2018 (6) TMI 1167
Overriding of Insolvency and Bankruptcy Code, 2016 - whether the present proceedings can continue or whether the NCLT order appointing the IRP could be allowed to act in terms of IBC, 2016 while the present proceedings in relation to the Company are pending before this Court? - Held that - This Court finds that the Company Petition has been registered on the basis of the recommendations made by the BIFR under Section 20. Thus, the avenues for try....... + More
2018 (6) TMI 952
Oppression and mismanagement - whether Appellant and his wife were given the concerned Notices of the Meetings for holding? - % of share holding - Held that - Respondents 2 and 3 in both the Appeals and their group have transferred off all their shareholding to 3rd parties. When the Appellant was making grievances in the NCLT also and has claimed here also that he was kept out of the affairs of the Companies and he was making grievances that the ....... + More
2018 (6) TMI 951
Contravention of FEMA Regulations - excess shares allotted - Securities premium amount has been determined wrongly short and consequently paid up capital have been allocated of more amount than required - Held that - This case deals where the CCDs have been converted into shares at a wrong share premium. The money has already been received by the company and the allocation of the same between paid up share capital and securities premium has to be....... + More
2018 (6) TMI 950
Oppression and mismanagement - validity of BOM - Held that - As informed about the Meeting, the appellant No.1 cleverly chose to remain absent and the required quorum was present in the Meeting, Respondent No.2 was elected Chairman of the Board, R1 company and to give/change authority relating to execution of sale deed was validly given to Respondent No.2. Therefore, the appellant No.1 has no right to question about the resolution passed in the s....... + More
2018 (6) TMI 949
Name struck off from the Register of Companies - failure to file Financial Statements and Annual Returns - appellant wanted the company to be restored so that it could comply with the winding up procedure and the company could have an honourable exit - Held that - If restoration of the name of the Company was to be allowed only for the purpose of winding up, it would defeat the very purpose of striking off the company. It also found that the appe....... + More
2018 (6) TMI 948
Application to Tribunal for relief in cases of oppression, etc. - Waiver under the proviso to Section 244(1) - Whether a person who is not a member is entitled to the waiver under Section 244(1) would also have to be determined - Whether NCLT is entitled to grant the said waiver under Section 244(1) even without determining whether a petitioner before it is a member or not? - Held that - We observe that the Respondent No.1 and 2 have attended the....... + More
2018 (6) TMI 947
Corporate Insolvency Resolution Process - debt and default on the part of the Corporate Debtor - Held that - It is not in dispute that the Appellant- ( Corporate Debtor ) was developing an office complex by the name of Q-City Hyderabad. In the process of developing such office complex on 23rd October, 2017, the Respondent- ( Financial Creditor ) acquired the majority of the shareholding of the Appellant- ( Corporate Debtor ) for a total considera....... + More
2018 (6) TMI 732
Oppression and mismanagement - application filed for waiver - application for waiver subject to the question whether (proposed) application under Section 241 relates to oppression and mismanagement - Held that - Except for appellants 2 and 3 none of the other shareholders can maintain an application of oppression and mismanagement. As per the judgment of Cyrus 2017 (9) TMI 1500 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI other minority s....... + More
2018 (6) TMI 679
Serious fraud on the securities market - off-loading the fraudulently dematted excess shares of SCCL to innocent investors - whether SEBI has unduly favoured the violator who are found to have committed serious fraud on the securities market? - Held that - Issuing shares in excess of authorised share capital and further dematting those unauthorized excess shares and allowing those shares to be sold on-market to innocent investors is a serious fra....... + More
2018 (6) TMI 678
Share Transfer and allotment legality to director - application of section 59 of Companies Act - Held that - The petitioner as well as the 2nd respondent are admittedly present during Board Meeting in question to transact the business of the Company. Accordingly the business of the Company was conducted duly following the above articles of Association of the Company. It is also relevant to point out here that the petitioner is not disputing the a....... + More
2018 (6) TMI 647
