|
Advanced Search Options
Case Laws
Showing 121 to 140 of 509 Records
-
1998 (8) TMI 491 - HIGH COURT OF ANDHRA PRADESH
Companies Law Board – Powers of ... ... ... ... ..... ver, that the order under challenge is only an interlocutory order for the purpose of appointment of an administrator at the interim stage. The Company Law Board, in the contextual facts, have exercised discretion and the user of discretion cannot by any stretch be termed to be so perverse in any event, so as to warrant interference or intervention of the appellate court as provided in terms of the statute. This is, however, apart from the issue of there being no questions of law involved in the matter. The matter is pending before the Company Law Board for final adjudication of the disputes. We do not see any reason to entertain an appeal on the grounds as above in terms of the provisions of section 10F of the Act. In the premises, this appeal fails and is dismissed. It is, however, desired that since the matter required expeditious disposal, the Company Law Board would be pleased to dispose of the matter with utmost expedition. There shall, however, be no order as to costs.
-
1998 (8) TMI 490 - HIGH COURT OF ALLAHABAD
Winding up – Company when deemed unable to pay its debts ... ... ... ... ..... aid despite the service of statutory notice. As the cqurt was prima facie of the view that the recovery of the dues was not time barred in view of the acknowledgment and has even admitted that the amount which was due, was not paid despite the service of statutory notice, a case for admitting this petition and for advertising the same was made out. However, for a running company the advertisement will have serious repercussions, it is hereby ordered that the petition shall not be advertised for a period of two months from today provided the respondent-company deposits with the court a bank draft of Rs. 88,310, in the name of the petitioner-company within six weeks from today. However, in case the said amount is not deposited as mentioned above, this order will become operative and the petition shall be advertised. List this case for further orders after six weeks. A copy of this order shall be given to learned counsel for the parties on payment of usual charges within a week.
-
1998 (8) TMI 489 - HIGH COURT OF DELHI
Company - Definition of ... ... ... ... ..... Hence, the plaintiffs are bound by the same. 43. Exhibit P.W. 6/1, i.e., the agreement dated 24-1-1981, is of no avail to the plaintiff in order or show and prove that the impugned machine was to be supplied on no profit no loss basis. As already observed above the said agreement is with regard to the sale and purchase of shares in between Shri M.R. Bhalla and Shri R.R. Bhalla and other shareholders on one side, and defendant Nos. 2 and 3 on the other. That is not a contract in between the plaintiff and defendant No. 1. Hence, the same is of no avail to the plaintiff as stated above. All the three issues are decided accordingly. 44. Issue Nos. 11, 12 and 13. mdash In view of the above, the plaintiffs are not entitled to the recovery of the sum of Rs. 3,54,217.04 from the defendant. The plaintiff are also not entitled to any interest. Thus, they are not entitled to any relief whatsoever. The suit of the plaintiff is, accordingly, dismissed with costs quantified at Rs. 12,000.
-
1998 (8) TMI 487 - HIGH COURT OF ALLAHABAD
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... ted dues in two installments it has failed to pay. Under the circumstances, it is evident that the company is unable to pay its debts. It will not in the benefit of the company or the public at large to keep the company alive when otherwise it is not in a position-to pay its debts. Admittedly, its factory is lying closed since long and no scheme has been presented before this Court by which, the respondent-company proposed to rehabilitate itself. The Court is, therefore, of the view that this petition deserves to be allowed. 4. At a result, this petition is allowed. The company Subash Oil Mills (P.) Ltd. is ordered to be wound up. The office is directed to take the necessary steps in accordance with the Rules. The Official Liquidator, High Court is appointed the Official Liquidator and will take the necessary steps in the matter. The petitioner shall take steps in accordance with rule 113 of the Rules, within one month from today. 5. I order accordingly. SCL q MARCH 20, 1999
-
1998 (8) TMI 485 - HIGH COURT OF ANDHRA PRADESH
Appointment of Arbitrator ... ... ... ... ..... a), has no force because in the case of P.K. Ramaiah (supra) also the payment in full and final settlement of the contract was accepted on 29-5-1981 and the dispute was raised on 1-6-1981 and in he circumstances of the case, the Supreme Court held that the subsequent allegation of coercion was an after-thought and was a device to get over the settlement of dispute. I, therefore, hold that the petitioner/firm through its managing partner had received the amount of Rs. 1,02,041 on 13-3-1996 in full and final settlement of the claim volun- tarily and out of this amount, he had received a cheque for Rs. 1 lakh and the remaining amount was kept by the respondent/company against TDS and the subsequent allegation of coercion, undue influence or duress appears to be an afterthought. Thus, there is no existing arbitrable dispute to be referred to the arbitrator for adjudication. 25. In the result, the application fails and is hereby dismissed costs as incurred. SCL q DECEMBER 20, 1999
-
1998 (8) TMI 484 - HIGH COURT OF ANDHRA PRADESH
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... clearly mentioned in this letter that future lease rental was demanded and a request was also made for the plans of the respondent-company for meeting the commitments. There is no reply to this letter on record. Therefore, prima facie, it appears that as per the oral understanding only an amount of Rs. 3 lakhs was agreed to be adjusted against the dues as was outstanding in the month of April, 1997. For the reasons aforesaid, the dispute raised by the respondent-company that due to an oral understanding the petitioner-company has agreed to forgo the future lease rents and the lease deed was cancelled does not appear to be a bona fide or genuine dispute. Whether the company had become commercially insolvent or not is a question to be investigated at the time of enquiry. As noted above, a prima facie case is made out by the petitioner-company that the respondent-company is indebted at least to the extent of Rs. 12,92,012 and interest on it. Therefore, the petition is admitted.
