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Case Laws
Showing 81 to 100 of 432 Records
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1999 (10) TMI 660 - HIGH COURT OF MADRAS
Rehabilitation by giving financial assistance ... ... ... ... ..... the interest of the petitioner in the affairs of the mills. Like banks/financial institutions, the Government nominee is also asked to induct in the board of the mills. Further I am of the view that the Government has not changed its stand in assisting the unit, but as committed before the AAIFR, the Government has sanctioned the usual two concessions made available to sick mills for revival and stipulated the same conditions also to the petitioner-mills. 12. Therefore, for all the aforesaid reasons and in the facts and circumstances of this case and also in view of my above discussions with regard to the various aspects of this case, I am of the clear view that the petitioner herein has failed to make out any case in its favour and that, therefore, there is no need for any interference with the conditions impugned in this writ petition. Thus the writ petition fails and is liable to be dismissed for want of merits. 13. In the result, the writ petition is dismissed. No costs.
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1999 (10) TMI 659 - HIGH COURT OF DELHI
Winding up of sick industrial company ... ... ... ... ..... request, the matter was adjourned to 6-5-1999. The Court granted final opportunity to discuss the matter with the IDBI on 6-5-1999. The Court observed that if no settlement is arrived at before the next date, arguments in the petition shall be heard. On 13-9-1999, again the arguments were heard. No reply to the company petition has been filed despite several opportunities. No proposal has been submitted by the respondent-company. 8. On consideration of the totality of the facts and circumstances, it is abundantly clear that the respondent-company cannot discharge its financial debts. In this view of the matter, no interference is called for and this Court upholds the order initially passed by the BIFR and later upheld in appeal by the AAIFR. 9. Since the company has been wound up, the Official Liquidator attached to this Court is directed to takeover the assets and records of the company as early as possible. The company petition is accordingly disposed of. Order accordingly.
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1999 (10) TMI 658 - HIGH COURT OF MADRAS
Offences - Penalty for wrongful withholding of Company’s Property ... ... ... ... ..... material change in the circumstances. STC No. 1319 of 1995 said to have been filed by the petitioner relates to a different matter and as such, the remand order and the observation in Crl R.C. 33 of 1996, cannot be taken into account for the purpose of coming to the conclusion that there is a material change to entertain the present petitions. The only course open to the petitioner is to move the Apex Court if aggrieved by the orders passed by this court in the two petitions on the earlier occasion. Hence, there is no difficulty in coming to the conclusion that the present petitions filed under section 482 to review the order earlier passed by this court are not maintainable and they are nothing but an abuse of process of law. 13. For the reasons stated above, both the petitions are dismissed. Consequently, connected all criminal miscellaneous petitions are also dismissed. ------------------------- V. SANKARANARAYANAN for the Petitioner. N. ISHTIAQ AHAMED for the Respondent.
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1999 (10) TMI 657 - HIGH COURT OF BOMBAY
Debt Recovery Tribunal - Jurisdiction of ... ... ... ... ..... ut of sheer expediency, I treat the letter dated 5-8-1992, addressed by the advocate for the applicant to the receiver appointed by this court, as an application for execution. Consequently as on 16-7-1999, the said execution proceedings are continuing in this court and, therefore, as held in earlier paragraphs this execution proceedings need not be transferred to the Debt Recovery Tribunal notwithstanding the fact that the claim is beyond Rs. 10 lakhs. Consequently the applicant is entitled to the following orders 16. That the receiver appointed in this case is directed to accept the offer of Umang Enterprises and on receiving the aforesaid amount it can be kept in receiver rsquo s custody till further orders. The receiver is also directed that on the making of such payment by Umang Enterprises, it should hand over to the said Umang Enterprises all the hypothecated securities lying in the factory of the first defendant. 17. The judge rsquo s order is disposed of accordingly.
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1999 (10) TMI 656 - HIGH COURT OF PUNJAB AND HARYANA
Shares - Allotment of shares and debentures to be dealt in Stock Exchange ... ... ... ... ..... company which may withdraw the application monies or any part thereof in flagrant violation of the provisions of sections 69 and 73 and then agree to pay a fine of Rs. 5,000 under sections 69(4) and 73(3). Therefore, no fault can be found with the impugned orders, which are quite in consonance with the provisions of sub-section (4) of section 69 and sub-sections (3) and (3A) of section 73. The appellate authority had rightly directed the petitioner-company to deposit all monies received from applicants for shares offered to the public in the account to be opened with the Banker to the issue because it (Banker to the issue) holds the application monies in the nature of a trust fund which has been erected by the statute for the protection of persons who pay the money on the faith of a promise of refund, in case certain conditions are not fulfilled. 21. For the aforesaid reasons, we do not find any merit in this writ petition and the same is hereby dismissed. Petition dismissed.
