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Showing 101 to 120 of 305 Records
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1995 (12) TMI 289 - HIGH COURT OF ANDHRA PRADESH
Company when deemed unable to pay its debts ... ... ... ... ..... if it is of opinion that some other remedy is available to the petitioners and that they are acting unreasonably in seeking to have the company wound up instead of pursuing the other remedy. The court, while interpreting section 433(f) of the Act, held that there is no restriction or limitation to the effect that an order under section 443, sub-section (2), can be made only after taking evidence at the time of the enquiry or at the conclusion of the enquiry. As against these authorities, Mr. S. Ravi, learned counsel for the petitioner, has relied on a Division Bench decision of the Bombay High Court in Jeeva Bai Munga Bai Patel v. Extrusion Processes ( P.) Ltd. 1966 2 Comp LJ 74. But, neither the said report is available nor a copy of the judgment filed. Hence, it is not considered. In view of the above, I have no hesitation in dismissing the petition on the ground of alternative remedy either under section 397 or under section 235 or any other provision of the Act. No costs.
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1995 (12) TMI 288 - HIGH COURT OF ANDHRA PRADESH
Prospectus - Criminal liability for mis-statements, Offences and prosecution ... ... ... ... ..... tion 63(1) under original jurisdiction having regard to the fact that under the Act, the same ought to have been moved by the Court having criminal jurisdiction. A note in this regard is required to be taken of the fact that by an order passed on 12-9-1995, by the Hon ble Chief Justice, we directed to post the present criminal petition along with C.P. No. 25 of 1993, before this Court, as this Court had already been seized of the company petition and the subject-matter of the criminal petition was the same. Hence, the question of jurisdiction to consider and decide this petition for quashing the prosecution does not suffer from any vice which could unsettle the authority of the Court to deal with the same. 26. In the result, therefore, the company petition as well as the criminal petition are allowed. The proceeding in C.C. No. 16 of 1993 on the file of the Special Judge for Economic Offences, City Criminal Courts, Hyderabad, is hereby quashed. No costs. SCL q NOVEMBER , 1997
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1995 (12) TMI 280 - HIGH COURT OF ANDHRA PRADESH
Company when deemed unable to pay its debts, Affidavit verifying petitions ... ... ... ... ..... forthwith take into his custody or under his control all the properties, effects, books and papers of the company. The order for winding up shall be drawn up in Form No. 52 and two certified copies thereof shall be sent to the official liquidator. The petitioner shall advertise the petition within fourteen days in two newspapers, Indian Express and Eenadu, in Form No. 55. The petitioner shall deposit Rs. 2,000 (rupees two thousand only) with the official liquidator for initial expenses within four weeks from today, which shall be reimbursed to it in accordance with section 550 of the Act. No costs. After delivering the judgment, counsel for the respondent-company requested that the operation of the judgment may be stayed for four weeks as the respondent-company is a running concern. The request is granted and the order is kept in abeyance for four weeks from today. Post the company petition on January 29, 1996, for further direction regarding advertisement in the newspapers.
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1995 (12) TMI 279 - HIGH COURT OF ANDHRA PRADESH
Amalgamation ... ... ... ... ..... arned counsel for the respondent submits that since the issue which is before this court is not covered by any provision enumerated under the Companies Act, the petitioner has to approach the civil court for necessary relief. This proposition cannot be disputed inasmuch as the civil court s jurisdiction can always be invoked whenever there is no provision made under any other enactments for obtaining proper relief. Suffice it to say that the application is found to be not maintainable under section 392 of the Companies Act, for the reasons already stated in the preceding paragraphs and the same is liable to be dismissed. Company Application No. 151 of 1995 is accordingly held not maintainable and the same is dismissed. No costs. Company Application No. 152 of 1995, stands dismissed in terms of the order passed in Company Application No. 151 of 1995. No costs. It is made clear that the orders do not preclude the parties from approaching the proper forum if they are so advised.
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1995 (12) TMI 278 - HIGH COURT OF BOMBAY
Transfer of shares ... ... ... ... ..... en made aware of the proceedings before the High Court of Calcutta. It appears that the ad interim injunction applied for by defendant No. 2 and Mr. Samir Kumar Ghosh was declined, by the High Court of Calcutta. 9. The application for ad interim relief is refused. All contentions at further hearing of the motion are kept open. Let the parties act in accordance with the regulations of the Stock Exchange in the meanwhile. In absence of a prima facie case, nothing need be done by the Court although some of the stock brokers have perhaps become the victims of the situation for which they are not directly responsible. Perhaps the stock brokers have declined negligently. These stock brokers undoubtedly have their own money claim against the concerned parties. These are the reasons for declining ad interim relief. 10. The parties are authorised to act on the basis of ordinary copy of this order duly authenticated by the associate of this Court. 11. Issue of certified copy expedited.