-
1998 (8) TMI 482 - HIGH COURT OF ANDHRA PRADESH
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... also requested the petitioner time for payment of loan amount. In a company petition, the defendant-company had raised the question of limitation. As also had taken the defence that the civil suit is pending in the civil court. Under the circumstances, it was held by the learned single judge of the Karnataka High Court that acknowledgment of debt in the balance-sheet of the company has enlarged the period of limitation and the defence was not found to be genuine. The civil suit was not found to be an impediment for filing an application for winding up of the company. This case is distinguishable on facts. Because as noted above, the defence appears to be genuine and probable and on this count only the application deserves to be dismissed, though the pendency of the civil suit may not be an impediment in instituting the petition for winding up of the company. 12. In the result, the application for winding up the respondent-company is dismissed at the admission stage. No costs.
-
1998 (8) TMI 479 - HIGH COURT OF MADRAS
Election as member ... ... ... ... ..... nge is similar to Article 8 of Madras Stock Exchange. I have already observed that the said Article is also similar to rule 8. Even though a contrary view has been taken by the Bombay High Court in a decision reported in AIR 1991 Bombay 30, the learned counsel appearing for the petitioner has not highlighted the said decision. Inasmuch as the Article of Association of the second respondent/Madras Stock Exchange Ltd. are similar to Bongalore Stock Exchange and Cochin Stock Exchange, with respect I am in agreement with the conclusion arrived at in both the decisions and I respectfully follow the same. Taking note of the above aspects and in view of similar view of mine even if the petitioner succeeds in the first part of his prayer, no direction could be issued by this Court as claimed by the petitioner. 16. Under these circumstances, I hold that rule 8(2) is constitutionally valid and I accordingly dismiss the writ petition as devoid of any merit. No costs. SCL q JUNE 20, 1999
-
1998 (8) TMI 458 - HIGH COURT OF GUJARAT
Winding up - Inability to pay debt ... ... ... ... ..... ections 433 and 434. In view of the provisions of section 441(2) of the Act, it is clarified that this order shall relate back to 14-8-1990 when Company Petition No. 126 of 1990 was presented before this Court. 14. The Official Liquidator attached to this Court is appointed as the Liquidator of the respondent - Vitta Mazda Ltd. and the Liquidator shall take over the possession of all the movable and immovable assets of the company. The petitioners shall file a certified copy of this order with the Registrar of Companies under section 445 of the Act. 15. Public notice of this order shall be published in two daily newspapers, Jansatta and Indian Express within thirty days from today. 16. At the request of the learned counsel for the respondent-company, the operation of this order is stayed for a period of three weeks from today on condition that the respondent-company shall not sell or dispose of in any manner on part with possession of any of its assets. SCL q DECEMBER 5, 1998
-
1998 (8) TMI 456 - HIGH COURT OF KERALA
Winding up - Appeals from orders ... ... ... ... ..... al of the Company Court. This is no doubt a sufficient guarantee against the arbitrary and unreasonable decisions that may sometimes be taken by the Official Liquidator. 9. In view of what is said above, we earnestly feel that certain modifica-tions are required in the impugned order. What is required is while directing the Official Liquidator to entrust the tax matters to the advo- cates in the panel, he may also be allowed to entrust such work to the Chartered Accountants in the panel if such entrustment is found to be essential having regard to the nature of the work to be performed in connection with the sales tax or income-tax, as the case may be. The Official Liquidator after taking the decision in view of the facts of the case, shall submit the same to the Company Court for approval. The Company Court thereafter take the final decision on merits of the case, in view of the observation we have given hereinabove. The appeal is disposed of as above. SCL q DECEMBER 5, 1998
-
1998 (8) TMI 454 - HIGH COURT OF ANDHRA PRADESH
