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Companies Law - Case Laws

Showing 41 to 47 of 47 Records

• 2021 (2) TMI 58 - MADRAS HIGH COURT
  

  Disqualification of the petitioners as Directors - Section 164(2)(a) of the Companies Act, 2013 - Allegation that the Directors has not submitted financial statements for three consecutive financial years - opportunity of hearing not given to petitioner - HELD THAT:- The issue raised in this writ petition was considered by the Hon'ble Division Bench of this Court in the case of Meetgelaveetil Kaitheri Muralidharan Versus Union of India & Another [2020 (10) TMI 595 - MADRAS HIGH COURT] where it was held that

  The case on hand stands on the same footing. In the instant case also, no notice was given to the petitioner before disqualifying him as Director of M/s. Aventa Technologies Limited.

  The impugned order passed by the second respondent disqualifying the petitioner as Director of M/s. Aventa Technologies Limited under Section 164(2)(a) of the Companies Act, 2013 is hereby set aside - Petition allowed.

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• 2021 (2) TMI 57 - NATIONAL COMPANY LAW TRIBUNAL , SPECIAL BENCH, MUMBAI
  

  Approval of scheme of amalgamation - sections 230 to 232 and other applicable provisions of the Companies Act, 2013 - HELD THAT:- From the material on record, the Scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy - Since all the requisite statutory compliances have been fulfilled, CP(CAA)/927/MB-III/2020 is made absolute.

  The Scheme is sanctioned hereby, and the Appointed Date of the Scheme is fixed as 1stApril2019. The Transferor Companies are ordered to be dissolved without winding up - Petitioner Companies are directed to file a copy of this order along with a copy of the Scheme with the concerned Registrar of Companies, electronically in Form INC-28 within thirty days from the date of receipt of the Order duly certified by the Deputy Registrar/ Assistant Registrar of this Tribunal.

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• 2021 (2) TMI 56 - NATIONAL COMPANY LAW TRIBUNAL, SPECIAL BENCH, MUMBAI
  

  Approval of scheme of Arrangement involving Demerger - Sections 230 to 232 of the Companies Act, 2013 - HELD THAT:- From the material on record, the Scheme appears to be fair and reasonable and does not violate any provisions of law and is not contrary to public policy or public interest.

  Since all the requisite statutory compliances have been fulfilled, CP(CAA)/4039/MB.II/2019 has been made absolute - The Scheme of Arrangement is sanctioned hereby, and the Appointed Date of the Scheme of Arrangement is 1st day of April, 2019 as defined in Clause 1.3 of the Scheme.

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• 2021 (2) TMI 55 - NATIONAL COMPANY LAW TRIBUNAL, SPECIAL BENCH, MUMBAI
  

  Approval of Composite Scheme of Arrangement and Amalgamation - sections 230 to 232 read with section 66 of the Companies Act 2013 - HELD THAT:- From the material on record, the Composite Scheme of Arrangement and Amalgamation pursuant to section 230 to 232 read with section 66of the Companies Act, 2013 appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy - Since all the requisite statutory compliances have been fulfilled, the Company Petition filed by the Petitioner Companies is made absolute.

  The Scheme is hereby sanctioned and the appointed date of the Scheme is fixed as 1st April, 2018. The Transferor Company be dissolved without winding-up after this Scheme becomes effective.

  Application allowed.

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• 2021 (2) TMI 18 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI BENCH
  

  Seeking restoration of the name of the Company in the Register maintained by the Registrar of Companies - Section 252 of the Companies Act, 2013 - HELD THAT:- The provisions pertaining to restoration 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 just that the name of the company be restored, this Tribunal can order the RoC to restore the name of the company in the Register of Companies.

  It would be just and equitable to order restoration of the name of the Company in the register of RoC to enable the Appellant Company to carry on business as per its objects - the Appeal is allowed subject to payment of costs of ₹ 50,000/- to the Prime Minister's Relief Fund, the proof of which will be furnished by the Appellant to the Registry of this Tribunal within 07 days. The Registrar of this Tribunal shall maintain the information about such deposits in a separate E-register.

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• 2021 (2) TMI 17 - NATIONAL COMPANY LAW TRIBUNAL GUWAHATI BENCH
  

  Approval of scheme of amalgamation - seeking various directions regarding holding and convening of various meetings as well as directions regarding issuance of various notices - Sections 230 to 232 of the Companies Act, 2013 - HELD THAT:- Having heard the Applicant Companies and by considering the consent affidavits filed on behalf of the shareholders, secured creditors as well as by the majority in debts value of unsecured creditors of the Applicant Companies to approve the proposed Company Scheme and by waiving their rights to participate in such meeting, the meetings of the Shareholders, Secured and Unsecured Creditors of the Applicant Companies are hereby dispensed with.

  The present Company Application deserves to be allowed - Application allowed.

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• 2021 (2) TMI 16 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCH
  

  Seeking to wind up the respondent company - seeking direction to existing management of the Respondent No. 1 Company to peacefully cooperate with the Provisional Liquidator to carry out his duties under the Companies Act, 2013 - Jurisdiction of this Tribunal to deal with the subject matter - HELD THAT:- The Tribunal is conferred with exclusive jurisdiction to deal all matters arise out of provisions of Companies Acts, 1956/2013, as case may be. Section 430 ousts jurisdiction of Civil Court over the matters, the Tribunal is having jurisdiction.

  By perusal of investigation reports by CBI and the actions taken by other statutory Authorities, the incorporation of R1 Company and obtaining a contract in a fraudulent manner that too within a short time, without having requisite experience, would not justify its continuance on the rolls of Registrar of Companies, Bangalore. Though various proceedings are pending against the Award in question, there is no bar to initiate the present proceedings. It is unheard that a Company incorporated hardly one and half months earlier, can able to get a Contract from the Govt. of India, that too without having any technical experience in the relevant field. Therefore, without prejudice to the rights of Parties in the litigation pending before the Hon'ble High Court of Delhi and the Hon'ble Supreme Court, the Tribunal can exercise its powers conferred on this Tribunal, under Chapter XX Part 1 of Companies Act, 2013, to appoint provisional Liquidator before passing final winding up order, which would be decided after hearing the Parties.

  Since the R1 Company has suffered various adverse findings with cogent evidence at the hands of various Statutory Authorities, as detailed supra, it would not be proper to permit R1 Company to continue its name on the rolls of Registrar of Companies, Bangalore. Therefore, in terms of provisions of Section 283 of Companies Act, 2013, it would be just to permit Provisional Liquidator to forthwith take into his or its custody or control all the property, effects and actionable claims to which the R1 Company is or appears to be entitled to and take such steps and measures, as may be necessary, to protect and preserve the properties of the R1 Company and to avoid misuse of its property.

  It is settled position of law that principles of natural justice mandates judicial forums to afford reasonable opportunity to other side before passing any order by judicial Authorities. However, Courts/Tribunal are empowered to pass appropriate Ad Interim/interim order at the stage of admission itself, if circumstances, in a case justifies for passing such interim order(s). In the instant case, it is not in dispute that R1 Company was given notice though it was short for duration and thus their Counsels appears before the Tribunal and advanced their arguments on merits of the case.

  Prima facie case is made out by the Petitioner in favour of granting interim order as prayed for. It is just and proper to appoint Provisional Liquidator to take control of the affairs of R1 Company pending final adjudication of main petition for winding up.

  Petition admitted.

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