2017 (9) TMI 751 - DELHI HIGH COURT
S.S. Technologies Versus N.G. Technologies Ltd.
Dissolution of the company - liquidation proceedings in progress - Held that - The fund position of the Company is ₹ 1,51,735-75 as on 30.06.2017 which is barely sufficient to meet the Liquidation Expenses as Govt. Commission, Income Tax, audit fee etc, hence, the Official Liquidator is not in a position to admit the claims as stated above. The Income Tax Department did not file its claim and the claim of other authorities namely Central Ex....... + More
2017 (9) TMI 436 - GUJARAT HIGH COURT
Textile Labour Association Versus Official Liquidator of New Rajpur Mills Ltd & 4
Winding up petition - whether the secured creditors as well as unsecured creditors who are found to be eligible on verification by Chartered Accountant would be entitled to a total amount of ₹ 3,90,20,035? - Held that - Mr. Uday Bhatt, learned counsel appearing for respondent no.2 which was formerly represented by Mr. Bhagat has relied upon the affidavit dated 19.08.2017 and has submitted that SBI, respondent no.2 has lodged claim under sec....... + More
2017 (9) TMI 324 - KERALA HIGH COURT
Ramesan Maithiyeri Versus Union of India, The Registrar of Companies, Kerala And Lakshadweep And Business India Shares And Insurance Ltd.
Illegally and wrongfully shown as the Director - Power of Registrar to call for information or explanation - action of the Directors of the Company in including his name as a Director of its Board though he is not the share holder or the Director - deliberate manipulations - Held that - The submissions made on behalf of respondents 1 and 2 herein, recorded above, would clearly indicate that the allegations of the petitioner that large scale manip....... + More
2017 (9) TMI 256 - DELHI HIGH COURT
Kusum Products Limited Versus Union of India and anr.
Seeking amendment of the cut-off date in the scheme sanctioned by the BIFR - petitioner seeks extension of the period of rehabilitation from 31.03.2018 to 31.03.2020, without any change in the terms and conditions of the scheme sanctioned by the BIFR - Insolvency and Bankruptcy Code, 2016 applicability - Held that - Once BIFR and AAIFR have been dissolved under the Insolvency and Bankruptcy Code, 2016, the adjudicating authority for insolvent com....... + More
2017 (9) TMI 129 - MADRAS HIGH COURT
Mr. Pradeep D. Kothari Versus IDBI Bank Limited, The Official Liquidator And S. Ramaiah
Defalcation and fraud by the appellant - appellant s motivation in infusing his personal funds to the company s liability towards the creditors - winding up proceedings - Held that - The appellant, admittedly, even according to the learned Single Judge, enabled the settlement of dues, of more than ten thousand depositors. To achieve this end, concededly, the appellant brought in his personal funds. Clearly, by providing funds, the appellant has b....... + More
2017 (9) TMI 57 - DELHI HIGH COURT
Kusum Products Limited (KPL) Versus Union of India And Anr.
Grant of relief under Sections 41(1), 45, 72(3) and 115 JB of the Income Tax Act, in compliance with the Scheme sanctioned by the BIFR - Held that - The petitioner is granted liberty to approach NCLT, Calcutta for appropriate relief, as advised. Liberty is also granted to the respondents to approach NCLT, Calcutta for seeking transfer of such a petition, as and when filed by the petitioner, which shall then be decided in accordance with law........ + More
2017 (9) TMI 3 - DELHI HIGH COURT
In Re: Madan Associates Pvt. Ltd. (In Vol. Liqn.)
Voluntary winding up - dissolution of the company - Held that - The Registrar of Companies, NCT of Delhi and Haryana vide its letter No.15817 dated 09.03.2016 has stated that it has no objection for dissolution of the company in voluntary liquidation. - From the scrutiny of the records submitted by the voluntary liquidator, the Official Liquidator attached to this Court is satisfied that the necessary compliances of Section 497 of the Act and oth....... + More
2017 (9) TMI 2 - GUJARAT HIGH COURT
Quintlies Research India Private Limited Versus Regional Director, Ministry Of Corporate Affairs
Shifting of the registered office - scheme of amalgamation approved - Held that - Once the Company Court has approved the scheme of amalgamation it has to be given effect to. Therefore, when the amalgamation is permitted as per the Company (incorporation) Rules 2014, it will be the registered office of the company which will have to be mentioned. The applicant company is required to meet with the deadline for filing income tax return and finalizi....... + More
2017 (8) TMI 1145 - DELHI HIGH COURT
Jaskiran Sran & Ors. Versus M/s. Cartel Attire Private Ltd.
Liquidation proceedings - application moved by the Official Liquidator for final winding up in the matter - Held that - The official liquidator is of the view that no fruitful purpose would be achieved by keeping the liquidation proceedings pending. Accordingly, the Official Liquidator has preferred the present application u/s 481 of the Companies Act, 1956 seeking Dissolution of the Company (in liquidation) as neither any amount/assets need to b....... + More
2017 (8) TMI 1080 - ALLAHABAD HIGH COURT
IN RE : THE CHARTERED ACCOUNTANTS ACT, 1949 & 2 ORS
Other-Misconduct by chartered accountant - name lending to the prospectus to public issue though resigned as director - Held that - The Chartered Accountant Satish Kumar Gupta had resigned as Director of BLF before opening of the public issue of BLF irrespective of the fact that his resignation was allegedly accepted on 9.9.1997, in respect whereof no material was brought on record. Having resigned before the commencement of the public issue, his....... + More
2017 (8) TMI 1079 - DELHI HIGH COURT
Mondelez Foods Private Limited Versus The Regional Director (North) , Ministry of Corporate Affairs & ORS.
