Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2010 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (12) TMI 1066 - HC - Companies LawWhether the new sovereign had waived his rights to ignore the rights given under the laws of the former sovereign? Held that:- There is also no dispute about the proposition that under sections 391 to 394 of the Companies Act, 1956, the court has ample power and jurisdiction to supervise the scheme as sanctioned under the Companies Act, 1956. However, such power in jurisdiction must be exercised keeping in mind the essential perquisites of the said sections. The court will have to act within the parameters laid down in these sections. Every grievance raised by the affected party cannot be raised nor can it be entertained by the court while exercising the powers thereunder. The applicants fail to satisfy the court that the issues raised by them squarely fall within the parameters of section 392 of the Act. Even otherwise, it is accepted for the sake of argument that it falls within such parameters, once IPCL is already dissolved, the appropriate court is the Bombay High Court to consider and decide such issues, in view of the provisions of section 2(11) read with sections 10 and 392 of the Companies Act, 1956 and hence, in any case, all these issues which are raised by the applicants cannot be and should not be allowed by this court, in their favour. Considering the foregoing discussion and taking overall view of the matter and keeping in mind the statutory provisions and the judicial precedents, the court is of the firm view that both these applications deserve to be rejected both on the ground of jurisdiction as well as on merits.
|