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1995 (12) TMI 277 - HIGH COURT OF ALLAHABAD
Winding up – Circumstances in which a company may be would up, Company when deemed unable to pay its debts
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1995 (12) TMI 276 - HIGH COURT OF ANDHRA PRADESH
Winding up – Overriding preferential payments ... ... ... ... ..... he assets of the company which were under the charge of the A.P. State Financial Corporation have been disposed of. It will not be possible to put the clock back for the liquidator to play his role on behalf of the secured creditors beyond proceeding to realise, from the sale proceeds of the assets which are in the hands of the A.P. State Financial Corporation, the claims of the workmen and proportionate share of the other secured creditors, in the instant case the State Bank of Hyderabad. This can be achieved by keeping the sale proceeds available for the claims of the workmen and other secured creditors until the order in this behalf by the court which has ordered the winding up. The liquidator shall proceed accordingly. The financial corporation shall keep the sale proceeds ready for such claims which, besides its claims, are pari passu. In the result, the appeal is allowed to the extent indicated above. The order passed by the learned single judge is accordingly modified.
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1995 (12) TMI 275 - HIGH COURT OF ALLAHABAD
Winding up - Dissolution of company ... ... ... ... ..... could be made for want of records. The nominee director is alleging that the records were with Sri V.K. Manoocha who, in his turn, has stated that he has resigned as far back as in the year 1976, and since then has no concern with the company. It has been alleged by the said exdirector that the records were with the U.P.S.I.C. The U.P.F.C. has already sold the entire assets of the company and nothing can be realised by the official liquidator. It will, therefore, be expedient to order that the company, Faizabad Roofing Company Limited (in liquidation) be dissolved under section 481 of the Act from the date of this order. As a result, the application of the official liquidator, under section 481 of the Companies Act, 1956, for dissolution of the company, Faizabad Roofing Company Limited (in liquidation), is allowed and the company is dissolved from the date of this order. The Company Application No. 22 of 1992 and Company Petition No. 14 of 1986 stand disposed of accordingly.
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1995 (12) TMI 274 - HIGH COURT OF ALLAHABAD
Winding up - Dissolution of company ... ... ... ... ..... panies and the tax authorities, but that effort failed as the chartered accountant was not able to get the necessary information sufficient for filing the statement of affairs. The half-yearly account of the company (in liquidation) shows a minus balance of Rs. 120 and there is no possibility of realisation of any amount from the assets of the company (in liquidation). The official liquidator has, therefore, no funds to proceed with the winding up proceedings. I am, therefore, of the view that no useful purpose will be served by keeping this matter alive and the company deserves to be dissolved in the facts and circumstances of the case. As a result, the application filed by the official liquidator, under section 481 of the Act for dissolution of the company, U.P. Presstressed Company Ltd. (in liquidation), is allowed and the company is dissolved from the date of this order. Company Application No. 24 of 1992 and Company Petition No. 15 of 1987, stand disposed of accordingly.
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1995 (12) TMI 273 - HIGH COURT OF ALLAHABAD
Winding up - Dissolution of company ... ... ... ... ..... cannot continue especially in view of the fact that the records of the company are not available and the matter is pending before the court for over nine years. It will, therefore, be expedient in the interest of justice to order that the company, U.P. Roofing Company Limited (in liquidation) be dissolved under section 481 of the Act from the date of this order. It is however, made clear that the suit filed by the State Bank of India against the guarantors of the company (in liquidation) which is pending before the civil court shall not be affected by this order and shall continue against the guarantors in accordance with law. As a result, the application of the official liquidator under section 481 of the Companies Act, 1956, for dissolution of the company, U.P. Roofing Company Limited (in liquidation), is allowed and the company is dissolved from the date of this order and Company Application No. 19 of 1992, and Company Petition No. 13 of 1996 stand disposed of accordingly.
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1995 (12) TMI 272 - HIGH COURT OF ANDHRA PRADESH
Investments under the same management - Penalty for Contravention of - ... ... ... ... ..... ution failing on the ground of limitation and in view of my finding that the complaint is barred by limitation under section 468 read with section 469 of the Code, I hold that the complaint is not maintainable. 8. It is contended by Shri Innayya Reddy that at any rate, the Trial Court should be directed to decide this question and this Court in the exercise of its powers under section 482 of the Code will not at the pre-trial stage, throw out the complaint. In view of the undisputed facts of the case on which I find that the complaint is clearly barred by limitation, I feel it is unnecessary for the petitioner to be directed to approach the Court below it will be also relieving the Court below of its heavy load of work. 9. In this view I do not propose to consider other contentions raised by the counsel for the petitioner. The criminal petition is allowed and the proceedings in C.C. No. 63 of 1991 on the file of the Special Judge for Economic Offences, Hyderabad, are quashed.
