Advanced Search Options
Companies Law - Tribunal - Case Laws
Showing 1 to 20 of 44 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.
- 2021 (5) TMI 941 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH
Seeking reduction of share capital of the Petitioner Company - HELD THAT:- The Special Resolution as approved by the shareholders in their Extraordinary General Meeting held on 13.05.2020 is hereby confirmed. The Company shall, within thirty days hence, publish the confirmation of the reduction of share capital in the same newspapers (i.e. Free Press Journal and Navshakti) having circulation in the state of Maharashtra, as required under section 66(4) of the Act. It may also be published on the website, if any, of the Company. The Petition for reduction of share capital is allowed.
- 2021 (5) TMI 893 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCH
Approval of Scheme of Amalgamation - Section 230(6) read with Section 232(3) of the Companies Act, 2013 - HELD THAT:- The instant petition is admitted and next date of hearing is fixed on 21st May, 2021. At least 10 (ten) clear days before the said date fixed for hearing, the Petitioners shall cause notice of hearing to be advertised in the FINANCIAL EXPRESS in English and Bengali translation thereof in DAINIK STATESMAN as per Rule 16(1) of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 - Another notice pursuant to Section 230(5) of the Companies Act, 2013 along with accompanying documents, including the copies of the aforesaid Scheme and statement under the provisions of the Companies Act, 2013, as sent earlier, shall be served again on the aforesaid Statutory Authorities by sending the same to them by hand delivery through special messenger or by post or by email within one week from the date of receiving this order. Petition disposed off.
- 2021 (5) TMI 874 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH, NEW DELHI
Illegal transfer of shares without any consideration - forged signatures - siphoning of funds - HELD THAT:- In the application, there is a vague allegation of fabricating, share transfer deeds and the resignation letter. In the application, it is not mentioned that in what manner Mr. Naveen Kishore siphoned off the money from the Appellant Company and when has he purchased 50 properties in the name of his family members out of the funds of the Company. Even in the application it is not mentioned as to how and when the Respondents got the knowledge that Mr. Naveen Kishore has indulged in fraudulent sale transactions. Further, in support of said allegations the Respondents have not place any document on record. There is nothing in the order to justify the directions for conducting forensic audit of accounts of the Company that too for more ....... + More
- 2021 (5) TMI 854 - NATIONAL COMPANY LAW TRIBUNAL , INDORE BENCH
Winding up of the company - substratum of the company has been completely lost - Section 271 (e) read with Section 272 (1) (b) of the Companies Act, 2013 - HELD THAT:- On perusal of the record, it is found that the company did not have any long term borrowings. Further, the Balance Sheet of the company as on 31.03.2017, it reflects that there are losses and the same trend is continuing and in the year 2017-18 the turnover of the company from business operation as reflected as 'NIL' due to recurring expenses of the company. Thus, as against the total liability as on 31.03.2018 is ₹ 32,40,81,282/-, whereas the total assets of the company is ₹ 1,53,25,517/-, which is not sufficient to completely settle the liabilities of the company, since the operations of the company is completely closed down after April 2011 - On perus....... + More
- 2021 (5) TMI 818 - NATIONAL COMPANY LAW TRIBUNAL , KOCHI BENCH
Rectification of mistake - seeking amendment of the Company Petition by incorporating certain paras - HELD THAT:- This Tribunal is of the opinion that in the interests of justice, the applicants may be permitted to amend the Company Petition incorporating the paragraphs and reliefs sought therein. Respondents can very well counter those averments and the reliefs, raising limitation, if any, by filing detailed counter affidavit, so that this Tribunal can consider those arguments also while finally disposing of the Company Petitions. The applicants are directed to file the amended Company Petition in both cases serving copy to all the respondents, within two weeks from today - Application allowed.
