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Case Laws
Showing 81 to 100 of 436 Records
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1999 (12) TMI 780 - HIGH COURT OF PUNJAB & HARYANA
Winding up - Statement of affairs to be made to Official Liquidator ... ... ... ... ..... st but not later than two months from today. 11. It is abundantly clear that only respondent Nos. 1 and 5, who are proclaimed offenders, were held liable for handing over the assets, property, books of account and records of the company to the Official Liquidator. The present respondents were not held liable. 12. Correlated with the same fact is the evidence on the record. Almost all other respondents say that they have no concern with the company so far as furnishing of relevant statement is concerned. The evidence on the record also does not indicate that they could be held so responsible. They were not in possession of the assets, account books and records of the company. As per evidence and earlier adjudication, it must follow that there was just and reasonable excuse for these respondents in not furnishing the statement of affairs. 13. Accordingly, but for the two respondents, namely, respondents No. 1 and 5, who are proclaimed offenders, other respondents are acquitted.
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1999 (12) TMI 779 - HIGH COURT OF DELHI
Procedure of Tribunals ... ... ... ... ..... ation in newspaper was done or not, involve highly disputed question of facts, which we are not inclined to examine in exercise of our writ jurisdiction, particularly when every order of the Tribunal is appealable before the Tribunal under section 20 of the Act. It may be observed that prime object of the establishment of the Debts Recovery of Tribunals is to provide expeditious adjudication and recovery of debts due to the banks and financial institutions. 12. For the foregoing reasons, we are not inclined to interfere the writ petition is dismissed and order dated 28-5-1999 is vacated. However, if the petitioners would choose to file an appeal to the appellate authority under the Recovery of Debts due to Banks and Financial Institutions Act, time spent in pursuing the above writ petition would be liable to be excluded from the prescribed period of limitation. Needless to add that any observation made by us will not prejudice the parties case on merits. No order as to costs.
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1999 (12) TMI 778 - HIGH COURT OF MADRAS
Oppression and mismanagement ... ... ... ... ..... o order the petition, which is really surprising. There is no proof of mis-management. On the materials placed, there is nothing to show that the company has been acting against the interest of the shareholders. In respect of the transaction that took place in 1995 to which the petitioners were parties, they have chosen to cite it as a ground, when they filed application before the CLB in the year 1998. Yet having taken note of this fact, it is strange that the CLB allowed them to take advantage of their own mistake by ordering the petition. Therefore, I am satisfied that the order passed by the CLB cannot be sustained at all and it has to be set aside. 31. In the result, the two CMAs. are allowed, setting aside the order passed by the CLB. The Administrator appointed by the CLB will hand over immediately the entire management to the Board of Directors. The cost of the appeal shall be paid by the respondents. Consequently, CMP. Nos. 4439 to 4441 of 1999 shall stand dismissed.
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1999 (12) TMI 774 - HIGH COURT OF ANDHRA PRADESH
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... ying with the statutory obligations under the Act and there is also no mismanagement, nor was it alleged by the petitioner in the petition. The only complaint of the petitioner is that notice was not sent to him and that the respondent-company has suspended its business, which is not sufficient for ordering the winding up. The suspension of business by the respondent-company is neither intentional nor for any other reasons, but for the reasons beyond the control of the respondent-company as stated in the counter. The respondent company has made all possible efforts to proceed with the construction of the hotel, the purpose for which it has been incorporated. But due to some unforeseen circumstances beyond its control, as stated in the counter, the respondent company could not proceed with the construction of the five star hotel. 17. In view of the foregoing reasons, I find no merit in this company petition and, accordingly, it is dismissed at the stage of admission. No costs.
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1999 (12) TMI 771 - SUPREME COURT
Whether the complaint for the offence punishable under section 113(2) of the Companies Act, 1956, could be filed only where the registered office of the company is situated or where the complainant is residing?
Held that:- Appeal dismissed. Section 113, which, inter alia, provides that the company shall deliver the documents, such as, certificates of shares, debentures and certificates of debenture stocks allotted or transferred in accordance with the procedure laid down in section 53. Section 53 prescribes the mode of delivery, inter alia, by sending the document by post at registered address and sub-section (2) is the deeming provision for delivery of such letter. Thus the conclusion that the cause of action would arise at the place where registered office of the company is situated.
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1999 (12) TMI 770 - SUPREME COURT
Whether the provisions of Consumer Protection Act, 1986 can be invoked against the Provident Fund Commissioner by a member of the Employees Provident Fund Scheme?