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1995 (12) TMI 271 - HIGH COURT OF ANDHRA PRADESH
Winding up - Company when deemed unable to pay its debts ... ... ... ... ..... idence to establish that the debts incurred by other companies (styled as sister companies) also should form part of the debts incurred by the respondent-company. Therefore, what is required to be established under sections 433 and 434 is that the company is unable to pay its debts, the material supplied to V.C.R. and Sons cannot be construed as a debt incurred by the respondent-company. When once the debt is not established, the provisions of sections 433(3) and 434 are not attracted. Under these circumstances, I find the petitioner-company failed to establish the debt by the respondent-company. Therefore, the petition under section 433(3) of the Companies Act is not maintainable. Accordingly, the company petition is dismissed. There shall be no order as to costs. However, this order shall not preclude the petitioner-company from proceeding against V.C.R. and Sons for realising the amount, which is due to it on account of the supply of material through the relevant invoices.
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1995 (12) TMI 270 - HIGH COURT OF ANDHRA PRADESH
Court – Jurisdiction of ... ... ... ... ..... t the court at Ramachandrapuram was conferred with such power by the Central Government by issuing a notification in the Official Gazette. On that count also the civil court at Ramachandrapuram has no jurisdiction to entertain the suit of the present nature. Considering the facts and the law, which is discussed above, this court holds that the Sub-Court at Ramachandrapuram has no jurisdiction to entertain the suit of the present nature, Therefore, this court by invoking the jurisdiction under article 227 of the Constitution of India holds that it is a case of error of jurisdiction by the Sub-Court at Ramachandrapuram and, therefore, this court sets aside the order of appointment of Advocate-Commissioner. This court further directs the court of the Subordinate Judge at Ramachandrapuram to return the plaint to the plaintiff first respondent herein for filing the same in the proper court having jurisdiction. With these directions, this revision petition stands allowed. No costs.
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1995 (12) TMI 269 - HIGH COURT OF BOMBAY
... ...
... ... ..... er of authori ties at the bar and has submitted that no parallel proceedings should be allowed to go on. In my opinion, the appellants are not likely to suffer any prejudice whatsoever if the proceedings pending before the CLB include-ing the company application are allowed to be proceeded with on merits. If the Orders which may be passed by the CLB on merits of the above- referred proceedings are adverse to the appellants, the appellants can always move this Court as an Appellate Court at an appropriate stage. There is no merit in the plea of the appellants. 11. Subject to the above, Company Application No. 645 of 1995 is dismissed. No Order as to costs. 12. The Prothonotary and Senior Master is directed to forward an authen-ticated copy of this Order to the CLB expeditiously. 13. The parties are authorised to act on the basis of ordinary copy of this Order duly authenticated by the Company Registrar of this Court. 14. Issue of certified copy is expedited. SCL q AUGUST, 1996
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1995 (12) TMI 268 - HIGH COURT OF DELHI
Names of companies - Rectification of ... ... ... ... ..... Ltd v. Milkmade Corpn. ILR (1973) 1 Delhi 203, Marathon Oil Co. v. Marathon Shipping Co. Ltd (1968) 15 RPC443 and S.M Chopra and Sons v. Rajendra Prasad Srivastava AIR 1988 Cal. 326 cited by the learned counsel for the appellant do not help the case of the appellant. None of these cases apply to the facts of the present case. Besides, in these cases implication of sections 20 and 22 or similar provisions were neither urged nor considered. 24. Since actual production to the appellant has yet to take place it will be less advantageous to the appellant if it is injuncted at the threshold from using the word Montari as a part of its corporate name. 25. Having regard to the facts and circumstances of the case, we are of the opinion that the learned single Judge was right in coming to the prima facie conclusion that the respondent had made a case for grant of ad interim injunction. 26. Accordingly, the appeal has no merit and the same is dismissed but without any order as to costs.
