|
Advanced Search Options
Companies Law - Case Laws
Showing 1 to 20 of 11853 Records
More information of case laws are visible to the Subscriber of a package i.e:-
Party Name, Court Name, Date of Decision, Full Text of Headnote & Decision etc.
- 2019 (12) TMI 397
Temporary injunction in respect of the disputed property - Corporate Debtor - whether an application under Section 630(2) of the 1956 Act was maintainable, in spite of pendency of the civil suit and issue of temporary injunction in respect of the disputed property? - HELD THAT:- The mere issuance of a temporary injunction by the civil court directing maintenance of status quo in respect of the disputed property does not make the dispute bona fide or bar the company’s right to recover the disputed property from the accused employee under Section 630 of the 1956 Act. At best, such an injunction would only bar the company from creating any rights in favour of third parties pending disposal of the civil suit. This is because the cause of action in the civil suit is completely different from the question of whether the employee is wrongf....... + More
- 2019 (12) TMI 395
Oppression and mismanagement - Whether an election dispute of a company involving voting through electronic means done under Section 20 of the Companies (Management and Administration) Rules 2014 to the Board of Directors would be amenable to the jurisdiction of the National Company Law Tribunal? HELD THAT:- Section 424 of the Act deals with the procedure to be adopted by the Tribunal and the Appellate Tribunal. The forums are given liberty to go beyond the Code of Civil Procedure by applying principles of natural justice and subject to other provisions governing. Thus, they are not bound by the Code, which is obviously a procedural one. They can also formulate their own procedure - Under Sub Clause (2) of 424 of the Act, the Tribunals are vested with the powers of the Civil Court as granted under the Code of Civil Procedure. Sub Section ....... + More
- 2019 (12) TMI 394
Issuance of directions for liquidation of the corporate debtor - CIRP initiated - Section 21 of the Code read with Regulation 17 of the CIRP Regulations - It has been submitted in the application that despite several advertisements inviting Expression of Interest, no resolution plan in respect of the Corporate Debtor was received by the Resolution Professional - HELD THAT:- In the facts and upon failure of resolution process there being no resolution plan and also on expiry of the statutory Corporate Insolvency Resolution Period of 270 days; Liquidation as proposed by the CoC has to follow - In the factual background and in the absence of any resolution plan there is no other alternative but to order in conformity with the majority decision of the Committee of Creditors, for liquidation of the corporate debtor under Section 33 of the Code....... + More
- 2019 (12) TMI 343
Disqualification of Petitioner to hold the Office of the Directorship of a Company - Section 164 (2) (a) of the Companies Act 2013 - HELD THAT:- The lists dated 08.09.2017 and 01.11.2017 published by the Registrar of Companies, Tamil Nadu, Chennai were the subject matter of challenge before this Court in a batch of cases in BHAGAVAN DAS DHANANJAYA DAS VERSUS UNION OF INDIA, REGISTRAR OF COMPANIES, TAMILNADU CHENNAI [2018 (8) TMI 436 - MADRAS HIGH COURT] and came to be disposed by this Court where it was held that Section 164(2)(a) is read down to the extent it disqualifies the directors in other companies which are scrupulously following the requirements of law, making it clear that no directors in other companies can be disqualified without prior notice. As the Petitioner in this case is similarly placed to the Petitioners in the aforesa....... + More
- 2019 (12) TMI 342
Striking the name of the company from the register of companies - non-compliance with the requirement of sending a notice to the company and all the directors of the company of his intention to remove the name of the company from the register of the companies - Sub-rule (2) of Rule 3 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 - HELD THAT:- Sub-section (1) of Section 248 of Companies Act, 2013 provides that where the Registrar has reasonable cause to believe that a company is not carrying on any business of operation for a period of two immediately preceding financial years and has not made any application within such period for obtaining the status of dormant company under Section 455 then he shall send a notice to the company and all the directors of the company of his intention to remove ....... + More
- 2019 (12) TMI 293
Suit for declaration and permanent injunction - time limitation - rejection of the plaint on the ground that the same was barred by law - Order XXIII Rule 1 of the Code of Civil Procedure - Section 58 of the Companies Act - HELD THAT:- In the instant case it is not the plaintiffs’ allegation that the company had refused to register or transfer shares in favour of the plaintiffs. Thus, the decisions relied upon by Mr. Mitra in ADESH KAUR VERSUS EICHER MOTORS LIMITED AND ORS. [2018 (8) TMI 836 - SUPREME COURT] and SHASHI PRAKASH KHEMKA (DEAD) THROUGH LRS. AND ANOTHER VERSUS NEPC MICON (NOW CALLED NEPC INDIA LTD.) AND OTHERS [2019 (2) TMI 971 - SUPREME COURT] are distinguishable on facts. The next point as to whether the decision of the Company Law Board would prevent the Civil Court from deciding the issues relating to the relief clai....... + More
- 2019 (12) TMI 292