Held that:- Appeal dismissed. We cannot accept the argument that the Regional Provident Fund Commissioner, being Central Government, cannot be held to be rendering ‘service’ within the meaning and scheme of the Act. A perusal of the scheme clearly and unambiguously indicate that it is a ‘service’ within the meaning of section 2(1)(o) and the member a ‘consumer’ within the meaning of section 2(1)(d). It is, therefore, without any substance to urge that the services under the scheme are rendered free of charge and, therefore, the scheme is not a ‘service’ under the Act. Both the State as well as National Commission have dealt with this aspect in detail and rightly came to the conclusion that the Act was applicable in the case of the scheme on the ground that its member was a ‘consumer’ under section 2(1)(d) and the scheme was a ‘service’ under section 2(1)(o).
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1999 (12) TMI 769 - HIGH COURT OF ANDHRA PRADESH
Public deposits ... ... ... ... ..... ead over of cases in various Courts. (i)The Depositors Association has taken tremendous efforts to unearth the real facts and provided important information to enable the Court to pass appropriate order. Therefore, it is necessary that it should not only be appreciated but also properly remunerated. A sum of Rs. 15,000 from out of the amount lying to the credit of special account in State Bank of Hyderabad, High Court Branch shall be paid to the counsel appearing for the depositors. (j)Advocate-Commissioners who have been taking meticulous care for complying with the directions of this Court issued from time to time are permitted to draw a sum of Rs. 10,000 each from the above account. (k)The balance amount lying in the bank shall be under the supervision of the Registrar (Judicial) pending winding up proceedings. He shall operate the said special account on the directions of this Court or winding up Court as the case may be. 20. Accordingly, the writ petition is disposed of.
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1999 (12) TMI 768 - HIGH COURT OF ALLAHABAD
Preparation and sanction of schemes ... ... ... ... ..... s) Act, 1972 rsquo . It would thus be evident from sub-clauses (f) and (g ) of Clause 7 of the Agreement that what is recoverable is the lsquo losses occasioned and damages caused by such sale and also damages for breach of agreement rsquo . Accordingly, we are of the view that recourse can be taken to the provisions of the U.P. Public Moneys (Recovery of Dues) Act, 1972 for recovery of the losses if any suffered by the Corporation as visualised in clause 7(f) as also the damages suffered by it due to breach of contract if it took place before the petitioner stood discharged by doctrine of frustration. 17. In the result, the petition succeeds and is allowed. Impugned recovery certificate and consequential recovery proceedings are quashed subject to the observations made in this judgment, i.e., without prejudice to the rights the Corporation acquired due to breach, if any, prior to the lsquo transfer date rsquo . The parties shall bear their respective costs. Petition allowed.
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1999 (12) TMI 767 - HIGH COURT OF ANDHRA PRADESH
Winding up – Suits stayed on winding-up order ... ... ... ... ..... ator or without leave of the court and whether any sale effected by the respondent creditor is or will be void. We are only concerned with the application to permit the applicant-bank (first respondent herein) to continue the proceedings in O.A. No. 1301 of 1997 on the file of Debt Recovery Tribunal. After the decree is obtained therein, the question of realisation of mortgaged assets by sale thereof will arise. Whether such permission should be granted and if so, on what terms, need not be decided at this stage. In fact, the learned judge prescribed necessary safeguards to ensure that the applicant-bank on its own accord does not sell away mortgaged properties and also to see that the workmen s dues are discharged. In fact, it is not open to the appellants to raise such contentions, if at all it is for the other creditors or the official liquidator to object to the modalities of recovery of debt. We see no merit in this appeal. The appeal is dismissed at the admission stage.
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1999 (12) TMI 765 - HIGH COURT OF ALLAHABAD
Winding up of sick industrial company ... ... ... ... ..... e labour. The present Government has different policy regarding sick P.S.Us. as compared to the previous Government and the workers are hopeful that a favourable view will be taken in this case. There is no reason why the workers be not paid their salary. In view of the above discussion the writ petition is dismissed against the recommendation of the Board dated 6-2-1997, and the order of the appellate authority dated 19-2-1998. The writ petition, in so far as the direction in the nature of mandamus commanding respondent No. 4 to make payment of all dues to the workmen for the period till today, is allowed. In case respondent No. 4 is not able to pay the amount, on winding up of the Corporation, the payment shall be made to the workers prior to making any payment to any person in accordance with section 529A of the Companies Act, 1956. The writ petition, as against the other reliefs claimed in the writ petition, is hereby dismissed. 47. The parties shall bear their own costs.