- 2021 (5) TMI 783 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Maintainability of petition - interest bearing Fixed Deposit - seeking repayment of the Deposit due along with interest due - it is the case of Respondent that the present Petition is not maintainable since the Petition under Section 73(4) can only be filed by a Member of the Company and the Petitioner has not annexed any proof with respect to his Membership in the respondent company - HELD THAT:- The Section 73(4) of Companies Act 2013, under which the present petition has been filed, also comes under Chapter 5 of the Companies Act 2013. Therefore, by virtue of Section 76(2) of Companies Act 2013, the provisions regarding filing of an application by a depositor before this Tribunal shall be mutatis mutandis applicable to public i.e., non-member of the company, from whom the deposit is accepted - there are no force in the plea raised by t....... + More
- 2021 (5) TMI 779 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Seeking restoration of name of the company in the Register of members - Section 252 of the Companies Act, 2013 - HELD THAT:- The appellant has not submitted satisfactory evidence to prove that company was in operation during "strike off". But we are satisfied that "just" ground to consider revival of the company, as the company owns plot of agricultural land. Unless, the company is revived, the utilization of plot of agricultural land for fulfilling main objects of the company and to run the business cannot be possible. Thus, taking into consideration the provisions of Section 252(1) of the Companies Act, 2013, which vests this Tribunal with a discretion where the Company, whose name has been struck off, and such Company is able to demonstrate that it is just to do so, can restore the name of the Company, in the Regist....... + More
- 2021 (5) TMI 777 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Seeking restoration of the name of the Appellant Company in the register maintained by the Registrar of Companies - Section 252 of the Companies Act, 2013 - HELD THAT:- This Bench observes that the name of the Company was struck off on 29.10.2019, when the litigation of Oppression and Mismanagement was pending against the Appellant Company before this Tribunal. Hence, the reasons for not filing the Financial Statements seems plausible. The RoC was not justified in striking off the name of the Appellant Company from its register during the pendency of litigation pertaining to the Appellant Company - The provisions pertaining to restoration of the name of the Company are provided in the Section 252(3) of the Companies Act, 2013, which, inter alia, includes that if a company is carrying out its business or in operation or otherwise it is jus....... + More
- 2021 (5) TMI 755 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Seeking restoration of name of company in the register of ROC - Section 252 of the Companies Act, 2013 - HELD THAT:- The grounds contemplated under Section 252 of Companies Act, 2013, are that the company was carrying on business or was in operation at the time of striking off its name or where it appears "just" to the Adjudicating Authority that the name of the company is to be restored to the Register of Companies and the Section 252(1) further contemplates that one of the above three conditions are required to be satisfied before exercising jurisdiction to restore the company to its original name on the register of the Registrar of Companies. The appellant has submitted sufficient evidence that it has been in operation during the period preceding strike off, therefore, it could not be termed as a defunct company as per Sectio....... + More
- 2021 (5) TMI 733 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH
Oppression and mismanagement - security of the mall has been a matter of grave concern - sections 241-242 read with 244 of the Companies Act, 2013 - HELD THAT:- The plea that the Directors of the Company have abdicated their responsibility in maintaining the Mall properly itself is sufficient to prima facie hold that all is not well and smooth in the Company. The fact that the Dreams Mall Commercial Premises Workers Association had written to the Hon’ble Minister for Energy for electricity connection itself goes to show that the Company has abandoned its responsibility and has put a deaf ear to the plight of the majority of the shop owners. It is trite that when substantial justice and technical considerations are pitted against each other, the cause of substantial justice deserves to be preferred and the courts may in the larger in....... + More
- 2021 (5) TMI 710 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD BENCH
Seeking to restore the name of the Company in the Register of Companies maintained by the Registrar of Companies - Section 252(3) of the Companies Act, 2013 - HELD THAT:- The Counsel for Applicant further stated that the Company would file necessary-Financial Statements and Annual Returns soon after restoration of the name of the Company with the Registrar of Companies, Hyderabad and prayed the Tribunal to revive this Company - Also, the latest Balance Sheet as on 31st March 2019 and Financial Statements for the year ending 31st March, 2019 of the Company. The Company is having Total Assets of ₹ 2,21,45,865/- and Total Liabilities of ₹ 1,82,76,560/-. After going through the provisions of Section 252(3) of the Companies Act, 2013, this Tribunal is of the view that the Company was in existence and it is a going concern and name of the Company to be restored in the Register of Companies as maintained by RoC - Application allowed.
- 2021 (5) TMI 707 - NATIONAL COMPANY LAW TRIBUNAL , JAIPUR BENCH
Oppression and Mismanagement - illegal share allotments - void ab-initio allotments - HELD THAT:- This Tribunal has ample powers while dealing with applications filed under Section 241-242 for the purpose of safeguarding the interests of the company and its shareholders and the public in general. Such powers encompass passing of orders that may include exemption or waiver of certain parameters of the Act for larger interests. The instant application is an apt case for exercise of powers in order to bring a quietus to the issues inter-se the parties and for overall interests. The Settlement Agreement dated 20.01.2020 is taken on record and liberty is granted to the Applicants to withdraw the corresponding Company Petitions - Application disposed off.
- 2021 (5) TMI 681 - NATIONAL COMPANY LAW TRIBUNAL , AHMEDABAD BENCH
Seeking restoration of the name of Respondent in the Register of the Companies maintained by the ROC - Section 252(3) of the Companies Act, 2013 - HELD THAT:- Order IX Rule 13 is also not attracted in any manner, in as much as no sufficient cause for non-appearance was shown. That apart, even if there is 'sufficient cause', in that event there cannot be a fresh memo of appeal, so filed by the Appellant. The very arguments so advance by the learned lawyer of the Appellant is not maintainable in any manner under facts and law. That apart, it is a matter of record that one Gopal Polymer and Impex Limited along with 2 ors. have filed a case before the Hon'ble VIII Additional District Judge Indore 67A of 2015, which corroborate the objection so made by the objector - on perusal of the sale deed so relied by the Appellant executed o....... + More
- 2021 (5) TMI 680 - NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH
Seeking to grant exclusion period from 25.03.2020 to 22.07.2020 i.e., period of 120 days from the liquidation process period etc. - Section 60 (5) of the I & B Code, 2017 R/w Regulation 47A of IBBI (Liquidation Process) Regulations 2016, and Rule 11 of NCLT, Rules 2016 - HELD THAT:- The material facts of the issue are not in dispute, and the Applicant could not conclude the Liquidation in question, within stipulate time, due to the lockdown and partial lockdown imposed in the wake of Covid-19 outbreak and also non response to e-auction issued. It is settled position of Law that Adjudicating Authority is empowered to exclude certain period of time subject suitable reasons cited, for Liquidation process. Application allowed.