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1999 (10) TMI 653 - HIGH COURT OF KARNATAKA
Transfer of shares ... ... ... ... ..... ut any merit and the same is liable to be rejected. (p. 1127) 20. For the reasons stated above, we accept this petition and direct the respondent-company to rectify its register of members and include the name of the petitioner-company as transferee of the shares to the extent of the share purchased by the petitioner-company. The respondent- company is also directed to pay the dividend which might have accrued on the shares in question from year to year from the date of purchase of the shares with interest at 12 per cent per annum from the day the amount became due till its repayment. As the respondent-company has refused to enter the name of the petitioner in the register of companies without sufficient cause thereby causing loss to the petitioner-company, the petition is allowed with costs which are determined at Rs. 10,000. Notice of the rectification be filed by the respondent-company with the Registrar of Companies within 30 days from today as required under section 156.
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1999 (10) TMI 652 - SUPREME COURT
Whether it was necessary to detain the appellant under the COFEPOSA?
Held that:- Writ allowed. The conclusion of the detaining authority on the facts of the present case, ‘there is likelihood of his being released on bail’ could not be said to be based on no relevant material.
However, in view of our findings, viz., non-placement of two material documents, one letter dated 19-4-1999 by the advocate of the detenu to the sponsoring authority and the other, letter dated 23-4-1999 by the detenu, before the detaining authority which were relevant and were likely to affect the satisfaction, hence we have no hesitation to hold that the detention of the petitioner under section 3(1) of the COFEPOSA vitiates and the detention order is unsustainable in law.
Accordingly the impugned detention order dated 28-4-1999 passed by the detaining authority under section 3(1)(i) of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 quashed.
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1999 (10) TMI 649 - HIGH COURT OF CALCUTTA
Winding-up - Circumstances in which a company may be wound-up ... ... ... ... ..... ng creditor which is of such a nature that the winding-up proceedings are liable to be stayed and to pass such orders thereupon as, in the light of the observations made hereinabove would be deemed just and appropriate in the facts and circumstances of the case. While considering such question and the scope of the application under section 34 of the Arbitration Act, in the light of the aforesaid observations of the appellate-petitioning creditor with regard to the maintainability of the application under section 34 on the ground as advanced by the appellant that the respondent-company had taken steps in the proceedings in the winding-up application under section 34 and had thus forfeited its right, of asking for the stay of winding-up proceedings on the ground that it had taken steps in these proceedings. Since we have not gone into these questions raised at all, we refrain from expressing any views on them. Appeal accordingly allowed. No order as to costs. Sen, J. - I agree.
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1999 (10) TMI 647 - HIGH COURT OF CALCUTTA
Oppression and mismanagement ... ... ... ... ..... which the valuer had been appointed with the intention of settling the dispute between the parties. The accounts of the company were also not finalised. An administrator was appointed pursuant to an order of the Company Law Board who sought for his release as the appellant refused to co-operate with him. It has also been noticed that there was only one director in the company, viz., the appellant and that no other director either was appointed or co-opted and further it has been observed that neither annual general body meetings have been held nor accounts have been finalised from 1987, onwards. Such being the position, we are inclined to accept the submission made by learned counsel for the respondent and uphold the order passed by the Company Law Board. We do not find any legal infirmity in the order under appeal. There are no merits in the instant appeal and, accordingly, the same deserves to be dismissed and is accordingly dismissed. S.B. Sinha, Actg. C.J. mdash I agree.
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1999 (10) TMI 646 - HIGH COURT OF BOMBAY
... ...
