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Companies Law - High Court - Case Laws
Showing 1 to 20 of 9546 Records
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- 2022 (1) TMI 722 - TELANGANA HIGH COURT
Scope of Deposits - amounts collected by the petitioners for sale of immovable property as advance - would come under the purview of ‘deposits’ or would exempt from the purview of ‘deposits’ by virtue of Rule 2(1) (c) (xii) (b) of the Companies (Acceptance of Deposits) Rules, 2014? - HELD THAT:- The proviso to Rule 2 (1) (c) (xii) (b) makes it very clear that only when the amount becomes refundable (with or without interest) due to the reasons that the company accepting the money does not have necessary permission or approval wherever required, to deal in the goods or properties or services for which the money is taken, then the amount received shall be deemed to be a deposit under the respective rules. Admittedly, the 1st petitioner company had purchased the agricultural land and after obtaining the permission fro....... + More
- 2022 (1) TMI 573 - GUJARAT HIGH COURT
Winding up of the respondent-Company - failure to pay the debt of the petitioner under sections 433, 434 and 439 of the Companies Act, 1956 - Transfer of winding up petitions from the Company Court to be tried by the NCLT - HELD THAT:- It appears that after the order of admission and advertisement of the petition, no further orders are passed by the Court with regard to order of winding up of the company nor the Court has appointed the provisional Liquidator. In view of the following observations of the Apex Court in case of ACTION ISPAT AND POWER PVT. LTD. VERSUS SHYAM METALICS AND ENERGY LTD. [2020 (12) TMI 535 - SUPREME COURT], this petition is required to be transferred to the NCLT, Ahmedabad. The Company Petition No. 102 of 2006 is accordingly transferred to the National Company Law Tribunal, Ahmedabad Bench. Registry to forward the papers to the Tribunal within a period of Eight weeks from today along with order - Application allowed.
- 2022 (1) TMI 270 - RAJASTHAN HIGH COURT
Seeking revival of the Rajasthan State Agro Industries Corporation Limited. - Sections 391 & 443 of the Companies Act, 1956 read with Sections 230 and 273 of the Companies Act, 2013 - voluntary winding up was sought earlier - HELD THAT:- This Court finds that though Sub-clause (c) of Section 434 of the Act, 2013, speaks of transfer of certain proceedings to the National Company Law Tribunal including the proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of the Companies pending before the High Court, however, in the present case, since the order of winding up has already been passed of a Government Company and the State files an application for recalling the order passed by this Court of winding up, the same can be done by the High Court. The application filed by the State of Rajasthan des....... + More
- 2022 (1) TMI 269 - TELANGANA HIGH COURT
Scope of 'deposits" - advances received towards sale consideration of immovable property - alleged violation of Section 73 of the Act read with Companies (Acceptance of Deposits) Rules, 2014 - HELD THAT:- Basing on the complaints lodged by one Guruzala Venkateswara Rao on various dates alleging that the 1st petitioner company has been collecting deposits through various schemes and has defaulted in refund of matured amounts to the depositors, the 1st respondent ordered inspection of the 1st petitioner Company - there are considerable force in the contention of the petitioners that the said Guruzala Venkateswara Rao foisted many false complaints against the 1st petitioner company in order to settle his personal scores with the 1st petitioner and the other group of companies. Further, the said Guruzala Venkateswara Rao is neither a....... + More
- 2022 (1) TMI 134 - TELANGANA HIGH COURT
Investigation into the affairs of the appellant company - Section 212(1)(a) and (c) of the Companies Act, 2013 - complaints from the investors and continuous reporting in press and visual media about the fraudulent activities of the appellant company - Inquiry was ordered under Section 206 of the Companies Act by the Registrar of Companies - no opportunity of hearing as required under Section 206(4) of the Companies Act was granted to the appellant company - Central Government has formed any opinion or not, keeping in view Section 210 of the Companies Act for directing investigation into the affairs of the appellant company - principles of natural justice. Opportunity of hearing - principles of natural justice - HELD THAT:- Keeping in view the larger public interest, the Inquiry was not conducted by the Registrar of Companies under Sectio....... + More