Territorial Jurisdiction to entertain the appeal - proceeding under Section 7 of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- When the application for recalling was admitted by the learned Tribunal and a prima-facie finding is on record to the effect that the registered office of the company was in Odisha. However, by the order impugned, the Tribunal has found that as the petitioner was in knowledge of the proceeding and had received communication by e-mail about the proceeding, then the same should have been contested. It also appears from the order that the Tribunal recorded that it had the territorial jurisdiction to hear the application when the same was filed by the financial creditor. Prima facie, it is found from the records that the registered office of the company shifted to Odisha on January 16, 2018 and the applicat....... + More
- 2019 (12) TMI 291
Maintainability of petition before the High Court in the case of Insolvency and Bankruptcy Code, 2016 - appellability of orders passed by the Adjudicating Authority - HELD THAT:- It is seen from Section 61(1) that the language used is, notwithstanding anything to the contrary contained under the Companies Act, 2013, any person aggrieved by the order of the Adjudicating Authority under that Part (Part II) may prefer an appeal to the National Company Law Appellate Tribunal - However, in contrast, the very next Section, that is, Section 62 of the IBC provides for an appeal to the Supreme Court against “an order” of the NCLT to the Supreme Court, thereby creating an explicit distinction between the language of the two successive sections between the appeal preferable against the order of an Adjudicating Authority and that of the N....... + More
- 2019 (12) TMI 290
Use of brand name by the two companies managed by the separate group of family members - partition by the CLB after family dispute - Prayer for an order of injunction to restrain the defendant from producing or selling or marketing any product using the said label and carton - short contention of the plaintiff/petitioner is that it is the owner of the copyright in the artistic work on the said label and carton. It has not permitted the defendant to use the said label and carton for carrying on the defendant’s business of manufacture and sale of hair oil - whether or not the defendant is entitled to use the name ‘BANPHOOL’ on its label and carton that it uses to market the hair oil manufactured by it? HELD THAT:- It is not in dispute that the Sharma brothers carried on the business of manufacture and sale of Ayurvedic hai....... + More
- 2019 (12) TMI 289
Disqualification of Petitioner to hold the Office of the Directorship of a Company - Section 164 (2) (a) of the Companies Act 2013 - direction to the Respondents to permit the Petitioner to get re-appointed or appointed as Directors in any other Company without any hindrance - HELD THAT:- The lists dated 08.09.2017 and 01.11.2017 published by the Registrar of Companies, Tamil Nadu, Chennai were the subject matter of challenge before this Court in BHAGAVAN DAS DHANANJAYA DAS VERSUS UNION OF INDIA, REGISTRAR OF COMPANIES, TAMILNADU CHENNAI [2018 (8) TMI 436 - MADRAS HIGH COURT] and came to be disposed by this Court where it was held that Section 164(2)(a) is read down to the extent it disqualifies the directors in other companies which are scrupulously following the requirements of law, making it clear that no directors in other companies c....... + More
- 2019 (12) TMI 288
Rectification of mistake - error apparent on the face of record or not - discrepancies in the record maintained by the company - non compliance of the provisions of Section 131 read with Section 128(1) of the Companies Act, 2013 - Approval of proposed scheme of demerger - HELD THAT:- Every Company must keep relevant Books or Papers and Financial Statements for every Financial year which give a true and fair value of the state of the affairs of the Company. The National Company Law Tribunal found discrepancies, in the statements of balance sheet of the Transferor Company, wherein realisable value to the loan is shown as 1.14 Crores instead of 7.58 Crores, which was to be received from 'Doloo Tea Company (India) Limited - However, the order of the Tribunal dated 24th January 2019 was appealable order, but no appeal is preferred against ....... + More
- 2019 (12) TMI 287
Sanction of Amalgamation of companies - convening and holding of meeting of shareholders and the creditors of the company for the purpose of approving with or without modification, to obtain sanction of the Tribunal to the scheme of amalgamation - Section 230 - 232 of the Companies Act, 2013 - HELD THAT:- Since the requirement of the holding and convening of meetings of the equity shareholders and creditors of the company, on 28th February, 2018 the Appellant filed the petition for sanction of the scheme of amalgamation under Sections 230 - 232 of the Companies Act, 2013 read with Companies (Compromise, Arrangements and Amalgamations) Rule, 2016. Notice was issued to the office of the Regional Director, Registrar of Companies, Official Liquidator, Income Tax Department and Reserve Bank of India. The Tribunal also directed for publication ....... + More
- 2019 (12) TMI 243
Revival of company and restoration of company's name in the Registrar of Companies - Seeking relief to make the bank account operational - HELD THAT:- The appellant preferred this appeal being a Liquidator of the deregistered company. Hence, he is competent for filing the same, to seek restoration of the company's name in the register of the ROC. By perusal of the material available on record it is evident that the main reason shown for striking off the name of the Company, i.e. M/S. J. R. Diamonds Pvt. Ltd. was that the deregistered company had failed in filing its statutory returns (e.g. Balance Sheets, Annual Returns) before the ROC. However, when the order impugned for striking off the name of the company was passed, the company was under the C.I.R.P. and thereafter gone into liquidation process by an order dated 01.10.2018 of....... + More
- 2019 (12) TMI 194