Winding up of company - according to the petitioner, the allegation made by the company that the said memorandum of settlement is vitiated by any fraud or coercion or undue influence or that the said memorandum of understanding is not binding upon the company or that the latter paid ₹ 8.5 lakhs to the petitioner independent of the said memorandum of settlement or that after payment of ₹ 8.5 lakhs the company owes no money to the petit....... + More
2018 (6) TMI 85
Transfer of cases - where an application under Section 230-232 of the Companies Act, 2013 can be filed if the registered office of two companies are situated within the territorial jurisdiction of two different NCLT Benches? - Held that - From clause (d) of Rule 16, we find that the Hon ble President of the NCLT has power to transfer any case from one Bench to other Bench when the circumstances are so warranted. The cases in hand circumstances wa....... + More
2018 (6) TMI 25
Winding up recalled - compromise or arrangement with creditors and members - Held that - Section 391 of the Act deals with the power to compromise or make arrangement with creditors and members. This provision on its cursory reading by itself would reveal that it can have no application to the facts of this case where apparently even despite the publication of notice there are no other creditors apart from EDC and the State Bank of India and the ....... + More
2018 (6) TMI 24
Tribunal s power to review its order - mistake apparent from the record - Held that - Tribunal in the order dated 29.05.2017 held that the question of limitation in this case is mixed question of fact and law. Delay aspect has to be considered at the final hearing, the authority of Ashok Kumar Khosla to file this petition is upheld subject to the challenge pending in other courts. This Tribunal also held that the controversy regarding convening o....... + More
2018 (5) TMI 1571
Fraudulent issue of 6,715 Nos. of equity shares - direction to company as well as the office of the ROC not to give effect in the Company s records on fraudulent issue of shares and declare those shares as null and void - validity of Resolutions fraudulently passed by the respondent without the approval of the existing shareholders - regulation of the conduct of the Company s affairs in future. - Whether in seeking relief from this Tribunal, the ....... + More
2018 (5) TMI 1308
Shareholders right to sell shares - Interim order dated 28-04-2016 passed by Hon ble Company Law Board questioned - change of shareholding pattern - Held that - The case on hand, Vadodara Stock Exchange Limited is a public limited company although it is not a listed company, Therefore, shareholders of Vadodara Stock Exchange Limited have got every right to sell their shares. - The main objection of the original petitioner and respondent No. 7 is ....... + More
2018 (5) TMI 1249
Non filing Appeal within the time granted - extend the time granted for compliance given under sub-rule (2) to rule 26 of the NCLAT Rules, 2016 seeked - delay of one day - Held that - In the case on hand, the initial presentation of the appeal under Rule 22 on 02.04.2018 and the subsequent presentation after curing the defects on 11.04.2018 are well within the period of limitation of 45 days, even if the limitation is computed on the basis of the....... + More
2018 (5) TMI 997
Rectification of the defects causing delay in presenting the Appeal - condonation of delay - Computation of period of limitation - computation of period of 45 days for filing the Appeal - Is the time given for complying the direction to cure the defects liable to be extended under sub-rule (3) to rule 26 of the Rules? - Held that - In the case on hand, the initial presentation of the appeal under Rule 22 on 19-02-2018 is within the period of limi....... + More
2018 (5) TMI 931
Satyam Scam - Penalty for insider trading - Prohibition of Insider Trading Regulations, 1992 - appellant was roped in by the Whole Time Member of the SEBI as well as the Appellate Tribunal as he happened to be an executive director of SCSL from 1993 upto 31.8.2000 and a non-executive director from 1.9.2000 to 23.1.2003. He also happens to be the co-brother of B. Ramalinga Raju as the two of them have married two sisters - Held that - We are of th....... + More
2018 (5) TMI 734
Oppression and mismanagement - Whether the prime property of the company was sold to R6 and R7 for lesser value than the original value for which it was purchased? - Held that - As per the sale deed dated 14.07.2000, the sale consideration was ₹ 9.85,400/- which is the registered value and subsequently the same property was purchased by the R6 and R7 for ₹ 21,22,500/- which is more than the registered value. The learned Counsel for R1....... + More
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