Winding up - Inability to pay debt ... ... ... ... ..... ne or not and if the debt is found to be genuine one, further proceedings of winding up shall be gone through and the matter be decided according to law. Therefore, the other matter that is regarding the maintainability is to be decided in accordance with law after the publication is made as I have found that the debt is genuine. 23. In the result, I order that the making of this order of the admission of the petition should be advertised in one issue of Deccan Chronicle an English daily, and one issue of Eenadu, a Telugu daily as per rules and proof of publication should be filed by the next date. After the judgment is pronounced and signed, the following order is passed Order separately passed. The learned counsel for the respondent requests that the operation of the order be suspended because, his client wants to prefer an appeal. Therefore, operation of the impugned order is suspended for two (2) weeks. Case is posted now for enquiry on 14-10-1998. SCL q DECEMBER 20, 1998
-
1998 (8) TMI 452 - HIGH COURT OF BOMBAY
Winding up - Receiver not to be appointed of assets with liquidator ... ... ... ... ..... d for sale thereof in order to recover the dues of applicants. Notice was given to Official Liquidator. He has no objection insofar as leave under sections 446 and 537 of the Companies Act, 1956 ( lsquo the Act rsquo ) is concerned. The liquidator has, however, pointed out that there is already a receiver appointed on the property by order dated 31-10-1995 and, hence, the question of granting leave for appointment of a receiver does not arise. A perusal of section 453 of the Act makes it clear that a receiver shall not be appointed of assets in the hands of liquidator except by or with the leave of the Court. Admittedly, the assets are in the hands of the receiver. Section 453, therefore, does not apply. In the light of that application allowed in terms of prayer clause (a) and prayer clause (b) only to the extent of section 537. 2. This is subject to the rights of the other secured creditors and all the workmen. 3. Application disposed of accordingly. SCL q DECEMBER 20, 1998
-
1998 (8) TMI 451 - HIGH COURT OF BOMBAY
Plantation Companies - Non-viability of scheme in India ... ... ... ... ..... cted millions of Rupees from small and poor investors. 7. In our view, as there is no legislation on this subject, time has come at least for the State Government to take appropriate action so that there is control on such companies and illegalities or fraud, to some extent, can be prevented. 8. We only hope at this stage, before it is too late, that the Central or the State Government would consider this aspect and take necessary action so that small and ignorant investors are not fleeced by unscrupulous promoters of such companies. 9. The State of Maharashtra is directed to instruct by issuing a Circular to all revenue offices that in case of purchase of lands by such companies, appropriate action be taken in accordance with the Maharashtra Land Revenue Code, Bombay Tenancy and Agricultural Lands Act and other allied Acts before Mutation Entries are made on the basis of so-called transfer of agricultural lands. 10. Stand over to 14th September 1998. SCL q SEPTEMBER 20, 1998
-
1998 (8) TMI 450 - HIGH COURT OF KARNATAKA
Government company ... ... ... ... ..... the medical certificate issued in respect of the 2nd respondent, he is not in a position to attend any strenuous work and to undertake any long journey cannot be accepted, as it is found that the 2nd respondent could travel from Bhadravathi to Bangalore for his medical examination and for attending to this case and as it is also not shown that the nature of work entrusted to him at the Regional Office, Calcutta is of more strenuous nature than the work which he was attending at Bhadravathi and the new assignment entrusted to him would cause any serious health problems. Such a contention cannot be raised at this stage and it is premature. So far all the above reasons, we answer point No. 2 in the negative. In the result, in view of our finding on point No. 2, these Writ Appeals are allowed and the impugned order passed by the learned Single Judge is hereby set aside. The Writ Petitions stand dismissed. In the circumstances, we direct the parties to bear their respective costs.
-
1998 (8) TMI 449 - SUPREME COURT
Whether the respondent indulged in the unfair trade practices as alleged in the application of the D.G. and contained a Notice of Enquiry issued on the basis of that ?
Whether the said unfair trade practice is prejudicial to the public interest or to the interest of the consumer in general or to any consumer in particular?
Held that:- Appeal allowed. The Commission should have noted with advantage the expenditure incurred by the appellants in the year 1984-85 and 1985-86 on advertisements and marketing of Horlicks, namely, Rs. 2,33,33,637 and Rs. 2,96,69,208 respectively and contrasted it with the expenditure on the prizes under the said scheme, namely, Rs. 52,250. That would have indicated fairly clearly that the appellants were right in stating that no part of the comparatively insignificant expenditure on the prizes had been recouped from the consumers of Horlicks.
