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Corporate Law Judiciary

Arbitration agreement on the death of the named arbitrator :

 14 June 2012

Facts - The petitioner by way of Agreement transferred land to the respondent - the Collector, Porbander , Revenue Department, State of Gujarat said lands were transferred to the respondent without prior permission of the Collector and as such the p..

Posted in Corporate Law |   1710 hits

Execution proceding cannot be taken out against a shell company having no asset.

 13 June 2012

The Arbitrator commenced proceedings and a statement of claim was filed on behalf of the respondent. The appellant filed its defence statement-cum-counter claim and, the case was listed for admission / denial of documents on 30.04.2003. The appellant..

Posted in Corporate Law |   1878 hits

Termination of the agreement depends upon the clause mention in the agreement entered into by the parties

 24 May 2012

The petitioner had entered into an agreement dated 28.02.2000 titled “Petrol / HSD Pump Dealer Agreement for Corporation Owned / Leased Pumps” with the respondent No.1 IOC, where under the respondent No.1 IOC had appointed the petitioner as its deale..

Posted in Corporate Law |   6227 hits

Sec 25 Company is governed by its MOA and AOA and I case of any alteration it should take approval from authority before such alteration

 23 May 2012

The disputes in the present case centre around the election to Sports Working Committee of the Delhi District and Cricket Association (DDCA). Sports Working Committee is a smaller body within the DDCA‟s Executive Committee...

Posted in Corporate Law |   2214 hits

In the absence of proper ground delay cannot be condone with the AAIFR

 15 May 2012

It is the say of the petitioner that they applied for a certified copy of the order on the same date, which was received on 12.11.2010 but filed the appeal on 31.1.2011. Thus, it is not in dispute that the appeal is barred by time and is even beyond ..

Posted in Corporate Law |   2189 hits

Provision of sec 205A and 205C related to unpaid dividend cannot be consider as arbitrary and violative to Article 14

 30 April 2012

The Companies (Amendment) Ordinance, 1998 (No.19 of 1998) sub-section (5) of Section 205A of the Companies Act (hereinafter referred to as the „Act‟), 1956 was amended as regards transfer of unpaid dividend account of a company to the fund establishe..

Posted in Corporate Law |   2220 hits

Equipment belongs to vendor imported in to India cannot be transferred to other on winding up of the company

 17 April 2012

These two companies entered into a joint venture agreement on 14th July, 2003 for setting up a project in the State of Mizoram. After sometime, the company pulled out of it. They entered into a different relationship. The petitioning creditor agreed,..

Posted in Corporate Law |   1279 hits

Segmental accounts of the assessee is required in determination of assesses profit to total cost from international transaction

 11 April 2012

After considering the rival submissions and perusing the relevant material on record, it is observed that similar disallowance was made by the AO in the immediately preceding assessment year i.e. 2005-06. The Tribunal, vide its order dated 31-01-2012..

Posted in Corporate Law |   1257 hits

Activities against the provision of the Article is to be treated as oppression and mismanagement and falls under sec 397/398 of the Companies Act.

 10 April 2012

This company was incorporated in 1948 with registered office at Calcutta. The authorized capital of the company was Rs. 10 lacs consisting of 4000 6% tax free redeemable cumulative preference shares of Rs. 100/-each and 6000 ordinary shares of Rs. 1..

Posted in Corporate Law |   1426 hits

Once a company shows in its accounts any money under the head paid up capital than it will be presumed that share has been allotted

 09 April 2012

These two applications were heard on 1.3.2001. The learned Sr.Counsel for the petitioners, Shri Mitra, submitted as follows: At the time when the petition was heard, there was no document available with the petitioners to support their claim that t..

Posted in Corporate Law |   1224 hits

As per Regulation 73 company is required to file report on repayment to investor with SEBI

 06 April 2012

The facts of the instant case, in brief, are that the petitioner incorporated a company in the year 1995 under the name and style of Maha Bhairav Plantation Pvt. Ltd. having its registered office at 308, Vinay Place, 11, Ashoka Marg, Lucknow-226001. ..

