CLB judgment

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Lok Adalat Commences in Company Law Board

Company Law - To mitigate the hardship of small investors and to expedite disposal of cases pending before the Company Law Board the first ever Lok Adalat was successfully held at the Company Law Board, Mumbai Bench at Mumbai on 07-12-2013....

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CLB Action Streamlines Notarial Malpractices in NCT Delhi

Company Law - ompany Law Board while passing an order in the matter of Shri Rupak Gupta & Others v. M/s. Banaras House Pvt. Limited has taken a very serious note of the serious breach of duty by Notaries in the capital while attesting affidavits (like affidavits having blank spaces, non disclosure of the identity of the person signing the affidavits, n...

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Maytas to file review petition with CLB to induct four directors of Saudi Bin Ladin Group

Company Law - Maytas Infra on Thursday said it would file a review petition with the Company Law Board which recently rejected the company's proposal to induct four directors of Saudi Bin Ladin Group on its board. ...

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Mahindra Satyam keeping its investors in dark over details of its performance

Company Law - Engineering and construction major Larsen &Toubro (L&T) is not happy with Mahindra Satyam (erstwhile Satyam Computer Services) for keeping its investors in the dark over details of its performance. Pune-based Tech Mahindra, the information technology arm of the Mahindra & Mahindra group, owns 42.67 per cent in the company....

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Supreme Court dismissed plea challenging takeover of Satyam by Mahindra group

Company Law - The Supreme Court on Monday dismissed a petition challenging the Company Law Board's order facilitating takeover of the scam-tainted Satyam Computers by the Mahindra group and allowed the IT firm to go ahead with the process to rope in a strategic investor through a public auction. A Bench headed by Chief Justice K G Balakrishnan dismisse...

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Non-transparent functioning amounts to oppression & mismanagement in affairs of company

Pravin Jain Vs Diastar Jewellery (P.) Ltd. (Company Law Board, Mumbai) - Non-transparent functioning of the R-I Company is evident from the correspondence produced by the petitioners who have been denied access to the statutory Records and the A/c books despite holding 52.94%, shares in the R-I Company. Huge amounts owed by Diastar Inc. USA to the R-I Company, admitte...

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S. 397 pettition – Investors may either become members as per initial understanding or can receive back their investments

Aman Goel Vs EileenTech Communications (I) (P.) Ltd. (Delhi, Company Law Board) - CP No 18/07 stands disposed off in the above terms. All CAs stand disposed off. All interim orders stand vacated. No order as to cost. The B.O New Delhi, Bench to send a copy of this order to R-10 & R-11 at their new address at 207-Gaur Green Avenue, Abhay Khand-II, Indirapuram, Ghaziabad, U.P....

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Resolution sent by shareholder to abuse process of law and to gain needless publicity for defamatory matter could not be published & circulated

Torrent Power Ltd. Vs Sureshchandra V. Parekh (Mumbai, Company Law Board) - It is noted that Shri Suresh Chandra V. Parekh and Smt. Nilaben S. Parekh jointly hold ten equity shares of Rs.100/- each under a common share certificate in HDFC Ltd. They requested for splitting of the said one share certificate into ten certificates of one share each. HDFC Ltd. acceded to their r...

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ROC may ask company to make good the default in filing from No. 8

Royal Bank of Scotland N.V. (RBS) Vs Caohe Technologies (P.)Ltd. (Mumbai, Company Law Board) - In the instant case, the respondent-company failed to file Form No. 8 with the concerned RoC. Therefore, the RoC, is directed to exercise his powers under section 234(1) by calling information with regard to filing of Form No. 8 and direct the respondent-company to make good the default in non-filin...

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A member can ask for inspection of Companies record any time after he became Member

Rajendra G. Patel Vs Sanghi Industries Ltd. (Chennai, Company Law Board) - The statute provides a right to the member or debenture-holder for inspection of the statutory registers and records as contemplated u/s 163 of the Act. The inspection is allowed to a member or debenture-holder without fee and any other person on payment of such sum as may be prescribed for each ins...

