2018 (4) TMI 1111 - BOMBAY HIGH COURT
Zenith Limited Versus Grand Foundry Limited
Contravention of Scheme sanctioned by BIFR - application to NCLT for appropriate orders - Held that - Since the company has contravened the Scheme sanctioned by BIFR, petitioner has to make an application to the NCLT for liquidation order of the company. - The records and proceedings in this matter be transferred to NCLT, Mumbai and petitioner will be at liberty to take out an appropriate application to NCLT for appropriate orders as required und....... + More
2018 (4) TMI 1047 - BOMBAY HIGH COURT
Jalaram Flexo Laminates Private Ltd. Versus Polypet Flexible Packaging Private Limited,
Non disclosure of cause of action for filing the suit and that the suit was also barred by limitation - Held that - The cause of action was already pleaded when the suit was filed and that the trial Court has not relied upon averments in amended paragraph 21A, ratio of the decision in Patasibai and ors. (1990 (1) TMI 321 - SUPREME COURT) cannot be applied to the facts of the present case. The question whether the amendment could have been allowed....... + More
2018 (4) TMI 919 - BOMBAY HIGH COURT
Mr. O.K. Varghese, Mr. O.K. Kuriappan, M/s. Spectron Engineers Pvt. Ltd., Ms. Elsy Anthony, Versus M/s. OFS Industries (P) Ltd., O.K. Augusty, Mr. O.K. Jose, Mrs. Vasanthi Ramappa Kanchan, and Mr. H.R. Kanchan,
Oppression and mismanagement - Held that - Appellant no.1 had responded to all allegations and had pointed out that the payment to Barkha lnds had been made in the normal course of business and respondent no.2 s allegation that the company did not need such service/ software was baseless; that the amount debited to SCA International was the commission earned by respondent no.1 company, i.e., income generated by the company and not money taken fro....... + More
2018 (4) TMI 918 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Mr. Ajith Kunimal Venugopal, Mr. Sajith Venugopal, Mr. Kunimal Parangattil Venugopal And Gopalkumar Puthan Kattoor Versus Oil Tools International Services Private Ltd, Ace Oil Fields Supply Inc., Mr. Paul Waters, Gopalkumar Puthan Kattoor, Mr. Paul Waters, Mr. Ajith Kunimal Venugopal, Mr. Sajith Venugopal And Mr. Kunimal Parangattil Venugopal
Board of Directors rights terminating the office of 3rd respondent as director - Whether no notice was required to be given to that particular director against whom Section 283(1)(g) of the Companies Act, 1956 - sufficient notice to the shareholders within the meaning of Section 172 of the Companies Act - Held that - Whenever any meeting is held, either Board meeting or General Meeting, duty is cast upon the persons holding meeting to send the re....... + More
2018 (4) TMI 732 - DELHI HIGH COURT
Dev Chander Sood & Ors. Versus H.L. Sud & Ors.
Grant of a preliminary decree for partition of property - defendants has argued that the plaintiff No.1 was thrown out from the HUF since he had sold some other properties of the HUF - Held that - A preliminary decree for partition be drawn up. - On enquiry, it is informed that the property is constructed over land admeasuring 200 sq. yds. and comprises of ground, first and half second floors and is not divisible by metes and bounds. No purpose w....... + More
2018 (4) TMI 731 - DELHI HIGH COURT
Neeraj Batra Versus M/s. PSA Nitrogen Ltd.