Change in the corporate name - RD (as a delegatee of the powers of the Central Government)powers to issue directions to change name - Held that - The introduction of proviso to Section 22(1) must also be given some meaning; plainly, if the owner of a registered trade mark is not precluded from making a complaint within a period of five years of becoming aware of a company with a deceptively similar name, the power of the RD to examine and address....... + More
2017 (8) TMI 1019 - GUJARAT HIGH COURT
Official Liquidator of Esskay Pharmaceuticals Ltd. Versus Joint Director General of Foreign Trade & 3
Dues of the revenue authorities are outstanding - Taluka Development Authority directed to submit outstanding dues in two parts, viz., preliquidation dues and post liquidation dues in relation to the aforesaid property of the Company in liquidation - Official Liquidator took possession of the assets and property of the Company in liquidation - Held that - Having heard the learned counsel appearing for the parties and on perusal of the record of t....... + More
2017 (8) TMI 970 - GUJARAT HIGH COURT
NR Agrawal Industries Ltd. Versus Sirish B Desai & 2
Suit for specific performance, declaration and permanent injunction - ex parte ad-interim injunction - Held that - Examining the case on hand and three cardinal principles enshrined in Order 39, Rule 1 of the Code of Civil Procedure i.e. prima facie case, balance of convenience and irreparable loss is concerned, it is a matter of record that respondent Nos.1 and 2 have entered into MOU with the applicant for the land bearing Survey Nos.373 and 58....... + More
2017 (8) TMI 969 - DELHI HIGH COURT
Shri Sachin Duggal & Anr. Versus M/s. SMX Technologies India Ltd.
Liquidation proceedings - dissolution process - Held that - This Court vide its order dated 03.02.2016 permitted the Official Liquidator to publish notice of dissolution for inviting no objection(s) for dissolution of Company in Jansatta (Hindi) and Hindustan Times (English). In terms of order dated 03.02.2016 of this Court dissolution notice has been published in Jansatta (Hindi) and Hindustan Times (English) on 11.06.2016. Till date no objectio....... + More
2017 (8) TMI 868 - DELHI HIGH COURT
Shri Sachin Duggal & Another Versus M/s SMX Technologies India Ltd.
Winding up petition - Held that - The Official Liquidator was directed to file a report under Section 481 of the Companies Act for dissolution of company within two weeks. Hence the Official Liquidator had filed an application No.1206/2017 and stated that Mr. Sachin Duggal, ex-director of the company in liquidation visited the office on 03.02.2014 and his statement was recorded under Section 130 of Company (Court) Rules. The other directors namel....... + More
2017 (8) TMI 674 - BOMBAY HIGH COURT
The Hongkong and Shanghai Banking Corporation Ltd. Chemtex Clobal Engineers Pvt. Ltd., Ramesh Brijmohan Pokhriyal, Global Trading Links Ltd., Barclays Bank PLC, Nederlandse Financierings, Maatschappij Voor Ontwikkelingslanden, Shreeji Steel Traders Pvt. Ltd. Versus M/s. Alok Industries Ltd
Insolvency and Bankruptcy Code - Held that - On an application preferred by the financial creditor, namely, State Bank of India, under Section 7 of the Insolvency and Bankruptcy Code, 2016, the National Company Law Tribunal (NCLT), Ahmedabad Bench has passed an order dated 18.07.2017 under Section 14 of the said Code. - In view thereof, the present petition is adjourned sine die. The parties herein are granted liberty to mention the petitions eit....... + More
2017 (8) TMI 673 - GAUHATI HIGH COURT
Prag Bosimi Synthetics Limited Versus 3A Capital Limited & 3 ORS.
Transfer of Preference Shares - corporate debt restructuring - Held that - Having perused the materials on record, it is observed that the appellant s side could not show from the records that the assignment deed, which contained a list of securities, contained those RCCP and CCP (i.e. preference shares). The learned CLB has also arrived at the same finding. - The appellant s side has also not been able to successfully demonstrate that the said 3....... + More
2017 (8) TMI 426 - BOMBAY HIGH COURT
Darius Rutton Kavasmaneck, Mumbai Versus Gharda Chemicals Limited, Keki Hormusji Gharda, Aban Keki Gharda, A.K. Luke, Almitra H. Patel, And D.T. Desai
Membership of the private company exceeded 50 or not - joint share holdings of the members - exclusion of employee quota - Deemed public company - transfer of five shares of the appellant (singly) to the appellant jointly with his children and wife - according to the respondents resulted in the membership of the 1st respondent company exceeding 50 thereby rendering the 1st respondent a public company. - Held that - In view of the condition impose....... + More
2017 (8) TMI 391 - BOMBAY HIGH COURT
H. Fillunger & Company Pvt. Ltd., Achyut Dattatraya Marathe And Shobhana Achyut Marathe Versus Ajit Arvind Marathe, Mr. Mandar Achyut Marathe, Mr. Anant Shankar Pandit, And Mr. Vilas Ashok Marathe
Amendment of the Memorandum of Association of the company - increasing authorized capital of the Company - Act to override memorandum, articles etc. - trial court stayed the amendment - Held that - articles are internal regulations of a Company. It is a subordinate document to the Memorandum of Association. If companies were unable to alter their memorandum or Articles of Association to give effect to their desire changes, the corporate enterpris....... + More
2017 (8) TMI 253 - DELHI HIGH COURT
AI-Rawas Mining Co. LLC Versus ASA Portfolio Private Limited
Outstanding dues - winding up petition - Held that - The respondent had neglected to pay to the petitioner due to its relations becoming sour after October 2013 when the petitioner decided not to transact any further business with it. The respondent then blocked the balance payment. Despite the petitioner being shown, in its sundry creditors list till the year ending on 2014, the respondent suddenly showed the petitioner as a sundry debtor for th....... + More