2018 (8) TMI 742
Levy of penalty for violation of SEBI laws - Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 ( PFUTP Regulations, 2003 for short). - Held that - The misleading corporate announcements are not in dispute and are found to be violative of the relevant regulations as upheld by this Tribunal. - Though, thereafter, Jayesh Shah appeared before the AO and submit....... + More
2018 (8) TMI 641
Violation of provision of SEBI - listed company has violated Clause 36 of the Listing Agreement by failing to disclose that it has acquired indirect control over another listed company through a Trust established exclusively for its benefit - whether SEBI is justified in disposing of that complaint by merely recording that the Trust is not a subsidiary of the listed company and hence no disclosures were required to be made under Clause 36 of the ....... + More
2018 (8) TMI 506
Winding up petition - Non payment of dues - Held that - In the present case, the petitioner had issued a notice to the Company demanding the dues, which has been duly served on the Company and despite that, the Company has neglected to pay the sum or to secure or compound it, within the meaning of Section 434 of the Act. - As further appears from the independent Auditors Report dated 04.09.2017 that the Company is a loss making Company and that t....... + More
2018 (8) TMI 436
Disqualification of directors - retrospective effect of new amendment act 2013 - striking off the name of the company from the Registrar of Companies on the premise that the company has not been carrying on any business for a period of two financial years - Held that - a) When the New Act 2013 came into effect from 1.4.2014, the second respondent herein has wrongly given retrospective effect and erroneously disqualified the petitioner-directors f....... + More
2018 (8) TMI 435
Winding up petition - invalid advertisement of the winding up application published in the newspapers - Held that - In the present case, it is a fact that when the company (presently in liquidation) failed to deposit ₹ 50,00,000/- as directed by the Division Bench on September 04, 2015 the petitioning creditor caused the advertisement of the winding up application being published in newspapers stating that application would be heard by the ....... + More
2018 (8) TMI 339
Restoration of name of company by ROC - Held that - In the case on hand, first of all the ROC did not follow the procedure laid down in Section 560 sub-section (1), (2) and (3) of the Companies Act, 1956. - The objections of the Intervening Applicant are not at all sustainable in view of the above discussion, and hence overruled. - The ROC in his Representation stated that the Company has not filed its Annual Returns and Balance Sheets and theref....... + More
2018 (8) TMI 258
Oppression and mismanagement - Held that - When major part of property of the Company has been shown as sold off by Respondent No.2 who had tendered resignation as Director but went ahead to execute the sale deed, there was oppression and mismanagement on the part of Respondents 2 to 4. Respondent No.7 was mother-in-law of Respondent No.3 who is brother of the Respondent No.2. Looking to such relationship of these parties and the fact that it is ....... + More
2018 (7) TMI 1763
Winding up petition - sale by Official Liquidator pursuant to orders of the Court - differential premium - whether Transfer of leasehold rights which is an asset of a company in liquidation, either by the BIFR or the Company Court, would qualify as a formal transfer and accordingly no differential premium would be payable on the same? - Held that - An aid to interpretation is that sales under BIFR schemes, according to Shri Chawan, are formal tra....... + More
2018 (7) TMI 1762
Winding up petition - period of limitation - Held that - For acknowledgement of a debt it must be an acknowledgment of liability in respect of such amount made in writing signed by the parties. It would be clear that what the Form-C indicates is a statutory averment which is given under the Central State Tax Act. It merely shows delivery of goods as per invoice. It cannot be termed to be an acknowledgement of debt within the meaning of Section 18....... + More
2018 (7) TMI 1683
Prohibition of Insider Trading - Violation of the PIT Regulations 1992 - Held that - The argument that the actual write down was much less than the potential write down disclosed does not come to the help of the appellant because if the audit disclosures were factored in by the public they would have taken their decision based on that and in the process could have incurred huge losses in view of the fact that subsequently the actual hit is almost....... + More
2018 (7) TMI 1450