- 2021 (5) TMI 648 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCH
Approval of scheme of Arrangement - section 230-232 of Companies Act - HELD THAT:- From a perusal of the material brought on record, it appears that the Scheme of Arrangement is fair, reasonable and is not detrimental to the Members or Creditors or contrary to public policy. Further, as per the Petition, the Scheme in question will enable the Applicants to demerge the Export Division and Packaging Products Division into the Resulting Company. Such segregation will provide for separate, dedicated management of the Public Guidance System Division, which will lead to a more focused approached and will provide greater flexibility to the respective entities, to meet the needs for carrying out its operations, which would be in the best interests of the Demerged Company, its shareholders, creditors and all persons connected with the Resulting Co....... + More
- 2021 (5) TMI 645 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCH
Delay in causing paper publication the Applicant - Section 66 of Companies Act, 2013 - HELD THAT:- The delay of 128 days in causing paper publication is due to the reason that the mother of the Authorized Representative was diagnosed with Stage 4 cancer during the month of October 2019 and she died on 25.11.2019 and since the last rites was performed during the month of December 2019, the Authorized Representative has resumed office only with effect from 26.12.2019 and hence there was a delay in causing paper publication. The delay as stated by the Learned Authorized Representative for the Application seems to be plausible and reasonable and hence we hereby the delay of 128 days in causing paper publication is condoned. Reduction of share capital - section 66 of the Companies Act, 2013 - HELD THAT:- It is seen from the Application and the....... + More
- 2021 (5) TMI 640 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The loan amount was duly disbursed to the Corporate Debtor and the documents of mortgage/guarantee/hypothecation were duly executed by the Corporate Debtor through their authorized representative. The requisites of an application under section 7 of IBC are available on record and duly proved. The date of default the account of the Corporate Debtor having been declared as NPA on 29th July 2017 is also proved, which is the date of default as per Annexure 'E' at page 61 of the petition. A submission was made on the date of hearing (22.02.2021), that time be granted for filing a detailed reply. The IBC does not envisage two stages of reply. An opportunity....... + More
- 2021 (5) TMI 615 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCH
Validity of AGM held - fit and proper persons to occupy the office of Directors of the Company or not - validity of appointment of Respondents 5 to 9 as additional Directors of the Company - HELD THAT:- The Respondents have made available copies of various documents including relevant Minutes of the Annual General Meeting (AGM) conducted in respect of the Company. Since the Petitioners are alleging that they were not given due notices of the meetings, not furnished statements for the financial years in question etc., it is necessary to advert whether those allegations of Petitioners are borne out of record or not. The following facts establishes that the Petitioners were given adequate opportunity in participating in the affairs of Company, but they did not want to own any responsibility for the affairs of Company and thus quit from manag....... + More
- 2021 (5) TMI 614 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Restoration of name of respondent company in the Register of Companies - Section 252 of the Companies Act, 2013 - HELD THAT:- The appellant has submitted sufficient evidence that it has been in operation during the period preceding strike off, therefore, it could not be termed as a defunct company as per Section 252 of the Act. Thus, taking into consideration the provisions of Section 252(1) of the Companies Act, 2013, which vests this Tribunal with a discretion where the Company, whose name has been struck off, and such Company is able to demonstrate that it is just to do so, can restore the name of the Company, in the Register and in the interest of all stakeholders, including the Appellant itself, who seeks restoration of the name of the Company in the register maintained by Registrar of Companies, the company deserve to be restored. The Public Notice of Registrar of Companies, striking off the name of the company, is hereby declared illegal and set aside - Appeal allowed.
- 2021 (5) TMI 608 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD BENCH
Seeking restoration of name of company in the Register of Companies, maintained by the Registrar of Companies - Section 252(3) of the Companies Act. 2013 - HELD THAT:- The materials available on record indicates that the failure of the Company to furnish the statutory returns with the RoC was not intentional. Apparently the Company has been carrying on its operations as the financial statements would indicate. Unless the Company's name is restored it will prejudicially affect its prospects and adversely influence the Directors in their future endeavours. The promoters of the Company as well as the Appellant are keen to carry on and perform the objects of the Company in right earnest. There has been substantial investments in the project. The Company is continuing its business. Unless the name of the Company is restored in the Register....... + More