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1999 (12) TMI 764 - HIGH COURT OF BOMBAY
Amalgamation ... ... ... ... ..... od of valuation of the shares. Thus the objection was rejected. 14. In view of the above it may be that the respondents are not satisfied with the valuation done but that is no ground for rejecting the valuation which has been done by a renowned firm of Chartered Accountants. The grievance voiced by the respondents is not shared by more than 98 per cent of the shareholders. In my view, the aforesaid observations of the Supreme Court clearly negative the submissions made by Mr. Grover on each and every point. Apart from this, the Counsel appearing on behalf of the Regional Director, on Instructions, states that the Regional Director has no objection to the scheme being sanctioned. 15. In view of the above, the petition is made absolute in terms of prayer clauses (a) to (g ). Certified copy expedited. At this stage the learned Counsel appearing for the Objectors prays that the operation of the order be stayed I see absolutely no justification in the prayer being made. Rejected.
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1999 (12) TMI 760 - SUPREME COURT
Whether a notification issued under section 3-A negatived an exemption granted by an earlier notification under section 4 of the Act?
Held that:- Appeal filed by the sales tax authorities dismissed. Learned counsel for the State Government is unable to tell us whether there is or is not such notification. The High Court had decided as far back as in 1994 that the cotton belting made by the assessee was covered by section 14 of the Central Act. Since then, and certainly after the assessee filed the special leave petition in this Court in 1996, this aspect was, or ought to have been, before the sales tax authorities. If there is no answer in this regard to date, it must be presumed that there is no such notification. Consequently, no tax can be levied and the order under appeal to the extent that it states that the turnover of the assessee's cotton belting is taxable at the rate of four per cent, must be set aside.
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1999 (12) TMI 757 - HIGH COURT OF ANDHRA PRADESH
Dividend - Manner and time of payment of ... ... ... ... ..... en if the documents of the Central Bank of India, Adoni Branch are summoned and even if it is established that the company did not open a special account for the unpaid dividend amount in that Bank, the guilt of the petitioners is not automatically established as there is nothing in the law which requires the company or the other petitioners to open that special account as required under section 205 in the Central Bank of India, Adoni Branch alone. It is always open to the petitioners to establish that in fact such a special account was opened in some other branch of some other Bank. 18. Looked at from any angle, the summoning of the documents from the Central Bank of India, Adoni Branch as prayed for by the first respondent would be irrelevant and futile. 19. The criminal petition is allowed. The order dated 15-7-1999 passed by the learned Special Judge for Economic Offences at Hyderabad in Crl. M. P. No. 527 of 1999 in C.C. No. 7 of 1999 is hereby quashed. Petition allowed.
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1999 (12) TMI 755 - HIGH COURT OF MADRAS
Rehabilitation by giving financial assistance ... ... ... ... ..... rsquo . 3. When the said amounts were paid only as a condition for granting stay, and in view of the fact that these writ petitions have been allowed, there cannot be any dispute that the petitioner-company is entitled to get refund of the said amounts. At this stage, the learned Senior counsel appearing for the Tamil Nadu Electricity Board has submitted that the petitioner-company is liable to pay a sum of Rs. 4,79,54,593 to the Electricity Board, as per the scheme, which is not in dispute. Though the said amount was due earlier, in view of the Scheme, it has been postponed for the subsequent period, and the said amount has to be paid on 5-1-2000, 5-2-2000 and 8-3-2000. The petitioner-company has no objection to retain the said amount of Rs. 4,79,54,593 by the Electricity Board. Since the petitioner-company is entitled for the balance amount paid, the Electricity Board is directed to pay the balance amount due to the petitioner-company within one month from today 6-12-1999.
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1999 (12) TMI 754 - HIGH COURT OF GUJARAT
Amalgamation ... ... ... ... ..... ach of the three objectors. However, there shall be no order as to cost so far as these petitions are concerned, except that the petitioner in each of the four petitions shall bear the cost of these petitions as also the cost of the learned Additional standing counsels appearing on behalf of the Central Government, such cost being quantified at Rs. 2,500 in each of the petitions. VI.All these petitions shall accordingly stand disposed of. At this stage Mr. M.N. Bhavsar, the learned advocate appearing for one of the objectors, as also the other objector Mr. Hasmukhlal Shah pray for stay of the aforesaid order. Mr. Soparkar, learned advocate for the petitioners opposes the prayer for stay. He submits that the shareholding of the respective objectors together would not exceed .01 per cent as against the rest of the shareholders, forming thumping majority, having agreed to the scheme of amalgamation. In the circumstances, request of Mr. Bhavsar and other objector is not accepted.
