2018 (10) TMI 1018
Legality of transfer of shares - change of designation of Petitioner from Managing Director to Executive Director - legality of BOD meeting - Held that - The Respondents themselves through Respondent No.2 filed Form 32 on the basis of meeting dated 25.09.2011 changing the designation of Petitioner from Managing Director to Executive Director. There is yet another Form 32 submitted by Respondent No.2 purporting to state that the Petitioner was Dir....... + More
2018 (10) TMI 978
Winding up petition - debt due and payable - Held that - As noted earlier not a single document has been produced on record by the appellant to demonstrate that the appellant s dealer, either on 15th July, 2013 or even within 2-3 days thereafter actually corrected/modified or for that matter attempted to correct/modify the alleged error in punching in in the respondent s UCC in the record of the NSEL. This is despite the fact that the appellant, ....... + More
2018 (10) TMI 774
Scheme of demerger - plaintiff/petitioner s sufficient prima facie case to go for trial to entitle the petitioner to the interlocutory reliefs as sought for - Held that - In the event the plaintiff as a shareholder of the defendant no. 11 company, was to participate in the voting for demerger, which is under challenge, the plaintiff would wield little or no power to exercise an option worth the name, in view of the shareholding of the plaintiff i....... + More
2018 (10) TMI 773
Winding up petition - dishonour of cheques - Held that - So far as ₹ 5,00,000/- against the dishonour of cheque is concerned, it was incumbent upon the said company to pay the same to the petitioner. Even though held that the alleged repayment by encashment of blank cheques requires to go to trial, we are inclined to grant the petitioner the benefit of the amount of ₹ 5,00,000/- against dishonour of cheques. If the company succeeds in....... + More
2018 (10) TMI 772
Decree for recovery of suit - Recovery from the defendant together with interest @ 22% p.a. for the goods sold and delivered to the defendant - Plaintiff entitled to the suit claim - Whether the claim of the plaintiff for the materials sold and delivered are true and valid? - Held that - From a perusal of Ex.P.4 and Ex.P.5, it could be seen that the defendant has specifically admitted his liability. Even though the defendant in his written statem....... + More
2018 (10) TMI 713
Winding up seeked - non payment of detention charges - bonafide default - Held that - On perusing the pleadings and materials on record it appears that the conduct of the company is not bona fide inasmuch as the said company after paying detention charges for a particular period has avoided payment by attempting to shift the liability on the consignee and M/s. M.A. Badani with whom the petitioner had no dealings. The said company has only initiat....... + More
2018 (10) TMI 712
Suspicious transfers - Illegal transfer of shares - Direction to the 1st respondent to restore the name of the appellant-Original petitioner in the member register and issue duplicate share certificates and further direct the 1st respondent to also allot the bonus shares, accrued dividend till date and further if any - Illegal transfer of shares - Appellant argued that the undelivered share certificate is already lying with 1st respondent, and he....... + More
2018 (10) TMI 484
Taking contrary stand in the proceedings - Substitution in place of IFCI as a secured creditor - After the claim of the appellant of being a secured creditor was rejected by the Company Judge, and the appellant realised the unsustainability of its claim in the law, it made a complete volte face from its earlier stand and surprisingly, contrary to its own pleadings, now contended that it had never sought the status of a secured creditor under the ....... + More
2018 (10) TMI 340
Oppression and mismanagement - Invoking jurisdiction prescribed under Section 241(2) of the Companies Act, 2013 - Held that - This Bench is of the considered view that it is judicious to invoke the jurisdiction prescribed under Section 241(2) of the Companies Act, 2013 and the Tribunal is of the opinion that as per Section 242 (1) of the Companies Act, 2013, the affairs of the IL&FS were being conducted in a manner prejudicial to public interest........ + More
2018 (10) TMI 339
Direction on Central Government for appointment of an inspector for comprehensive enquiry of the affairs of the respondent company in order to protect the interest of creditors of respondent company - Held that - In the present case applicant has shown that the respondent company had given interest free loans and advances in crores to its group companies, whereas it was paying interest to the banks for the moneys borrowed and outstanding. There i....... + More
2018 (10) TMI 338
