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Corporate Law Judgments and Orders

Security not to be demanded by govt, but decretal amount can be required to be deposited in the appeal against a money decree

 14 September 2020

Court has the power to direct for full or part deposit and/or to furnish security of the decretal amount. ..

Posted in Corporate Law 1 comments |   1529 hits

Authorization to present suits can only be given after a decision to institute a suit is taken by the board of directors of the company

 14 September 2020

The cover-notes remained in the office of the defendant and are not proved to have been given to the plaintiff, the contract between the parties cannot be held to be concluded...

Posted in Corporate Law |   1474 hits

XXXIII Order Rule 11 of Code of Civil procedure - Case Law

 14 September 2020

The Court held the Plaintiff to pay the Court fee by invoking Rule 10 & 11 from Order 33 of C.P.C. The court didn’t direct the defendant to pay the Court fee...

Posted in Corporate Law |   1122 hits

Analysis of judgement delivered on virtual currency

 11 May 2020

The bench consisted of Hon. Justice Rohinton Fali Nariman, Aniruddha Bose and V. Ramasubramanian has observed that the consistent stand of RBI is that they have not banned VCs and when the Government of India is unable to take a call despite several ..

Posted in Corporate Law |   1531 hits

Arbitration tribunal granting right to a non-participating party to match the lowest bidder in the tender process is violation of Public Policy - SC

 06 August 2018

In a recent Judgment of Supreme Court of India, dated 13th July 2018 in a case between National High Ways Authority of India Vs Gwalior Jhansi Express Way Limited (2018 Online SC 688), the court set aside an Arbitrators order on the ground of “Fundam..

Posted in Corporate Law |   2544 hits

SC: When company/accused is let off, complainant cannot continue against the MD

 12 July 2014

The Supreme Court bench comprising of Justices Sudhansu Jyoti Mukhopadhaya and V. Gopala Gowda in an appeal against the judgment passed by the High Court of complaint under Section 138 read with Section 141 of the Negotiable Instruments Act, 1881 r..

Posted in Corporate Law |   5861 hits

SEBI vs Sahara: Fali S. Nariman appointed as Amicus Curiae

 23 June 2014

The Supreme Court bench comprising of Justices T.S. Thakur and A.K. Sikri dismissed the prayer for shifting the contemnors to a guest house for continued custody and detention till they comply with the directions of this Court for their release on..

Posted in Corporate Law |   3053 hits

SC: Directions for speedy and expeditious disposal of Sec. 138 NI cases

 02 May 2014

The bench comprising of Justice K.S Radhakrishnan and Justice Vikramajit Singh in a Writ Petition filed by Indian Bank Association and others, issued directions to be followed by all the Criminal Courts in the country dealing with cases under Section..

Posted in Corporate Law 1 comments |   8851 hits

SC: Dishonour of post-dated cheques is not an offence under NI Act

 15 April 2014

The bench comprising of Justice R.M. Lodha and Justice Shiva Kirti Singh held that the post-dated cheques issued by the appellants(purchasers) as an advance payment in respect of purchase orders cannot be considered in discharge of legally enforceabl..

Posted in Corporate Law 11 comments |   9488 hits

Whether Company Judge has jurisdiction at the instance of the Official Liquidator to set aside the auction or sale held under the RDBFI Act, 1993

 27 May 2013

The spinal issue that has spiralled to this Court is whether the Company Judge under the Companies Act, 1956 (for short “the 1956 Act”) has jurisdiction at the instance of the Official Liquidator to set aside the auction or sale held by the Recovery ..

Posted in Corporate Law |   2711 hits

Credit Rating Agencies must abide by the Code of Conduct

 25 May 2013

The present appeal under Section 15Z of the Securities and Exchange Board of India Act, 1992 (“the SEBI Act”) is directed against the impugned judgment and final order dated 9th November, 2011 passed by the Securities Appellate Tribunal, Mumbai (“the..

Posted in Corporate Law |   3088 hits

Non compliance can be a reason for rejection of claim

 24 April 2013

The appellant herein, Export Credit Guarantee Corporation of India Ltd., (hereinafter referred to as `the insurer’), is a government company, which is in the business of insuring exporters. Respondent, M/s Garg Sons International, on 23.3.1995 purcha..

Posted in Corporate Law |   2868 hits

Impact of RBI's master circular on willful defaulter

 22 April 2013

The facts very briefly are that the appellant-bank sanctioned Derivatives/Forward Contracts facility to respondent no.1 upto a limit of Rs.2,00,00,000/- (rupees two crores) only for the purpose of hedging foreign currency exposures by its letter date..

Posted in Corporate Law |   4730 hits

Issue of Jurisdictional High Court in the case of Godrej Boyce Mfg. Co. Ltd - Applicability of rule 8D

 05 October 2012

Facts: The department has filed this appeal for assessment year 2007-08 against order dated 2.11.2010 of ld CIT(A)-1, Mumbai. None appeared on behalf of assessee in spite of notice served through ld D.R. as per the report of the Assessing Officer..

Posted in Corporate Law |   4785 hits

In the situation of outstanding liability of rent company cnnot proceed to wind up

 29 August 2012

The Appellant herein as landlord filed a suit for eviction against the respondent company on the ground of default in making payment of the rents and also on grounds of reasonable requirement, in the City Civil Court at Calcutta, under the provisions..

Posted in Corporate Law |   2387 hits

Extension of date of supply or reduction of quantity does not amount to novation of contract

 20 August 2012

The facts in brief needs to be stated for answering the issues raised. They are: In the case of Purbanchal Cables (C.A. No. 2348 of 2003), the supplier is the manufacturer of Aluminium Conductors Steel Reinforced (for short “ACSR”) for various specif..

Posted in Corporate Law 1 comments |   3153 hits

Terms and condition of memorandum of settlement is to be bound on all the party under section 391 and 394 of Companies Act

 19 July 2012

In sequel to orders passed by this Court with the earnest efforts of Mediators, namely, Mr. J.S. Bhogal, Senior Advocate and Mr. Pawan Thakur, Advocate, the matter has been amicably settled between the parties. The parties have jointly placed on reco..

Posted in Corporate Law |   2245 hits

In Pension Scheme several parameters for existing members are to be consider for determining amount of pension

 11 July 2012

In the Pension Scheme, several parameters for existing members, like date of birth of member in service and on calculating the age as on 15.11.1995 for categorizing them in groups are provided which was also considered from the date of joining of his..

Posted in Corporate Law |   2316 hits

As per sec 14 and 15 the arbitration clause if clearly spelt out the prohibition the cannot intervene and pressurise the parties to settle with substitute arbitrator

 25 June 2012

The petitioner submits that both Shri N.A. Palkhivala and Shri D.S. Seth are no more and therefore the arbitration clause in the agreement does not survive. It was pointed out that Shri N.A. Palkhivala was named in the agreement since he was the Chai..

Posted in Corporate Law |   2611 hits

Scheme of Amalgamation should fulfilled the condition of sec 391 to 394 of the Companies Act 1956

 19 June 2012

Company Petition No.95 of 2004 was a petition under Sections 391 and 394 of the Companies Act, 1956 (hereinafter referred to as „the Act‟) vide which sanction of this Court to the scheme of Amalgamation of Indrama Investment Private Limited (transfer..

Posted in Corporate Law |   4616 hits

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