Winding up petition - existence of eligible outstanding debt - Held that - A clear case is made out in this case that the respondents are despite having admitted the dues of ₹ 13,23,057/- refusing to pay. Respondent company is hence unable to pay its debt. - Keeping in view the above, the petition is admitted and the Official Liquidator attached to this Court is appointed as the Provisional Liquidator. He is directed to take over all the as....... + More
2018 (4) TMI 683 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
M/s. Power Finance Corporation Limited, (through Manoj Sharma and P.K. Sinha) Urjanidhi Versus M/s. Shree Maheshwar Hydel Power Corporation Limited, Mr. Shambhukumr S. Kasliwal, Mr. Mukul S. Kasliwal, Mr. Vikas S. Kasliwal, Mr. Abhay Kumar Kasliwal (deceased) , Mr. Warij A. Kasliwal, M/s. S. Kumar Nationwide Limited, (Formerly S. Kumar Synfab Limited) , M/s. Entegra Limited, M/s. MW Infra Developers Private Limited, And Shri Ramkrishnan N
Oppression and Mismanagement - Petitioner-Appellant submitted that the affairs which have been or are being conducted in a prejudicial or oppressive manner both can be looked into and thus past affairs can also be considered - Held that - We find that have been relates to present perfect tense. It relates to action that began some time in the past and is still in progress. Wording are being relates to present continuous tense. There is a differen....... + More
2018 (4) TMI 682 - SECURITIES APPELLATE TRIBUNAL, MUMBAI
Corporate Strategic Allianz Limited Versus Securities and Exchange Board of India, Mumbai And Ahmedabad
Prohibition from accessing the securities market directly or indirectly - SEBI advising the appellant to dissociate from discharging the obligations as a Merchant Banker in view of the 3 year restraint imposed by the order of the WTM of SEBI - Prohibition of manipulative and deceptive devices, insider trading and substantial acquisition of securities or control - Held that - Provisions in the SEBI Act, PFUTP Regulations and the clarification give....... + More
2018 (4) TMI 549 - DELHI HIGH COURT
Getamber Anand & Anr. Versus Anil Kumar Saha
Breach of MOU - transfer of shares of ATS Estate Pvt. Ltd. - bar on contracts - Held that - Arbitral Tribunal noted that petitioner no.1, in his crossexamination, had stated that the shares of ATS Estate Pvt. Ltd would have been transferred to the respondent whenever a buyer for the same was found. However, the MOU did not stipulate that transfer of shares of ATS Estate Pvt. Ltd. to the respondent would be contingent upon the investor(s) being lo....... + More
2018 (4) TMI 548 - RAJASTHAN HIGH COURT
Jean Lavabre Dominique S/o Mr. Jean Chlaude Versus Voyager Hotels & Motels Private Limited, Jaideep Singh Chandela, Ashraf Khan Parvez c/o Shri Jaideep Singh Chandela, Piyush Mishra
Removal of director - reconstitution of Board of the Directors of the Respondent Company alleging that the affairs of the Company are being mismanaged and conducted in a manner oppressive to other member - Held that - Bare perusal of the order dated 12.5.09 reveals that the parties agreed that the Appellant herein shall go out of the company for total consideration of ₹ 3.25 crores to be paid by the Respondents. But at the same time, the ti....... + More
2018 (4) TMI 547 - RAJASTHAN HIGH COURT
Panday Minerals Private Limited, Laxmi Narayan Panday s/o Shri Amrit Lal Panday, Mohit Panday S/o Shri Prabash Panday, Rakhee Panday w/o Mr. Rohit Panday, Prabhash Panday s/o Laxmi Narayan Panday, Vimla Panday w/o Prabha Panday, Rohit Panday s/o Prabhash Panday, Ritika Panday Versus Sanjay Sukhwal s/o Late Shri Laxmi Narayan Sukhwal, Registrar of Companies, Deepak Vijaywargiya S/o Vishwasnath Vijaywargiya
Oppression and mismanagement - Appointment of Ms. Rakhi Pandey as Director of the Company - no notice was given to the first Respondent and the Appellant no.2 herein was the only Director present in the meeting and thus, for want of proper quorum - illegal transfer of the shares - Held that - There is no evidence on record showing that notice of Extra-ordinary General Meeting held on 9.10.09 was given to the first respondent, wherein the paid up ....... + More
2018 (4) TMI 487 - SUPREME COURT OF INDIA
The Andhra Pradesh Industrial Infrastructure Corporation Limited And Others Versus S.N. Raj Kumar And Another
Cancelling the allotment or demanding payment of 50 of the prevailing market value - Operation of transfer - Held that - It is not necessary to deal with the argument as to whether doctrine of proportionality is applicable in the instant case or not. It is to be borne in mind, as rightly held by the High Court, that the appellant-Corporation had withdrawn the action of cancellation of the plots. Instead, it demanded 50 of the prevailing market va....... + More
2018 (4) TMI 486 - KERALA HIGH COURT
Alex Philip Versus Ramangalam Tile Works Company Ltd., The Tahsildar, Office of The Tahsildar And P.V. Prabhakaran, Revenue Divisional Officer, Muvattupuzha
Sale conducted become void under provisions of Section 536 of the Companies Act, 1953 - Held that - Learned Judge in the company court has not gone deep into the above said aspects. Question as to whether the sale itself was void ab initio by virtue of provisions contained in Section 537 (1) (b) or under Section 536 (2); or as to whether there existed any reasons to hold the sale otherwise than void, has not been seen examined. - The factual aspe....... + More
2018 (4) TMI 234 - CALCUTTA HIGH COURT
Jai Balaji Industries Ltd. Versus Wellman Logistics Pvt. Ltd.
