respondents and will not impair their rights to take recourse to winding-up petition in future, if necessity so arises and advised. 31. There will be no order as to costs. Appeals allowed.
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2001 (12) TMI 814
Winding up - Appointment and powers of provisional liquidator ... ... ... ... ..... d materials also, our attention was invited by the learned counsel for the RBI to section 45NB of the Act, which relates to disclosure of information. It declares that any information relating to non-banking financial company contained in any statement or return submitted by such company under the provisions of Chapter III-B or obtained through audit or inspection or otherwise by the bank lsquo shall be retreated as confidential and shall not, except otherwise provided in the section, be disclosed rsquo . 35. Again, the action has been taken by the RBI in larger public interest and taking into account the interest of large number of depositors. Considering all the facts and circumstances, the learned company judge exercised power under sub-section (2) of section 450 of the Act and, in our opinion, the company cannot make grievance against such order. 36. For the foregoing reasons, the appeal deserves to be dismissed and is, accordingly, dismissed. Notice discharged. No costs.
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2001 (12) TMI 812
Winding up - General ... ... ... ... ..... unable to pay its debt, and the consequences may be, of course, having regard to various circumstances including whether it is just and equitable to wind up the company. The authority given by the board of directors to its managing director to file law suit for recovery of loan, thus, did not exclude the winding up petition. 12. In the aforesaid circumstances, I find that Sri S.K. Dhandhania was authorised and was a competent person to affirm the affidavit and to file this company petition and, as such, the second preliminary objection is also devoid of any substance. 13. In the counter-affidavit filed by the company, the liability has not been denied. The objection that the debt is time-barred has not been pressed. In the circumstances, the company petitions are admitted, and it is directed that these petitions shall be advertised in accordance with rule 24 of the Rules. Let the steps be taken by the applicant-company within a week fixing a date for hearing after six weeks.
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2001 (12) TMI 811
Sick industrial company - Winding up of ... ... ... ... ..... Court for distribution amongst the various parties as per the provisions of section 529A of the Companies Act. The Bench had priced Rs. 10 lakhs as Assessing Officer rsquo s been and the dues up to Rs. 5 lakhs were considered to a prior charge on the sale proceeds defrayed by the Hon rsquo ble Court in sale. PICUP was also directed to insure and secure assets. The balance of the sale proceeds was directed to be deposited. 6. Sri Anurag Khanna who appears for PICUP states that PICUP is in possession of the assets, which have not been sold as yet. Since the company has been wound up and that the Official Liquidator has been appointed as Liquidator of the company, the PICUP is directed to hand over the possession of the entire assets of the company including books and accounts to the Official Liquidator as soon as possible in consultation with the Official Liquidator. The Official Liquidator will proceed in the matter in accordance with the companies Act and report to the Court.
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2001 (12) TMI 810
Sick industrial company - Winding up of ... ... ... ... ..... posal in December, 1998 and on the hearing day 13-7-2000 the Board observed that Directors who had, promoted the company, were no longer interested or capable of running it. The PICUP, Punjab National Bank and IRBI expressed no objections for winding up of the company. The Board confirmed that the company will not be able to turn its net worth positive, and that it is just fair and in public interest to wind up the company. 3. No one has filed any objection and as such considering the opinion of the Board, the company is directed to be wound up. The Official Liquidator U.P. is appointed as Liquidator of company. He shall take over possession of assets and account of the company (in liquidation) and shall issue notice to the directors and officers of the company to file statement of affairs in accordance with the provision of the Companies Act, 1956, and shall submit a report to the Court. 4. Shri Anurag Khanna appeared for ICCUP and has no objection to winding up the company.
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2001 (12) TMI 809
Sick industrial company - Winding-up of ... ... ... ... ..... t to take over possession of the assets and accounts of the company and issue notices to Directors and officials of the company to file the statement of affairs in accordance with the provisions of the Companies Act, 1956. In the order of the Court dated 29-9-2000, it had appointed UPFC as operating agency to dispose of the assets of the company in accordance with section 20(4) to deposit entire sale proceed after deducting the expenses incurred by them for sale of the assets to be distributed in accordance with the Companies Act, 1956. 6. The Official Liquidator shall issue notice to UPFC to hand over the assets and accounts of the company (in liquidation), which shall be deemed to be in custody of the court. The UPFC is directed not to proceed any further with the sale of the proceeds. In case any proceedings have been taken for sale, they shall not be proceeded with further except with the leave of the court. The Official Liquidator shall submit a report within four weeks.
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2001 (12) TMI 808
Validity of the decision of the Union of India to disinvest and transfer 51 per cent shares of Bharat Aluminium Co. Ltd. (‘BALCO’)
Whether BALCO should go through the process of disinvestment?
Held that:- Courts will interfere only if there is a clear violation of Constitutional or statutory provisions or non-compliance by the State with its Constitutional or statutory duties. None of these contingencies arise in this present case.
In the case of a policy decision on economic matters, the Courts should be very circumspect in conducting any enquiry or investigation and must be most reluctant to impugn the judgment of the experts who may have arrived at a conclusion unless the Court is satisfied that there is illegality in the decision itself. Lastly, no ex-parte relief by way of injunction or stay especially with respect to public projects and schemes or economic policies or schemes should be granted. It is only when the Court is satisfied for good and valid reasons, that there will be irreparable and irretrievable damage can an injunction be issued after hearing all the parties. Even then the Petitioner should be put on appropriate terms such as providing an indemnity or an adequate undertaking to make good the loss or damage in the event the PIL filed is dismissed.