Posted in Corporate Law |   1354 hits

Failure to comply with statutory rule can raise liability till the requirement fulfilled and it cannot consider as continuing offence committed on a daily basis

 15 March 2012

The brief facts are that the Respondent/ Complainant i.e. Registrar of Companies (ROC) received a complaint regarding the affairs of M/s. Tianjin Tianshi India Pvt. Ltd. (the Company) being irregular and illegal. A letter dated 24.02.2004 was issued ..

Posted in Corporate Law |   1366 hits

If the working condition and responsibilities and nature of duties are same than all staff should be equally paid

 23 January 2012

Though some merit is found in the contention of the petitioner employer that the award does not render any finding of parity in educational qualification, method of recruitment, duties and responsibilities of the Assistants/Stenographers/Hindi Transl..

Posted in Corporate Law |   1709 hits

An HUF can not enter into partnership but the manager or Kurta acting on behalf of HUF can enter into a valid partnership

 16 January 2012

The respondent filed the suit for recovery of `5,89,434/- towards agent commission against the appellants claiming himself to be an agency of defendant No.3 (in the suit) an Italian Company, in India. Appellants floated a global tender for purchase o..

Posted in Corporate Law |   1933 hits

As per the Supreme Court order NPA of a Company defaulting in repayment of loan can be assigned for the debt

 15 December 2011

A. The grievance relatable to IFCI Ltd. (appointed as the operating agency by BIFR vide order dated 08.08.2005 with a mandate to prepare a scheme for revival of the „Company‟) that it being one of the five secured creditors of the „Company‟, IFCI Ltd..

Posted in Corporate Law |   3918 hits

Official Liquidator shall ensure that irreversible can not be created regarding the amount paid by the purchaser

 06 December 2011

Heard Mr. Manish Bhatt, learned senior counsel, appearing with Mrs. Mauna Bhatt, learned advocate for the applicant, Ms. Yajnik, learned advocate for the respondent No.1-OL and Mr. Rutvij Bhatt, learned advocate for the respondent No.2. 2. From ..

Posted in Corporate Law |   1683 hits

Violation of Direction issued by Director General is caused to penalty under section 43 of CCI Act 2002

 30 November 2011

Write Petition No 19760/2011 & Write Petition No 20485-89/2011 are filed under Article 226 & 227 of the constitution of India, praying to quash the notice dated 23.05.2011issued by the 2nd Respondent vide D, D1, D2, D3, D4 and D5 dated 15.03.2011an..

Posted in Corporate Law |   1754 hits

In termination of contract illegally party can only claim damages not for interim relief

 24 November 2011

The relevant facts are that in terms of the VOC dated 26th November 2010 the Petitioner was to provide range of services at three locations i.e., The Hague, Amsterdam and Rotterdam. These included distribution of visa/OCI card/PIO card/passport appli..

Posted in Corporate Law |   4505 hits

Sec 17 of SERFESI Act 2002 is only giving protection to the borrower against the steps taken by the lender under sec 13 on the basis of the case

 24 November 2011

A notice under Section 13 (2) was issued to the Petitioners on 20 January 2011 demanding an amount of Rs. 268 crores. The Petitioners raised objections on 14 March 2011 which were disposed of on 12 May 2011. Symbolic possession of the secured assets ..

Posted in Corporate Law |   2240 hits

As per sec 11(6) of the Arbitration Act right to arbitrator is ceased after the expiry of periods only if person filed petition in the Court

 21 November 2011

In the present case, the Petitioner had first issued a legal notice to the MCD through its lawyer on 27th April 2010 in which, inter alia, the MCD was asked to appoint an Arbitrator in terms of the Agreement dated 12th October 2009 within seven days...

Posted in Corporate Law |   2731 hits