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Showing 81 to 100 of 568 Records
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2001 (2) TMI 979
Whether provisions of Order IX Rule 13 of the Code of Civil Procedure or the principles thereof are applicable in a case where objections under Section 33 of the Arbitration Act, 1940 are not filed and ex-parte decree is passed on the basis of the award filed before the Court by making the award rule of the Court?
Held that:- Appeal allowed. The provisions of CPC are specifically made applicable and there is no reason to hold that Order IX Rule 13 would not be applicable in case where judgment is pronounced under Section 17 of the Act in absence of objection application tendered by the party objecting to the award. For all purposes such decree is ex-parte for the party objecting to the award. Under C.P.C. ex-parte decree has no technical meaning. Division Bench was right in arriving at the conclusion that this was a fit case for condoning the delay and setting aside the decree dated 28th April 1987.
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2001 (2) TMI 978
Winding up - Company when deemed unable to pay its debts ... ... ... ... ..... ing paid in the future. It is, therefore, clear that the respondent-company is unable to pay its debts. In the aforesaid circumstances, there is no alternative with this court except to order the winding up of the respondent-company, i.e., Punjab Wireless Systems Limited. The ingredients contained in section 433(e) and (f) of the Companies Act, 1956, stand satisfied. Accordingly, the prayer for winding up of the respondent-company is allowed Punjab Wireless Systems Limited is accordingly ordered to be wound up. The official liquidator attached to this court, who was appointed as the provisional liquidator is now appointed as the liquidator with immediate effect. The official liquidator shall take over the assets, statutory books and records of the company forthwith. Notice of the order of winding up be published in the Indian Express, Chandigarh and the Dainik Tribune, Chandigarh without any loss of time. Publication be effected in the Official Gazette of the State of Punjab.
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2001 (2) TMI 977
Forfeiture of property illegally acquired ... ... ... ... ..... of the detenue/convict started. In that background observation was made by Division Bench. It is to be noted that the illegal activities carried out by the detenue/convict is within his special knowledge and as such burden cannot be cast on the authorities to establish such a link. The requirement, as has been held by the Apex Court, is that the connecting link or the nexus, as it may be called, is the holding of property or assets of the convict/detenue or traceable to such detenue/convict. This position has been dealt with in paragraph 43 of Amratlal Prajivandas rsquo s case (supra). In Shanti Devi rsquo s case (supra), the position was emphasized in para 10.2 with reference to para 43 of Amratlal Prajivandas rsquo s case (supra). On the contrary, the person proceeded against has to establish his stand by discharging the burden to prove as provided under section 8. That has clearly not been done. Above being the position, the writ petition is without merit and is dismissed.
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2001 (2) TMI 974
Jute carpets - Classification of ... ... ... ... ..... in favour of the respondents by the above-referred decision of the Tribunal, he prays for rejecting the Revenue rsquo s appeal. 4. emsp Learned S.D.R., Shri V.K. Chaturvedi, appearing for the Revenue submits that they have filed appeals before the Honourable Supreme Court against the earlier decisions of the Tribunal and they are also proposing to file an appeal against Order No. A-1641/CAL/2000, dated 26-9-2000 passed in the respondents rsquo case. As such, he prays for keeping the proceedings in abeyance. However, on a query from the Bench, he fairly agrees that there is no stay by the Honourable Supreme Court even in the earlier appeals filed by the Revenue. 5. emsp In view of the fact that there is no stay of operation of the earlier orders by the Honourable Supreme Court, we do not intend to keep the proceedings in abeyance and as such, by following the earlier order, we uphold the impugned order and reject the Revenue rsquo s appeal. Stay Petition also gets disposed of.
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2001 (2) TMI 971
Whether a decision regarding the venue of the arbitration proceedings could be assailed in appeal under section 34 of the Arbitration and Conciliation Act, 1996?
Whether the decision of the Joint Arbitration Committee dated 15-7-1998 can be held to be an interim award?
Held that:- Appeal dismissed. The ultimate arbitral award could be assailed on the grounds indicated in sub-section (2) of section 34 and an erroneous decision on the question of venue, which ultimately affected the procedure that has been followed in the arbitral proceeding could come within the sweep of section 34(2) and as such it cannot be said that an aggrieved party has no remedy at all.