Thus the disinvestment by the Government in BALCO was not invalid.
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2001 (12) TMI 807
Meetings - Notice for calling ... ... ... ... ..... lightly by the Appellate Court even- if the Appellate Court could come to a different conclusion on the same set of facts. In the instant case, there is no dispute on facts. They are admitted. The dispute is with regard to application of law. The trial court had wrongly applied the law laid down by the Allahabad, Calcutta and Punjab and Haryana High Courts to the facts of this case. What is applicable to the case on hand is the law of the Bombay High Court which has been rightly applied by the Appellate Court. Therefore, the Appellate Court was duty-bound to interfere with such finding and has rightly set aside the order of the trial judge and vacated the order of injunction granted by the trial court by applying the correct law on the point. Therefore, no fault could be found with the exercise of jurisdiction by the Appellate Court. 39. For the reasons aforesaid, I do not find any merit in this CRP and, accordingly, the CRP is dismissed. The parties to bear their own costs.
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2001 (12) TMI 804
Winding up - Suits stayed on winding-up order ... ... ... ... ..... may result in hardship to the second respondent-company and may even lead the second respondent-company to unintended results, where a number of workers are employed. Though the plea is attractive, this Court will not be justified in granting instalments as prayed for by the second respondent. Instead, this Court is of the considered view that the second respondent is granted time to pay the amount as claimed by the applicant in three equal bi-monthly instalments from the date of this order and in the event of the second respondent failing to pay anyone of the instalments, the entire amount will become payable and it is open to the applicant to recover the entire amount due. 33. In the circumstances, both the applications are allowed with costs of Rs. 3,000 against the second respondent and the respondent is directed to pay the sum of Rs. 81,34,336 claimed by the applicant with interest at 9 per cent per annum commencing from 31-12-2001, in three equal bi-monthly instalments.
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2001 (12) TMI 802
Court - Power of, to grant relief ... ... ... ... ..... the applicants have acted honestly or in good faith or whether the applicants have any justifiable reason to escape from liability, in such cases, criminal intention is irrelevant as has been held by this Court in Amara Pictures (P.) Ltd., In re 1970 40 Comp. Cas. 130 . 19. On a consideration of the show-cause notice read with the inspection report, this is not a fit case where this Court would be justified to relieve the petitioners by exercising its discretionary jurisdiction under section 633. It is made clear that any observation or finding recorded in this order is only for the limited purpose of this company petition and the criminal court before whom the complaints may be made, against the petitioners herein, shall decide the complaints on the merits and on the evidence that may be let in without reference to any observations or findings, if any, recorded by this Court for the purpose of this petition. 20. With the above observations, the company petition is dismissed.
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2001 (12) TMI 801
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... 4 inasmuch as at the registered office of the company a registered notice was sent. Be that as it may, even later on the notices were published in the newspapers as has been mentioned in the opening part of the judgment. The conduct of the respondent-company is writ large. Despite the counsel, who was appearing before the company judge, writing letters to the company, no response was made by the company or no instruction had been given to the counsel so much so the learned counsel for the appellant (respondent before the company judge) withdrew from the case. Even this Court in the appeal, by the aforesaid two orders dated 12-4-2001 and 2-8-2001 (as reproduced above) gave time to the company even now to make the payment of the outstanding dues. But despite their counsel writing letters to the company, no response was made. It seems that the company is really not interested in the matter. 7. For the foregoing reasons, we find no merit in this appeal, which is hereby dismissed.
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2001 (12) TMI 799
Interim measures, etc., by Court ... ... ... ... ..... which were private commercial transactions, they could be terminated even without assigning any reason by serving a reasonable notice. It was further observed by the Bench of the Delhi High Court that, in case ultimately it was found that the termina- tion was bad in law or contrary to the terms of the agreement or of any understanding between the parties or for any other reason the remedy of the appellants would be to seek compensation for wrongful termination but not a claim for specific performance of the agreement and therefore there could be no injunction, particularly when there was statutory prohibition for grant of injunction with respect to a contract determinable in nature. 21. In view of the discussion above, I do not find any case made out for grant of injunction. The application fails and the same is dismissed. However, the dismissal will not stand in the way of the applicant successfully maintaining the case for damages in the contemplated arbitral proceedings.
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2001 (12) TMI 798
Offences - Penalty for wrongful withholding of property ... ... ... ... ..... -1999 that the petitioner in order to flout the orders of the Courts has preferred these revisions without clean hands by suppressing the facts. 22. As pointed out by the learned counsel for the respondent, the interim orders, which are in interlocutory nature, passed by the civil court in the interim applications pending suit would not automatically change the finding of the Criminal Court which was given on the basis of the materials placed before it. It is also admitted that there is no full-fledged trial and no finding has been given by the civil court after trial is over. Therefore, both the revisions are dismissed. Consequently, connected Crl. M.Ps. are closed. 23. In view of the conduct of the petitioner, who has dragged on the matter for long number of years by abusing the process of law in the Courts, I deem it fit to impose costs of Rs. 10,000 in each petition and the same shall be paid directly to the respondent within one month from today, and accordingly ordered.
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