- 2022 (1) TMI 23 - GAUHATI HIGH COURT
Validity of Investigation proceedings against the Employee by CID - Investigation was already being conducted by the SFIO - Legality and validity of the criminal proceedings - appropriate forum - prime contention raised in the present petition is whether the investigation can be carried out by the CID, in respect of the offences, alleged to have been committed by the accused petitioner, whereas, she is an employee under the group of companies and whether the investigation of such offences can only be conducted by Serious Fraud Investigation Office (SFIO)? HELD THAT:- Undisputedly, the petitioner, herein, was working as an employee under the informant/Company and her personal conduct as an employee, has been challenged and the prime allegation is that while performing her duty, she has falsified the accounts by forging the documents, misap....... + More
- 2021 (12) TMI 968 - DELHI HIGH COURT
Seeking appointment of a Sole Arbitrator for adjudication of disputes pertaining to the Facility Agreement - HELD THAT:- Respondent No. 1, which an LLP, has signed the Facility Agreement through its partner Mr. Ajay Yadav. The constitution of Respondent as a limited liability partnership is not in dispute. Mr. Ajay Yadav also does not deny his signatures or the fact that he is a partner of Respondent No. 1. Thus, the execution of the Facility Agreement, his authority being implied, would prima facie bind Respondent No. 1. Respondent No. 1 and 3 cannot wriggle out of the arbitration agreement contained in the Facility Agreement by merely claiming that her partner Mr. Ajay Yadav has acted without consent or concurrence, particularly when the receipt of the sum of ₹ 1,46,00,00,000/- by Respondent No. l has not been denied by any of the....... + More
- 2021 (12) TMI 743 - BOMBAY HIGH COURT
Seeking a direction to the Registrar of Companies (ROC) to mark the companies enclosed at Exhibit I to the OLR as 'Active' - also seeking permission to Official Liquidator to remove these companies from the register of the voluntary liquidation companies maintained by the Official Liquidator - Appellants’ grievance stems from the fact that despite the Appellants being diligent in following up with various authorities for the purpose of voluntary winding up, the Official Liquidator filed a report and obtained an ex-parte order against the Appellants. HELD THAT:- Admittedly, the publication under Section 248(5) of the Act was made on 14th December 2018 and by virtue of Section 250 of the Act, the Appellant No.1 Company would cease to exist from such date. The provisions of the Act as pointed out by Mr. Shah, clearly contemplat....... + More
- 2021 (12) TMI 487 - CALCUTTA HIGH COURT
Disqualification of the petitioners as Directors - Section 164(2)(b) of the Companies Act, 2013 - HELD THAT:- As per Section 74(1)(b) of the Act, the Company shall repay, within three years from the commencement of the Act or on or before expiry of the period for which the deposits were accepted, whichever is earlier. The said provision has to be read in context and in conjunction with Section 74(2), which clearly provides that the Tribunal may, on an application made by the Company, after considering the financial condition of the Company, the amount of deposit or part thereof and the interest payable thereon and such other matters, allow further time as considered reasonable to the Company to repay the deposit. In the event of renewal in compliance with the said sub-section, it could not be said that the Company or, for that matter the ....... + More
- 2021 (12) TMI 388 - MADRAS HIGH COURT