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2001 (2) TMI 970
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... al bank guarantee of a nationalised bank to be furnished by the respondent in favour of the Prothonotary and Senior Master, while the balance of the amount shall be secured in the form of security to the satisfaction of the Prothonotary and Senior Master. The bank guarantee shall be kept alive during the pendency of the suit (4655 of 1998) instituted by the petitioner and shall together with the security for the balance of the amount lie to the credit of the said suit. (2) Upon the failure of the respondent to furnish the security as aforesaid, the company petition shall stand admitted and be liable to be advertised forthwith. In that event, the petition shall be advertised. Petition to be advertised in Free Press Journal, Navshakti and Maharashtra Government Gazette. The petitioner to deposit a sum of Rs. 2,000 with the Prothonotary and Senior Master within a period of four weeks from failure to furnish the security, towards publication charges. 13. Certified copy expedited.
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2001 (2) TMI 969
Banking Companies - Procedure for amalgamation of ... ... ... ... ..... ts. The conduct of the petitioner-association clearly shows that it is interested in the postponement of consideration by the Reserve Bank of India on the ground that it has filed the writ petition seeking postponement of the extraordinary general meeting of shareholders. I hold that when the petitioner-association has not made out any prima facie case for admitting the writ petition, the question of admitting the writ petition does not arise. It is made clear that any expression of opinion made in the judgment will not bind the Reserve Bank of India while considering the scheme of amalgamation of Bank of Madura Ltd. with ICICI Bank Ltd. 30. I, therefore, hold that the petitioner has not made out any case calling for interference by this Court at this stage, and I am not inclined to admit the writ petition and issue notice to the respondents. Consequently, the writ petition fails at the admission stage itself, and is dismissed. Consequently, W.M.P. No. 1554 of 2001 is closed.
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2001 (2) TMI 968
Notified person - Recovery of amount due - Held that:- Appeal dismissed. Whenever the Legislature wishes to do so it makes appropriate provisions in the Act in that behalf. Section 34 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 wherein after giving an overriding effect to the 1993 Act it is specifically provided that the said Act will be in addition to and not in derogation of a number of other Acts including the SICA. Similarly under section 32 of the SICA the applicability of the Foreign Exchange Regulation Act, and the Urban Land Ceiling Act is not excluded. It is clear that in the instant case there was no intention of the Legislature to permit the SICA to apply notwithstanding the fact that proceedings in respect of a company may be going on before the BIFR. The Special Court Act is to have an overriding effect notwithstanding any provision to the contrary in another Act.
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2001 (2) TMI 967
Amalgamation ... ... ... ... ..... losure in the present case of the terms of the scheme as well as of its effect so as to enable the court to form a view of the matter. The intervenor in the present case has a claim of Rs. 35 lakhs. The transferee will be in a position to meet the claim should it be adjudicated by the competent forum in favour of the intervener. 30. Two other claims have been placed on the record of these proceedings. A company called Rotex Technical Services Private Limited has a claim of Rs. 4,39,379 against the transferee. The company is at liberty to pursue the remedies open to it in law, to recover its claim. A claim made by another company mdash Prodosite Anticorrosives Limited has been settled and consent terms have been filed in these proceedings which are taken on record. 31. Company Petitions Nos. 978 and 979 of 2000 are made absolute in terms of prayers (a) to (i). Company Petition No. 980 of 2000 is made absolute in terms of prayers (a) to (h). There shall be no order as to costs.
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2001 (2) TMI 966
Deficiency in service ... ... ... ... ..... duced and it has been said that even after thorough search, it could not be traced out. If the nomination form has been lost then it is the responsibility of the appellants and this amounts to deficiency of service. The complainants are entitled to the amount which has been deposited in NSS Scheme of which the nominees are the complainant. No other person according to the opposite parties/appellants has come forward to claim this amount. This amount is, therefore, liable to be paid by the appellants to the complainant has been correctly held by the learned District Forum. It is not necessary for us to go into the details of the matter as the learned District Forum has in the detailed order considered every aspect of the matter and has come to the definite decision. This appeal has no force and is liable to be dismissed. ORDER The appeal is dismissed with cost of Rs. 2,000. The judgment and order of the learned District Consumer Forum is confirmed. Appeal dismissed with costs.
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2001 (2) TMI 965
Arbitrator - Appointment of ... ... ... ... ..... as per the terms of the Arbitration clause and having for a period of almost two years since their first demand for arbitration, they filed the present Arbitration Application under section 11 in April, 1998. Notice of this application was served on respondents on 1-5-1998. It was after the filing of the application and its service having been affected on them the respondents appointed an arbitrator vide their letter dated 24-6-1998. The appointment of the arbitrator was thus after the filing of the Arbitration Application under section 11(6). 16. In view of the facts and circumstances of this case set out above, it is for the Chief Justice or the person designated by him to make the appointment having due regard for considerations set out in sub-section (8) of section 11 and to secure the appointment of an independent and impartial arbitrator and not merely order the recalcitrant party or the appointing authority to act. 17. The petition is, accordingly, allowed with costs.