Rectification of Register of members - when there is transfer of shares it has to be seen whether such transfers have been made in accordance with the Articles of Association or not? - Held that - In the case on hand the Investment Agreement which is incorporated in the Articles of Association gives a right of election to ask for conversion of CCDs into equity shares when an event of default occurred as per the terms of Investment Agreement dated....... + More
2018 (10) TMI 229
Cartilisation - Bid rigging - Violation of provisions of Section 3(3)(d) of the Competition Act, 2002 - appellants/suppliers of Liquefied Petroleum Gas (LPG) Cylinders to the Indian Oil Corporation Ltd. (for short, IOCL ) had indulged in cartilisation, thereby influencing and rigging the prices - penalties inflicted on the suppliers stand reduced - collusive tendering - situation of oligopsony - Held that - 12 new entrants cannot be considered as....... + More
2018 (10) TMI 176
Winding up of the company - commercial insolvency - Held that - The defence of the company against the claim of the petitioner for the said amount of ₹ 15,92,544/- is that the goods supplied by the petitioner, from time to time covered by the said four invoices nos. HSC/101, HSC/169, HSC/181 and HSC/194 were of inferior quality. The total value of the said 4 invoices is ₹ 33, 82,350/-. However, the company could not explain as to how ....... + More
2018 (10) TMI 175
Reference to NCLT - maintainability of the appeal - Held that - Petitioner approaches the National Company Law Tribunal within 60 days from today, the Tribunal should consider it on its merits and not reject it on the ground that it was preferred beyond the period of 180 days prescribed by the Act (on account of the pendency of these proceedings). We also clarify that if there is any dispute as to the locus standi of the present petitioner (Mahin....... + More
2018 (10) TMI 120
Company under liquidation - right of the State on leased out property - application for determination of right over the property - Held that - during liquidation proceedings, the State of Madhya Pradesh through its functionaries had filed an application that they are the owner/lessor of the property in question. However, the company court without dwelling on the same passed the liquidation order. The official liquidator on receiving the inventori....... + More
2018 (10) TMI 119
Compounding of an offence - application under Section 441 of the Companies Act, 2013 - defaulted in filing the Annual Return and Financial Statements within the statutory period for the financial year 2014-2015 - Held that - The income of the company is ₹ 36,479/- for the year ending 31st March, 2017, we reduce the amount payable by the Company to ₹ 50,000/- under Section 92. In so far as fine imposed under Section 137 is concerned, t....... + More
2018 (10) TMI 118
Oppression and mismanagement - Fraud and forgery - Held that - We find that the oral submissions and claims of the Appellants trying to deny the documents, which appear to have come into existence in ordinary course of events, cannot be accepted. There is material to show that the Appellant No.1, who was taking great care of the interest of the Appellants, was MD of the Company till 26.10.2012 and was party to the increase in authorized share cap....... + More
2018 (9) TMI 1704
Winding up petition - whether the company could have been ordered to be wound up, when admittedly, the advertisement issued in terms of the said rules, made no reference whatsoever to the changed name? - Held that - Rule 9 of the said rules, no doubt retains inherent powers in a Company Court to give such directions or pass such orders as may be necessary for the ends of justice or to prevent the abuse of the process of the Court. As noted earlie....... + More
2018 (9) TMI 1609
Tenure of the Director - Permanent (non-rotational) director as supported by the Articles of association - Other directors proposed to removed the petitioner by calling EGM - Seeking permanent injunction against the Defendants from conducting an Extraordinary General Meeting ( EGM ) for removing the Plaintiffs - Held that - A perusal of the Articles of Association clearly shows that the Plaintiff No.1 is a non-rotational Director and can remain s....... + More
2018 (9) TMI 1608
Rectification of the Register of Members for the purpose of entering the name in 1st Respondent Company s register - forfeiture of shares - Whether or not the petitioner is entitled to get his name entered in the register of the members of the 1st Respondent Company? - Held that - In the light of the provisions of the Articles of Association of the company and the decision taken by the Board of Directors to forfeit the shares of the Petitioner, i....... + More
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