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1995 (12) TMI 267 - HIGH COURT OF BOMBAY
Amalgamation of companies ... ... ... ... ..... olute in terms of prayers (a) to (e) with the addition of the words the scheme as modified by the consent terms marked X for identification. The transferor company is hereby dissolved without winding up as permissible under section 394(1)(b)( iv). The Petitioner in Petition No. 493 of 1994 is directed to pay a sum of Rs. 500 towards cost of the petition to the Official Liquidator and a further sum of Rs. 500 towards cost of the petition to the Regional Director. 16. Company Petition No. 494 of 1994 is also made absolute in terms of prayers (a) to (e) with the addition of the words scheme as modified . 17. The petitioner is directed to pay a sum of Rs. 500 towards the cost of the petition to the Regional Director. 18. Undertaking of Kamanwala Housing Development Finance Co. Ltd. as well as the Punjab National Bank contained in the consent terms pertain- ing to consent modification of the scheme marked X for identification are accepted. 19. Issue of certified copy is expedited.
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1995 (12) TMI 266 - HIGH COURT OF DELHI
Courts - Jurisdiction of petitioners were shareholders of respondent ... ... ... ... ..... ontroversy involved between the petitioners and the respondent. It is the bounden duty and function of the Court to properly comprehend the substance of the allegations and averments incorporated in the petition. 49. The Courts ought not to be governed merely by the outer forms of the petition. The Courts should be guided and governed primarily by the inherent substance of the averments and allegations incorporated in the petition. 50. When this well-established yardstick is made applicable to the instant case, the conclusion becomes irresistible that this petition is in fact a petition under sections 397 and 398. After the amendment in the Act, the jurisdiction to decide and determine matters pertaining to sections 397 and 398 has been transferred to the CLB. 51. In this view of the matter, the present petition is not maintainable before this Court and is accordingly dismissed. In the peculiar facts and circumstances of this case parties are directed to bear their own costs.
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1995 (12) TMI 226 - CEGAT, NEW DELHI
Import-OGL - Folley’s Baloon Catheters - Customs Exemption ... ... ... ... ..... ion No. 208/81. 4. emsp The issue is already covered by the orders of the Tribunal cited by the respondents, namely, in the case of Collector of Customs, Bombay v. P.R. Parekh, Bombay reported in 1987 (27) E.L.T. 706 (Tribunal). That apart, the issue was also decided in the case of Vishal Surgical Equipment Co. v. Collector of Customs reported in 1991 (55) E.L.T. 393 (Tribunal) and Instamedic International v. Collector of Customs, Coimbatore reported in 1997 (89) E.L.T. 701 (Tribunal) 1994 (4) RLT 149 (CEGAT-B). In these orders, the benefit has been extended and in view thereof, he has nothing further to say. 5. emsp We observe that learned DR has very fairly mentioned before us that in all the aforesaid orders, the issue has already been squarely covered holding the importers entitled to the benefit of Notification 208/81 as well as of the ITC Policy under OGL Appendix lsquo 6 rsquo . 6. emsp Respectfully following the ratio thereof, the appeal of the Department is rejected.
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1995 (12) TMI 217 - CEGAT, NEW DELHI
Classification of goods - Tyres - Refund - Unjust enrichment ... ... ... ... ..... e Ld. counsel for the respondents that against the said Final Order No. E/119-120/93-C of April, 1993 Government has not filed any appeal and that has become final between the present parties and, therefore, the Final Order passed by this Tribunal for a part of the disputed period which overlaps with the period involved in the present appeal is binding between the parties and the same may be followed for the remaining period also. 11. emsp After going through the said case of the said parties as reported in 1995 (80) E.L.T. 410 we find that the Tribunal held in favour of the respondents for the earlier period - a part of which overlape in the present case that the respondents has proved that the incidence of duty was not passed on to the customers. For the same reasons, we do not find any substance in the contention of the Ld. SDR that in the instant case it is not proved that the burden of duty was not passed on to the customers. 12. emsp In the result, we reject the appeal.
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1995 (12) TMI 208 - CEGAT, CALCUTTA
Exemption, based on end use - Iron or steel products - Refund - Unjust enrichment ... ... ... ... ..... ed that they have realised a certain amount from some of the customers, no evidence has been produced by the department that the Appellants have realised over and above that admitted amount. Therefore the admission of the Appellants for realisation of a certain amount cannot be held against them for the entire amount, in the absence of any evidence to the contrary by the department. The inference we agree with the learned Consultant of the authorities below is based on surmises and conjecture. This is apparent from the use of the expression ldquo could have been realised......... rdquo 5. emsp In view of the foregoing discussion, we allow the Appeal with consequential relief to the Appellants and any refund due to them should be given forth with, matter being of very old - 1977 to 1982. Amount which has been realised by the Appellants from their customers should be deposited with the Consumer Welfare Fund as per the provision of law. 6. emsp Appeal disposed of in above terms.
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