... ... ..... concession has been already given. Over and above, the facility of deposit of securities is also given. He also pointed out that the Membership Cards cannot be sold by a member. 28. The learned counsel for respondent No. 2 has also pointed out that his client has been waiting for the last over 6 years for the aforesaid amount and as per the provision of the Arbitration and Conciliation Act, 1996, the above award automatically becomes a decree, unless set-aside, therefore, the present award must be treated as a money decree and full amount must be directed to be deposited to secure the interests of his client. 29. From the above, it is clear that the petitioner has already been given an exemption of more than 50 per cent and that too by deposit of securities. Therefore, we do not find anything unreasonable, illegal or arbitrary on the part of the Governing Board in their decisions dated 29-7-1999 and 12-8-1999. 30. The petition is devoid of merits, hence, we dismiss the same.
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1999 (10) TMI 644 - HIGH COURT OF DELHI
Winding up - Circumstances in which company may be wound up ... ... ... ... ..... from the representative of the respondent who was also present in the Court on the date when the application was argued, I issue a direction to the respondent to deposit an amount of Rs. 25 lakhs within three weeks from today in the Registry of this Court and on deposit of the aforesaid amount the said amount shall be released in favour of the petitioner on furnishing sufficient security to the satisfaction of Registrar of this Court. For the balance amount of Rs. 25 lakhs, the respondent shall furnish sufficient security to the satisfaction of the Registrar of this Court for restitution. The representative(s) of the petitioner shall accompany the representative(s) of the respondent to the office of Delhi Jal Board, inspect the equipments and shall rectify the defects, if any, in the said equipments so as to enable the respondent to receive the amount withheld, if any, for the defects in the said equipments. In terms of the aforesaid order, the application stands disposed of.
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1999 (10) TMI 641 - SUPREME COURT
Whether the order for eviction should be passed or not?
whether an application for eviction under the Rent Control Act was maintainable notwithstanding the provisions of section 22?
Held that:- Appeal dismissed. The High Court and the Appellate Bench of the Small Causes Chief Court, are, therefore, right in coming to the conclusion that the provisions of section 22 did not in any way prevent the filing of an eviction petition on the ground of non-payment of rent and the order under section 11(4) of the Bombay Rent Act could be passed.
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1999 (10) TMI 639 - HIGH COURT OF ANDHRA PRADESH
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... ort the winding up of the company at this stage in their own interest. Moreover, if the rehabilitation proposals do not fructify, and if it is found by BIFR that the revival is not feasible, or the industry has reached a state of non-viability, the BIFR can, at appropriate stage, after due consideration, suggest winding up of the company. That is all the reason why this court should refrain from ordering winding up at this juncture when, there is no objection from any of the creditors and there could possibly be no objection from the shareholders. We, therefore, set aside the impugned orders and revoke the order of winding up. Accordingly, the appeals are allowed. It is made clear that the expenses incurred by the official liquidator for payment to the watch and ward staff should be paid made ? , if not already paid according to the directions of the learned Single Judge and if there is any deficit, the same will have to be paid by the appellant. We make no order as to costs.
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1999 (10) TMI 636 - SUPREME COURT
Whether the award would be governed by the new Act for its enforcement or whether provisions of the old Act would apply?
Held that:- There is no corresponding provision anywhere in the new Act with reference to foreign arbitral proceedings to hold as to what is to be treated as ‘date of commencement’ in those foreign proceedings. We would, therefore, hold that on proper construction of section 85(2)(a) the provision of this sub-section must be confined to the old Act only. Once having held so it could be said that section 6 of the General Clauses Act would come into play and foreign award would be enforced under the Foreign Awards Act. But then it is quite apparent that a different intention does appear that there is no right that could be said to have been acquired by a party when arbitral proceedings are held in a place resulting in a foreign award to have that award enforced under the Foreign Awards Act.
We, therefore, hold that the arbitral proceedings commenced before the Arbitration and Conciliation Act, 1996 came into force on 25-1-1996, would be enforced under the provisions of Arbitration Act, 1940
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1999 (10) TMI 634 - HIGH COURT OF ANDHRA PRADESH
Winding up - Application of insolvency rules ... ... ... ... ..... to the APSFC. After obtaining the possession of the mortgaged property, the APSFC shall obtain and file the valuer rsquo s report in this Court, shall conduct the sale proceedings after wide publicity in consultation with the Official Liquidator who would be informed each date of proceedings and shall give an undertaking to deposit and shall deposit the workmen dues with the Official Liquidator as and when quantified by him as also the debts of the other secured creditor that is State Bank of India in full or in proportion to their claims strictly in pari passu if their debts cannot be discharged fully by the sale of the assets as per the provisions of section 529A, and whatever surplus remains after the sale and realisation of the dues of the secured creditors and workmen as per law, the balance sale proceeds shall be made available to the Official Liquidator for being dealt with in accordance with the Companies Act and Rules. 14. Both the applications are thus disposed of.