Thus it is difficult to hold that a consumer who bought a bottle of Horlicks that did not entitle him to a prize suffered a loss.
-
1998 (8) TMI 448 - HIGH COURT OF ANDHRA PRADESH
Winding up - Inability to repay debts ... ... ... ... ..... commercially insolvent. The issue No. 3 is answered accordingly in the affirmative. 34. In the result, the petitions are allowed. I, therefore, direct the respon-dent-companies to be wound up under the Act. The Official Liquidator shall forthwith take charge of all the property and effects of the said companies. The Official Liquidator shall cause a sealed copy of this judgment to be served on the companies by prepaid registered post. The petitioner shall advertise the notice in lsquo Deccan Chronicle rsquo and lsquo Andhra Jyothi rsquo newspapers within fourteen days and shall also serve a certified copy of the order on the Registrar of Companies not later than one month from the date of receipt of a copy of this order and the costs of the said petition be taxed and paid out of the assets of the company. Petitioner shall also deposit Rs. 5,000 (Rupees Five Thousand Only) with the Official Liquidator to meet the initial expenditure. Costs as incurred. SCL q DECEMBER 20, 1998
-
1998 (8) TMI 447 - HIGH COURT OF GUJARAT
Winding up - Suits stayed on order ... ... ... ... ..... t himself has not pressed, and in my opinion rightly so keeping in view the ratio laid down in Nirmala R. Bafna lsquo s case (supra), the prayer for immediate return of possession as the premises are occupied for company rsquo s purposes by the Official Liquidator. This will not preclude the applicant to take recourse to such remedies as are available to him including moving a fresh application in this regard for recovering the possession of the property in question from the Official Liquidator, when the occasion arise in future. However, the Official Liquidator shall continue to pay the annual rent as per agreement, as and when it becomes due and shall pay such of balance of arrears, if any, with effect from the date of winding up to date. Any amount if it is due for period prior to date of winding up will be subject to be proved as debt before the Official Liquidator in accordance with Company Court Rules. Application accordingly stands disposed off. SCL q DECEMBER 20, 1998
-
1998 (8) TMI 446 - HIGH COURT OF PUNJAB AND HARYANA
Winding up - Appointment and powers of provisional liquidator ... ... ... ... ..... an inventory of all the movable and immovable properties belonging to the respondent company and/or lying in the premises rented or belonging to the respondent-company. (c)He shall prepare complete inventories of the record of the company. (d)If any records are requested for by the respondent-company, copies thereof shall be given by the official liquidator to enable the company to pursue its matters before the competent forum including BIFR. (e)The committee of the aforestated persons within four weeks from today shall place before the court (in C. P. No. 196 of 1997) a detailed report. This committee would suggest whether it is possible to consider and implement any viable or workable scheme by which the company could revive its business and provide modes of repayment of the secured and unsecured creditors of the company simultaneously. 26. Review Application No. 2 of 1998, is dismissed with the above directions. There shall be no order as to costs. Dasti order prayed for.
-
1998 (8) TMI 423 - CEGAT, MUMBAI
Marketability - Proof ... ... ... ... ..... the Prevention of Food Adulteration Act and Rules. The Commissioner rsquo s view, implicit in her order, this is not really relevant cannot be upheld. The decision of the Delhi High Court in Delhi Cloth and General Mills Co. v. Joint Secretary - 1978 (2) E.L.T. (J 121) is that a commodity cannot be considered marketable if it does not meet the requirements of law regulating its use and exchange. The Court held that calcium carbide which did not comply with regard to purity and packaging with the Carbide of Calcium Rules was not marketable and therefore not liable to excise duty. This decision has been confirmed in appeal by the Supreme Court in 1997 (92) E.L.T. 315. 5. emsp The goods therefore are not marketable and hence not liable to duty. We therefore do not consider necessary to deal with the arguments to determine the relation to applicability of the extended period for demand of duty, or the levy of interest and penalty. 6. emsp Appeal allowed. Impugned order set aside.
-
1998 (8) TMI 414 - CEGAT, NEW DELHI
Calcium Citrate ... ... ... ... ..... the Tribunal in the respondents rsquo own case vide Final Order No. 1695/96-WRB, dated 22-5-96 1996 (87) E.L.T. 267 (Tribunal) in which the Bench has considered all the material such as the Chemical Examiner rsquo s report, various decisions of the Supreme Court, the marketability aspect, etc. and has held that the Department was not correct in contending that the item in dispute was an excisable commodity falling for classification under Chapter 29 but was not a marketable or excisable commodity. Following the ratio of the above order, we hold that there is no warrant to interfere with the impugned order and accordingly uphold the same and reject this appeal.
............
|