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1999 (12) TMI 751 - HIGH COURT OF GUJARAT
Compromise or arrangement with creditors and members ... ... ... ... ..... ng any other scheme or proceedings in respect of the assets of the Company. 16. The question as to what costs should be awarded to the applicants and from whom, shall be considered at the next date of hearing while considering the question whether any action is to be taken against Mr. K.W. Desai. The Court cannot, however, help observing that even after the Court had pointed out to Mr. K.W. Desai appearing for the Union that in view of the admitted non-compliance with the mandatory statutory provisions of the section 391(1) and rule 80 of the Company Court Rules, whether there was any possible ground on which the prayer for review could be opposed and that the Court was prepared to consider the prayer for review separately from the prayer for taking any action against Mr. Desai even then Mr. K.W. Desai wasted considerable time of this Court by persisting with untenable arguments in respect of the prayer for review and thereby wasted about four hours of valuable judicial time.
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1999 (12) TMI 741 - SUPREME COURT
Rate at which watery coconuts can be taxed under the Bengal Finance (Sales Tax) Act
Held that:- Appeal allowed. The Assistant Commissioner held that the watery coconuts should attract tax at the rate of 4 per cent and the respondent-sales tax authorities did not challenge his order. It was, therefore, incompetent for the Tribunal in the appellants' revision petition to set aside that order and direct that the appellants' watery coconuts should be taxed at the rate of 8 per cent.
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1999 (12) TMI 714 - SUPREME COURT
EXEMPTION — CONDITION FOR ELIGIBILITY TO EXEMPTION — ISSUE OF SERIALLY NUMBERED CASH/CREDIT MEMOS FOR SALES OF GOODS MANUFACTURED IN UNIT — NO REQUIREMENT THAT SERIAL ISSUE SHOULD BE FOR ANY PARTICULAR PERIOD
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1999 (12) TMI 708 - SUPREME COURT
Whether planting subsidy paid by the appellants to the cane growers can be said to be a part of the price of sugarcane purchased by it from them and can legitimately be included in the turnover of the appellants?
Whether the transport subsidy charges in excess of 30 kms. paid by the appellants to third party lorry owners for transporting sugarcane pursuant to the State Government’s direction can be aggregated with the price of sugarcane and included in the turnover of the appellants?
Whether levy of penalty was justified in view of the facts and circumstances of these cases?
Held that:- Appeal partly allowed. As held that the appellants were not right in not including the amounts of planting subsidy and transport subsidy in the taxable turnover, considering the facts and circumstances of the case, it would not be correct to say that they had acted deliberately in defiance of law or that their conduct was dishonest or they had acted in conscious disregard of their obligation under the Sales Tax Act. The Sales Tax Authorities were, therefore, wrong in passing the orders of penalty and upholding the same. The High Court also, in our opinion, committed an error in upholding the orders of penalty. In the result, these appeals are partly allowed. The order of the High Court and the orders of the Sales Tax Authorities imposing and upholding levy of penalty are set aside. Only to that extend the appellants succeed and their appeals are allowed. The judgment of the High Court in respect to the planting subsidy and transport subsidy is upheld.
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1999 (12) TMI 703 - SUPREME COURT
Notification dated March 12, 1997 issued by the State of Rajasthan under section 8(5) of the Central Sales Tax Act whereby it reduced the rate of sales tax on inter-State sale of cement by any dealer from that State to 4 per cent and did away with the requirement of furnishing of declaration in form C or certificate in form D contemplated by section 8(4) of the Act challenged
Held that:- Appeal dismissed. The mere fact that the local sale of cement in Gujarat may have been adversely affected cannot result in the impugned notification being regarded as affecting the free flow of trade and being violative of article 301 of the Constitution. The said provision is concerned with the movement of goods from one State to the another and as far as the present case is concerned, with the lowering of tax, the movement has increased rather than decreasing. We cannot subscribe to the view that the said notification by dispensing with the requirement of furnishing declaration in form C had the effect of facilitating evasion of payment of tax and was violative of the scheme of the Constitutional provisions contained in Chapter XIII.
Thus uphold the validity of the impugned notification dated March 12, 1997 issued by the State of Rajasthan.
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