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1999 (10) TMI 632 - HIGH COURT OF KERALA
Investigation of company's affairs ... ... ... ... ..... This power has been granted to the CLB, in terms of the amendment effected in the Companies Act in 1988. Before the amendment sanction had to be given in terms of sub-clause (b) by the Central Government. When the power vested in the Executive Government is invoked, one incumbent may perhaps feel that justice may not be meted out. But now, after the amendment in 1988 the power vested with the Central Government had been taken away and vested with the CLB. When the power is conferred on the CLB, it is incumbent on the petitioner to approach that statutory Board which shall examine and do justice, as the circumstances demand. In such circumstances, there arise no reason for exercising the discretion ary power vested in this company court to direct such investigation or declare that it need investigation by the Central Government. Accordingly, the company petition fails and is dismissed without prejudice to the right of the petitioner to move the CLB in terms of section 237(b).
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1999 (10) TMI 626 - HIGH COURT OF KARNATAKA
Unregistered company - Winding up of ... ... ... ... ..... amount received in respect of the lease of the premises in favour of respondent No. 18. From the very reading of the petition, we need to observe that the ingredients of section 583(4) are not made out. In that view of the matter, though the law provides for dissolution of the unregistered company, as the appellant failed to make out the requisite ingredients for presenting the petition, we have to hold that the petition is not maintainable on the grounds pleaded. Secondly, it is not in dispute that the appellant has already instituted proceedings under the Indian Partnership Act for rendering of the accounts as well as for seeking partition of all the joint family properties. In that view of the matter, the proceedings being already pending even much earlier to the filing of this petition, we have to hold that this petition cannot be entertained. 13. For the reasons mentioned above, we do not find any merits in this appeal. Accordingly, the appeal fails and stands dismissed.
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1999 (10) TMI 624 - HIGH COURT OF KARNATAKA
Register of members - Rectification of ... ... ... ... ..... article 15. 7. The two learned counsel have gone into various other aspects of the law which to my mind do not require to be re-assessed by me as the point for decision is within a narrow compass, ie., the interpretation and effect of article 15 and whether or not the petitioner is entitled to a relief. 8. In the aforesaid circumstances, the petitioner is entitled to succeed but to a limited extent. The respondent-1 company is directed to transfer the 360 shares to the name of the petitioner within an outer limit of ninety days from today on the petitioner complying with the requisite transfer formalities but this transfer will be subject to the limitation that if the petitioner holds shares in excess of the limit prescribed by article 15, that the petitioner will be estopped from claiming voting rights in respect of the excess number of shares. The company petition succeeds to this extent and is allowed. In the circumstances of the case, there shall be no order as to costs.
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1999 (10) TMI 599 - SUPREME COURT
Whether assessee eligible for concessional rate of tax that was provided for under section 5-B(1) of the Andhra Pradesh General Sales Tax Act, 1957?
Held that:- Appeal dismissed. To use the words of Thomas Stephen & Co. [1988 (3) TMI 59 - SUPREME COURT OF INDIA] the natural gas used by the appellant does “not tend to the making of the end- product”. It is not a “consumable”.
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1999 (10) TMI 598 - SUPREME COURT
Entitlement of the States to levy tax on the sale of food and drink - Held that:- the levy of sales tax on the supply of food and drink prior to February 2, 1983, in the State of Maharashtra is bad in law
The State of Maharashtra is directed henceforth not to make assessments of the tax on the supply of food and drink on hotel owners who provide lodging and boarding for a composite sum until it frames Rules that set out formulae for such assessment which take account of the fact that residential hotels may provide lodging and full or part board. If the rules are framed by June 1, 2000, the assessments that are not completed only by reason of this order may be proceeded with. If the rules are not framed by the said date, these assessments shall lapse. No proceedings for assessments shall be commenced hereafter until the rules have been framed. At the same time, completed assessments as of today shall not be affected by this order, and the assessees would be entitled to adopt proceedings thereagainst, subject to the law.
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