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2001 (2) TMI 964
Reference to BIFR ... ... ... ... ..... that the mala fides in financial year 1998 account cannot be cured or purified merely by preparing another balance-sheet for the subsequent year (in this case, as on 31st March, 1999). We confirm the BIFR rsquo s conclusion that PPL/promoters approached the BIFR with unclean hands. 16. The impugned order is confirmed. The appeal is dismissed. 11. What more is needed for this court except to uphold the impugned orders in its writ jurisdiction. This court is not the second appellate court to again re-examine or reappreciate the entire accountancy factual scenario. All that was possible up to the stage of first appellate court, but not thereafter. Jurisdictional error visible on the face of record alone can be corrected by this court under article 227 but not the factual error, (though in this case, even that could not be noticed). 12. Looking to the totality of the facts emerging from the record of the case, I find no merit in the writ. It is, accordingly, dismissed in limine.
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2001 (2) TMI 963
Sole selling agents - Appointment of ... ... ... ... ..... hat the delay, if any, in filing the complaint can be condoned. The learned counsel for the petitioners next submitted that the above offence being a petty offence, the trial court ought to have given summons in Form No. 30 and since the said procedure has not been followed, the above proceedings are liable to be quashed. But, merely because the summonses are not issued in Form No. 30, I do not think that it constitutes a ground to quash the above proceedings. Since the offence is compoundable, the petitioners are entitled to approach the respondent seeking for compounding the offence alleged. For all the above reasons, this petition is dismissed giving liberty to the petitioners to raise the question of limitation before the trial court and the trial court is directed to decide the question of limitation after giving opportunity to both the parties to submit their say in the matter, before taking cognizance of the offences alleged and before proceeding further in the matter.
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2001 (2) TMI 962
Arbitrator - Appointment of ... ... ... ... ..... directly for consideration before the Supreme Court in Agio Countertrade ( P.) Ltd. v. Punjab Iron and Steel Co. Ltd. 1999 5 SCC 734 and it was held that the proceedings for the appointment of an arbitration under section 11 of the 1996 Act have a very narrow scope and the same are not covered by section 22 of the SICA and that it is open to the respondent to take appropriate legal steps under the provisions of the 1996 Act, under the law if they wish proceedings to be discontinued. 5. Merely because the Arbitrator was appointed by both the parties under the provision of section 11 would not make any difference in view of the ratio in Agio Countertrade ( P.) Ltd. s case (supra) that proceedings under section 11 of the 1996 Act, can continue even if the respondent-company has been declared sick under the provision of section 22 of the SICA. In the result, the application of the respondent for discontinuance of the instant proceedings cannot be allowed and is hereby dismissed.
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2001 (2) TMI 961
Dishonour of cheques ... ... ... ... ..... shing the proceedings in so far as one of the directors was concerned, would specifically hold that mere mentioning that all the accused persons are also responsible for the dishonourment of the cheques under the Act and all are liable to be punished for the offences under section 138 would not suffice to satisfy the requirements of section 141(1). Similarly, the words contained in the present plaint that lsquo accused Nos. 1 to 12 are managing the first accused-company and they are jointly and severally liable for the offence committed by them rsquo would not be held to be sufficient to satisfy the ingredients of section 141. Furthermore, the petitioners, namely, A-6 to A-9, admittedly, are not the signatories of the cheques in question. 12. Therefore, the proceedings as against these petitioners are liable to be quashed and, accordingly, the same are quashed. In the result, these petitions are allowed. Consequently, the connected criminal miscellaneous petitions are closed.
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2001 (2) TMI 959
Suspension of legal proceedings, contracts, etc. ... ... ... ... ..... can examine as to whether the petitioner is actually declared sick or not and if so, whether they are entitled to get the benefit of section 22 ? 6. As observed supra, since petitioner has not filed any documents relating to the BIFR proceedings, the submission made has no foundation to urge. Indeed the argument cannot be built up without there being any documents. I fail to appreciate the worth of such submission and citing several decisions of this issue by the learned counsel for the petitioner. The only submission, therefore, made by the learned counsel for the petitioner has no basis, and is, accordingly, rejected. 7. There being no other issue urged for assailing the demand impugned, I find no merit in the writ. It merits dismissal. Even otherwise, none of the grounds raised in the petition has any basis and cannot be successfully pressed. 8. In view of aforesaid discussion, petition fails and is dismissed. As a consequences, all interim orders are vacated. 9. No costs.