Winding up proceedings - conduct of Official Liquidator (OL) - rejection of application for impleadment and transfer moved by the appellant secured creditor herein - HELD THAT:- The OL really should have no interest in seeking to retain its control over the company under liquidation since, supposedly, it has no pecuniary interest in the matter. - OL is not willing to let go of its control over the company under liquidation. The working of the office of the OL has, in the past, left us with a sense of disappointment. In fact, if the office of the OL were to discharge its obligations and duties efficiently and completely transparently, may be, the need to evolve the NCLT with jurisdiction, inter alia, to liquidate a company may not have arisen. There are no merit in this submission for the reason, that the personal properties of the guarant....... + More
- 2019 (12) TMI 193
Maintainability of petition - petitioner has contended that the order impugned in this petition be quashed and set aside, not on merits, but only on the ground that it does not comply with the Rules - HELD THAT:- When the order is pronounced under this Rule 151, the Court Master shall make a note in the order sheet, that the order of the Bench consisting of President and Members was pronounced in open court on behalf of the Bench. The argument throughout was that there was no date of pronouncement notified. There was no board prepared of the proceedings and particularly, the pronouncement of the order in open Court. There was no intimation to the parties and that the petitioner’s advocate was in the Court, but no pronouncement was done. Interestingly, according to Mr.Dwarkadas, there is an endorsement at pages 547A and 547B that the....... + More
- 2019 (12) TMI 192
Allotment of sharers made by the respondent on preferential basis - Failure on the part of the respondent to comply with requirement of SEBI Act and Regulations - offences under Sections 81(1), 75 and 150 of the Companies Act, 1956 - Composition/Compounding of offences - Two orders have been passed by the SEBI are on account of certain violation under the Companies Act, 1956 and therefore, the respondents wanted to compound the offences by paying composition. HELD THAT:- The respondents have settled disputes under the Companies Act, 1956 alone. By settling the dispute under Section 621-A of the said Act, the machinery provided to the appellant under the SEBI Act, 1992 to prosecute respondents for any violation of the said Act and regulations made thereof has not been stifled in any manner. From the reading of the provisions of Section 621....... + More
- 2019 (12) TMI 191
CIRP - Approval of Resolution Plan - Section 30(6) of the Insolvency and Bankruptcy Code, 2016 - compliance with the requirement of Section 31 r/ w Section 30(2) of the Code - HELD THAT:- On perusal of the Resolution Plan, it is found that Resolution Applicant viz. M/S. Fitcast Founders & Engineers Private Limited, is a compan) engaged in the manufacturing and marketing of CI Castings and othel Castings which are having a direct relevance with the business of thc Corporate Debtor and accordingly, the promoters are to be considered from the same line of business having better understanding of thc manufacturing process, market as well as entire technical aspects whick shall definitely result into proper resolution of the Corporate Debtor. Thc RA along with its consortium member viz. Omkara Assets Reconstructior Private Limited is having....... + More
- 2019 (12) TMI 130
Liquidation of the company - Liquidation basing on the resolution passed by the CoC - HELD THAT:- It is evident that this case was admitted on 27.03.2019. Thereafter, on the claims received from the Financial Creditors, CoC was constituted on 25.04.2019. In addition to constitution of CoC, in the second CoC meeting held on 03.06.2019, since no asset is lying with the company, the CoC has arrived to a conclusion that this is a fit case for placing a proposal for liquidation as this company is neither a going concern nor holding any assets, thereby on 19.06.2019, they have unanimously proposed for liquidation of this company. Since it has been categorically mentioned by the CoC that this company is neither a going concern nor having any asset, this Bench is of the view that this is a fit case for liquidation, whereby, this Bench hereby orders for liquidation.
- 2019 (12) TMI 54
Maintainability of petition - Entitlement of sum after maturity of FDR with the respondent - Repayment of the interest due from the date of maturity till the date of actual payment is released - section 73(4) of the Companies Act, 2013 - Case of petitioner is that the interest on her deposits after the date of maturity till the date of actual repayment of deposits, has not been paid - Whether the petitioner is entitled to get the interest at the rate of 12/12.5% p.a. from the date of maturity of the FDRs till the date of actual payment was made or not? HELD THAT:- A mere plain reading of provision of Section 74(2) of the Companies Act, 2013, shows that by exercising the power, this Tribunal allow the time as considered reasonable to the company to repay the deposit - this Tribunal simply regularized the belated payment, which was made by ....... + More
- 2019 (12) TMI 15
Winding up petition - Official Liquidator's Report has been filed on the basis that the ex-directors of the Company in Liquidation have colluded with the partners/directors of the alleged tenants - Appointment of liquidator of company - physical possession of property - HELD THAT:- The record reveals gross collusion between the ex-directors of the Company in liquidation and the directors/partners of the tenants. All the suits referred to above have been filed by the tenants in the year 2011, which is the same year in which the Company Petition was filed against the Company under Sections 433 and 434 of the Companies Act. It is during that time, the tenants, claiming a right in the assets of the Company (in liquidation), approached the Courts in Mumbai and in Surat, where the various assets of the Company are situated and obtained orde....... + More
........
|