Violation of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 - petitioner although held more than 5% shares in a listed company, Himalaya Granites Ltd., he had failed to make the disclosure as required under Regulation 13(3) read with 13(5) of the PIT Regulations - Eligible grounds for adjudging under Chapter VIA of the Act - Held that - This Court is of the view that the noting made by the Whole Time Mem....... + More
2018 (7) TMI 1397
Removal of director - removal of Mr. Cyrus as Executive Chairman - leak of information of TATA sons - Held that - When confidential information was admittedly come from Mr. Cyrus s mail id, the burden lies upon Mr. Cyrus to prove that it was not leaked from his side, but no such efforts has been made by either by the petitioners or by Mr. Cyrus to prove that this information was not leaked by him. - According to law, a fact admitted as done resul....... + More
2018 (7) TMI 1396
Arbitration proceedings - main plea of the appellant in these appeals is that there is MOU dated 20.7.2011 between the parties and the clause 19 of the MOU clearly provides that the dispute can be referred to arbitration whereas the respondents argued that the so called MOU has already been cancelled vide letter dated 10.11.2011 and as on date it is not in existence - Held that - A chart has been filed showing that who are the party to the MOU an....... + More
2018 (7) TMI 1232
Winding up petition - Held that - On the contrary, it categorically states that where the issue relates to right in rem the same are not arbitrable. Hence, there is no merit in the said plea of the respondent regarding the existence of an arbitration clause as it cannot oust the jurisdiction of this court to adjudicate the winding up petition. - The next plea of the respondent is that the laws of Sweden applies and it is possible that the claim m....... + More
2018 (7) TMI 1231
Winding up petition - Held that - It is quite clear from the perusal of the so called acknowledgement that respondent was acknowledging the amount of ₹ 66,24,136/- stating that the said pending amount would be adjusted only against future purchases. - To the same effects are some of the emails which were sent later in time which show the stand of the respondent company that they would adjust the payment against future orders that may be rec....... + More
2018 (7) TMI 1022
Disqualifying the petitioner as Directors in the Companies - Held that - Drawing our attention to the mandatory requirement under Section 248(1), upon the Registrar of Companies to send a notice to the company and all directors of the company, it has been contended by the petitioners that such notice had to be issued and served in the manner prescribed by law i.e. in compliance with Rule 3(2) of the Companies (Removal of Names of Companies from t....... + More
2018 (7) TMI 871
Approval of a Scheme of Compromise and Arrangement between the applicant and a class of its creditors - Held that - There are serious doubts about the manner in which the ex-directors have conducted their business. There are grave allegations about the ex-directors having sold immovable properties and received proceeds in their own accounts. They have also failed to hand over possession of all the flats/properties, vehicles, plant & machinery....... + More
2018 (7) TMI 870
Arbitration proceedings - Held that - In fact in the present case, it is Mrs.Sonia Khosla who has moved the petition before CLB ignoring the arbitration agreement. Interim orders were prayed for and were granted to Mrs.Sonia Khosla. It was Mr.Vikram Bakshi, one of the respondents who filed the application under Section 8 of the Arbitration Act stating that there is an arbitration agreement and the parties should resolve their disputes by the arbi....... + More
2018 (7) TMI 632
Disqualification of directors - Held that - As the petitioners had ceased to be the Directors of the Company, as stated by them, on 8th April, 2011 and that they could not have been penalized for the failure of the company to effect statutory compliances. - The respondents shall forthwith take steps for removal of the petitioners name from the list of disqualified directors and to alienate their DIN. The orders to this effect would be posted on t....... + More
2018 (7) TMI 631
Disqualification as director - Held that - The petitioner has resigned from the directorship of the company in question, the petitioner would not incur a disqualification under Section 164 of the Companies Act. Consequently, the disqualification of the petitioner as notified in the lists dated 6th September, 2017 and 12th September, 2017 by the respondent no.1 was incorrect and illegal. - In view of the above, the disqualification of the petition....... + More
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