Inability to recover the debts due to banks and financial institutions, particularly of the nationalised bodies - Sections 337 to 341 or Section 212(1)(c) of the Companies Act, 2013 - HELD THAT:- The concern expressed by the petitioners here pertains to the vanishing money from the Indian economy and the next to nothing that is realised in course of insolvency proceedings or even bank claims in respect of non-performing assets. While the courts were blamed in the several reports that emanated in the late 1980s and early 1990s to park bank claims with a specialised body, first with an Ordinance and then with the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 being enacted, the realisation of the debts due did not pick up and in less than a decade there were further committee reports before the NPA Act - the Securitisat....... + More
- 2021 (12) TMI 387 - MADRAS HIGH COURT
Compounding of offences - threshold limit of holding directorship in companies - Section 165 r/w 165(6) of the Companies Act, 2013 - HELD THAT:- The facts in the present case is not in dispute that the petitioner is implicated for the offence under Section 165 read with Section 165(6) of the Companies Act, 2013, on the ground that he is holding Directorship in 24 companies instead of 20 companies and violated the provisions of the Companies Act and due to which, the present impugned complaint came to be filed. This Court is of the opinion that earlier one show cause notice was issued on 07.04.2017, for which the petitioner has sent a reply dated 14.04.2017. Thereafter the petitioner also filed a Compounding Application under Section 441 of the Act on 12.05.2017, for compounding of the offence under Section 165 of the Act. Without consider....... + More
- 2021 (12) TMI 361 - MADRAS HIGH COURT
Oppression and mis-management - Sections 397, 398, 402 and 403 of the Companies Act, 1956 - HELD THAT:- The exit scheme framed by CLB vide its order dated 13/08/2008 accepted by all the contesting parties and not challenged before the higher forum. What was challenged was the modification of the order dated 13/08/2008 pursuant to the applications filed by CG Holdings and O.R.E.Holdings. However, the error in the modified order dated 03/08/2009 was rectified and cured by the High Court in the appeals vide order dated 05.08.2011. As the result, true test should be is whether the execution order of CLB dated 31/12/2015 is in tune with the order of the High Court order dated 05/08/2011 which modified the CLB order in exercise of its power under Section 10F of the Companies Act. The discretionary power under Section 402 of the Companies Act ar....... + More
- 2021 (12) TMI 348 - MADRAS HIGH COURT
Seeking winding up of the respondent - inability to pay the debts under Section 433 (e) and (f) read with Sections 434 and 439 of the Companies Act, 1956 - HELD THAT:- Once a notice is issued under Section 434 of the Companies Act, a deeming fiction is created regarding the inability to pay the debt, therefore it becomes the obligation on the part of the respondent/debtor Company to show that the debt itself is illegal or that there is no debt at all, if it has to escape the consequence of issuance of a winding up notice. On the facts available in the case on hand one could see that the deeming fiction created by Section 434 of the Companies Act, has occurred, therefore, the existence of the debt has been proved. Therefore, it becomes incumbent upon the Court to consider the defences that are projected by the respondent Company as an answ....... + More
- 2021 (12) TMI 347 - ALLAHABAD HIGH COURT
Disqualification as Directors - Section 164(2) read with Section 167 of the Companies Act, 2013 - Case referred to Larger Bench - HELD THAT:- Following questions are referred for consideration by a larger bench of such strength as is deemed appropriate by Hon'ble the Chief Justice under Chapter V Rule 6 of the Allahabad High Court Rules, 1952:- i) Whether deactivation of Director Identification Number (DIN) under the Act, 2013 is permissible and sustainable in law as a consequence of disqualification of Director of a company under Section 164(2)(a) in the absence of any specific provision in this regard in the Act, 2013? ii) Whether the decision in the case of Jai Shankar Agrahari [2020 (4) TMI 354 - ALLAHABAD HIGH COURT] and Mohd. Tariq Siddiqui [2019 (10) TMI 1269 - ALLAHABAD HIGH COURT] rendered by two Division Benches of this Court relying upon decision of various other High Courts lay down the law correctly in this regard?