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2001 (2) TMI 957
Whether the respondents have the necessary statutory authority for levying a fee of the nature which is impugned in this petition?
Whether this fee is, as a matter of fact, a tax in the guise of fee and is so excessive as to lose the character of a fee as contended by the petitioners?
Held that:- Appeal dismissed. Once the levy is in public interest and connected with the larger trade in which the contributories are involved then confining the services only to the contributories does not arise. Since the Amount collected under the impugned levy is being spent by the Board on various activities of the stock and securities market with which the petitioners are directly connected, the fact that the entire benefit of the levy does not accrue to contributories, i.e., the petitioners would not make the levy invalid.
The fee is not being levied on the turnover as such but the fee is being levied on the brokers making their annual turnover as a measure of the levy which is a fee for regulating the activities of the securities market and for registration of the brokers and other intermediaries in the said market. Therefore, it is futile to contend that such levy would be either a tax or a fee on turnover. It is a settled principle in law that if the State has the authority to impose a levy then it has a wide discretion in choosing the measure of levy provided, of course, it withstands the test of reasonableness.Therefore, it would be futile to contend that the impugned fee merely because it is levied on the basis of the turnover of brokers would either amount to a turnover tax or a tax on income
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2001 (2) TMI 955
Whether there is a closure of the company within the meaning of the Industrial Disputes Act, 1947 ?
Whether the agreement dated 25-8-1965 is capable of enforcement ?
Whether the workers are workmen or entitled to prefer any claim on the basis of the agreement dated 25-8-1965?
Whether the transferor-company or the transferee-Corporation can assert that there has been closure and further that agreement is not capable of enforcement?
Held that:- Here there has been no transfer for the undertaking from the company to the Corporation as found by the Tribunal and upheld by the High Court, because by order made by the company court, the scheme of arrangement was to close down the company and what was taken over by the Corporation was a separate arrangement. Therefore, in the eye of the law, what is to be held is that the undertaking is closed down on account of unavoidable circumstances beyond the control of the employer and every workman who has been in service for more than ten (one ?) year in that undertaking immediately before such closure shall be entitled to notice and compensation in accordance with the provision of section 25F, as if the workman has been retrenched. In case where an undertaking is closed down by reason of financial difficulties as was the position in the present case, it cannot be deemed to have been closed down on account of unavoidable circumstances beyond the control of the employer. Therefore, if an application is made by the workmen or by the union on their behalf before a Labour Court under section 33C(2), it will be proper for the Labour Court to examine the claims under section 25FFF of the Industrial Disputes Act, of each of these workmen and award compensation accordingly, which shall be payable by the Union of India and to those proceedings, the erstwhile company and the Union of India shall be parties.
Thus direct the Labour Court concerned on the filing of such applications to dispose of the same within a period of three months
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2001 (2) TMI 953
Winding-up - Suits stayed on winding up order, Direction not to dispose of assets ... ... ... ... ..... dhra Pradesh State Financial Corporation to deposit the sale proceeds of Rs. 220.60 lakhs with the Official Liquidator immediately, (c)direct the Andhra Pradesh State Financial Corporation to furnish a copy of panchanama prepared at the time of taking possession of the assets of the company and also a list of assets disposed of by it and also a list of assets if any remaining in their hands unsold, (d)order the costs of this application to be come out of the assets of the company, and pass such other order or orders as this Hon rsquo ble Court may deem fit and proper in the premises. For the reasons assigned in Company Application No. 529 of 1999 this application is also to be rejected, however, the State Financial Corporation is directed to make available to the Official Liquidator such funds as may be demanded by the Official Liquidator to satisfy the supporters claims of other statutorily recognised under section 529A of the Companies Act as and when such a demand is made.
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2001 (2) TMI 952
Winding up - Overriding preferential payments ... ... ... ... ..... showing the directors who were at the relevant time (sic). When the appeal was argued before us, the official liquidator vehemently contended that the proceeding should continue against the appellants. We are of the view that official liquidator should be more responsible. Had he placed the relevant records before the learned Single Judge, the learned Single Judge probably might not have passed the said order. Such action on the part of the official liquidator is highly deprecated. 4. In the result, the observations made by the learned Single Judge against the appellants, herein, to the extent noted above, stand set aside and are also expunged. The proceeding initiated pursuant to the order of the learned Single Judge against the appellants shall stand withdrawn. It is, however, made clear that this order shall not prevent the Income-tax authorities to proceed with the proceeding against the erstwhile directors. 5. The special appeal is allowed to the extent indicated above.
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