Winding up petition - Held that - Right of the petitioning creditor to obtain payment of the principal amount of ₹ 5,15,31,045/-, together with interest thereon at the rate of 6 per annum from the date of the notice issued u/s 434 of the Act of 1956 till the date of actual payment has attained finality and this Court does not have any scope to deviate from such finding. - Admittedly, the company has failed to pay the entire amount as direct....... + More
2018 (4) TMI 233 - SECURITIES APPELLATE TRIBUNAL, MUMBAI
Pinku Kumar Das Versus Securities and Exchange Board of India
Vacation of office by Directors - Held that - The appellant did not resign on 21.09.2011 and even if it was so, he never pursued it with the Registrar of Companies or with the company for filing Form 32 with the ROC. On the contrary, after one-and-a half years he furnished fresh resignation letters on 26.02.2013 and thereafter again on 01.04.2013.Even in the subsequent resignation letters the appellant neither raised any grievance with the compan....... + More
2018 (4) TMI 164 - BOMBAY HIGH COURT
M/s. Rojee-Tasha Stampings Private Ltd., Automotive Metal Stampings Pvt. Ltd., M/s. Ganage Pressings Pvt. Ltd., M/s. Poona Tools Pvt. Ltd., Versus POSCO-India Pune Processing Centre Pvt. Ltd.
Winding up petition - whether company petitions were not maintainable, for the reason that the respondent had received the amounts due and payable by the company from its insurers KSure- Korea ? - Held that - If there is subrogation in favour of the insurer, the insurer as subrogee can file a complaint under the Consumer Protection Act either in the name of the assured as his attorney holder or in the joint names of the assured and the insurer, f....... + More
2018 (4) TMI 163 - DELHI HIGH COURT
Emecon Controls Pvt. Ltd. Versus M/s. PSA Nitrogen Limited & Ors.
Winding up petition - proof of debt as due under section 433(e) of the Companies Act - winding up petition has been filed as pending claim for a sum of ₹ 1,10,467/- and the second is the outstanding C-Forms for the year 2011-12 - Held that - Despite several orders of this court the respondent has failed to supply the said C-Forms. Alongwith CA 1840/2013 the respondent had also placed on record photocopies of C-Forms. Despite this, the origi....... + More
2018 (3) TMI 1553 - MADRAS HIGH COURT
M/s. MRF Limited Versus Ministry of Corporate Affairs (MCA) Rep. By Secretary to Government, Government of India, Competition Commission of India (CCI) Rep. by its Secretary, Additional Director General (DG) Competition Commission of India, All India Tyre Dealers' Federation (AITDF) , M/s. Apollo Tyres Ltd, M/s. CEAT Ltd., M/s. J.K. Tyres & Industries Ltd, M/s. Birla Tyres Ltd. And Automotive Tyre Manufacturers' Association (ATMA)
Inquiry into certain agreements and dominant position of enterprise - Procedure for scrutiny of information or reference - Opinion on existence of prima facie case - whether the writ petition is maintainable against the order made under Section 26(1) since there is no appealable remedy available under the said Act? - Held that - The direction issued under Section 26(1) is a direction simpliciter and an administrative direction without entering up....... + More
2018 (3) TMI 1438 - MADRAS HIGH COURT
Vedanta Ltd. (Formerly M/s Sterlite Industries (India) Ltd. Versus Ms. Roopa G. Pai, Karvy Computer Share Pvt. Ltd.
Prayer seeking re-instatement of shares in the name of the first respondent by directing the appellant to rectify the register of members - Held that - There is absolutely no material to hold that the first respondent was put on notice, received the option form as per approved scheme and the cheque sent. - A fraud was committed against the first respondent though not by the appellant, but by some one acted on its behalf, resulting in registration....... + More
2018 (3) TMI 1437 - CALCUTTA HIGH COURT
Avani Projects And Infrastructure Ltd. Versus Ornate Tradcom Pvt. Ltd.
Application for winding up - cheques dishonored - liability to pay the amount - Held that - The financial accommodation/loan of ₹ 60 lakhs from the petitioner and as recorded in the letters dated July 17, 2013 and September 7, 2014 the respondent company was liable to repay the said amount to the petitioner together with the agreed rate of interest. - In order to discharge its obligation, the company had issued two post dated cheques of ....... + More
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