- 2021 (12) TMI 346 - MADRAS HIGH COURT
Seeking cancellation of specific sale transactions pertaining to the immovable properties of the company in liquidation - Sections 536 and 537 of the Companies Act, 1956 - whether the Dispositions are liable to be validated in terms of Section 536(2) of CA 1956? - HELD THAT:- From a plain reading of Section 536(2), it is evident that any disposition of the property of the company or a transfer of shares in the company or alteration in the status of its members, if done after the commencement of winding up, is void unless the court orders otherwise. In terms of Section 441(2) of CA 1956, as regards companies which are ordered to be wound-up, the winding up of the company is deemed to commence at the time of presentation of the petition for winding up. Consequently, the winding-up of the Company would relate back and commence from the date ....... + More
- 2021 (12) TMI 249 - ALLAHABAD HIGH COURT
Validity of FIR - disputes arising in relation to administration of a company - argument of the learned counsel for the petitioners is that the complainant has initiated the proceedings under the Companies Act before the NCLT and the criminal prosecution launched by filing the impugned First Information Report is thus mala fide and accordingly the F.I.R. and any proceedings drawn pursuant thereto are liable to be quashed - HELD THAT:- Once the Companies Act, 2013 has come into force, mismanagement of the affairs of a company or even allegations of fraud is to be investigated in terms of the procedure contemplated in the Companies Act, 2013. SFIO is the authority to conduct the investigation and special court established under Section 435 of the Act , 2013 is the competent court to try the offences which is empowered even to try the offenc....... + More
- 2021 (12) TMI 125 - DELHI HIGH COURT
Direction to maintain status quo - seeking vacation of stay granted - petitioner submits that the impugned order is wholly without jurisdiction and the Tribunal has failed to appreciate that the petitioner is a secured creditor whose rights are to be governed under the SARFAESI Act - HELD THAT:- There are no reason to stay the impugned order. Once the petitioner has itself approached the Tribunal by way of an application to seek vacation of order of status quo granted on 30.09.2021, which application is pending adjudication before the Tribunal and is now listed on 15.11.2021, the Tribunal will necessarily consider the petitioner’s plea that the impugned order was without jurisdiction. Moreover, it is the petitioner’s own case that it has already taken possession of the subject properties and therefore merely because it has bee....... + More
- 2021 (11) TMI 957 - RAJASTHAN HIGH COURT
Seeking declaration, mandatory & perpetual injunction against the appellants - forfeiture of right to receive equity shares in respect of Secured ‘Zero’ Fully Convertible Debentures (FCD) - HELD THAT:- The submissions made that the jurisdiction to deal with the subject matter of the suits lay with the Company Law Board under the provisions of Section 111A of the Act, apparently have no substance. In a case where the Company refuses to register transfer / transmission of shares or debentures, the transferee could appeal to the then Company Law Board. However, the provision does not deal with a case of forfeiture of either shares or debentures and as such, the power in this regard lies only with the civil courts - As the jurisdiction under Section 111A of the Act has been consistently held to be limited to transfer and trans....... + More
- 2021 (11) TMI 800 - DELHI HIGH COURT
Seeking issuance of a writ of quo warranto directing Respondent No.2 to set out the Authority under which the said Respondent is holding office as Technical Member of National Company Law Appellate Tribunal - HELD THAT:- It is a settled law that in matters of appointments, it is the Selection Committee, which is the expert body to decide the merits and demerits of a candidate and it is not in the domain or jurisdiction of the Courts in a judicial review to substitute the wisdom, expertise and decision of the Selection Committees. There is no allegation of bias or malafides against the Selection Committee. It is a settled law that it is the domain of the Selection Committees to make selections and the Courts, while sitting in a judicial review, cannot substitute the decision of the Selection Committees, which are expert bodies unless there....... + More
- 2021 (11) TMI 662 - BOMBAY HIGH COURT
Validity of Look-Out Circular - petitioner was prevented from travelling abroad because LOC was issued against him by the Respondent No.3 - Petitioner is seeking declaration that the action on the part of the Respondent No.2 in issuing an endorsement of “cancelled without prejudice” on the passport of the Petitioner be declared as arbitrary, illegal and without authority and violating the same Articles of the Constitution of India - HELD THAT:- In the present case the SFIO is investigating into the affairs of the aforementioned companies and its investigation overrides the investigations by other investigating agencies. Therefore recourse to LOC was not unfounded as the Petitioner has definite connection with the investigation as discussed hereinabove. From the facts of the case it is clear that Clause (L) of these Guidelines ....... + More
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