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Govt. proposes merger of NSEL with FTIL

NA - The Central Government proposes to issue the following Order (presently in the Draft form) causing Amalgamation of National Spot Exchange Limited with its Holding Company Financial Technologies (India) Limited...

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Recent Posts in "CLB judgment"

Govt. proposes merger of NSEL with FTIL

NA

The Central Government proposes to issue the following Order (presently in the Draft form) causing Amalgamation of National Spot Exchange Limited with its Holding Company Financial Technologies (India) Limited...

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Lok Adalat Commences in Company Law Board

To mitigate the hardship of small investors and to expedite disposal of cases pending before the Company Law Board the first ever Lok Adalat was successfully held at the Company Law Board, Mumbai Bench at Mumbai on 07-12-2013....

Read More
Posted Under: Company Law |

Non-transparent functioning amounts to oppression & mismanagement in affairs of company

Pravin Jain Vs Diastar Jewellery (P.) Ltd. (Company Law Board, Mumbai)

Non-transparent functioning of the R-I Company is evident from the correspondence produced by the petitioners who have been denied access to the statutory Records and the A/c books despite holding 52.94%, shares in the R-I Company. Huge amounts owed by Diastar Inc. USA to the R-I Company, admittedly a concern of R-2 & R-3, have been wr...

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S. 397 pettition – Investors may either become members as per initial understanding or can receive back their investments

Aman Goel Vs EileenTech Communications (I) (P.) Ltd. (Delhi, Company Law Board)

CP No 18/07 stands disposed off in the above terms. All CAs stand disposed off. All interim orders stand vacated. No order as to cost. The B.O New Delhi, Bench to send a copy of this order to R-10 & R-11 at their new address at 207-Gaur Green Avenue, Abhay Khand-II, Indirapuram, Ghaziabad, U.P....

Read More

Resolution sent by shareholder to abuse process of law and to gain needless publicity for defamatory matter could not be published & circulated

Torrent Power Ltd. Vs Sureshchandra V. Parekh (Mumbai, Company Law Board)

It is noted that Shri Suresh Chandra V. Parekh and Smt. Nilaben S. Parekh jointly hold ten equity shares of Rs.100/- each under a common share certificate in HDFC Ltd. They requested for splitting of the said one share certificate into ten certificates of one share each. HDFC Ltd. acceded to their request and created 7 Folios for 7 shares...

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ROC may ask company to make good the default in filing from No. 8

Royal Bank of Scotland N.V. (RBS) Vs Caohe Technologies (P.)Ltd. (Mumbai, Company Law Board)

In the instant case, the respondent-company failed to file Form No. 8 with the concerned RoC. Therefore, the RoC, is directed to exercise his powers under section 234(1) by calling information with regard to filing of Form No. 8 and direct the respondent-company to make good the default in non-filing of e-form No. 8 under section 125. In ...

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A member can ask for inspection of Companies record any time after he became Member

Rajendra G. Patel Vs Sanghi Industries Ltd. (Chennai, Company Law Board)

The statute provides a right to the member or debenture-holder for inspection of the statutory registers and records as contemplated u/s 163 of the Act. The inspection is allowed to a member or debenture-holder without fee and any other person on payment of such sum as may be prescribed for each inspection. The member or debenture-holder ...

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Issue of shares to reduce shareholding of petitioner shareholder-company after removing its directors without any notice is per se oppressive

Daksha Infra Build (P.) Ltd. Vs Rochees Resorts (India) (P.) Ltd. (Delhi, Company Law Board)

The case of Chatterjee Petrochem (I) (P.) Ltd. v. Haldia Petrochemicals Ltd. [2011] 110 SCL 107 is clearly distinguishable as in that case when the company was in dire need of funds the Chatterjee Group had failed to keep its promise of providing funds as it obtained a loan raising the debt equity ratio of the company. These circumstance...

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Member having shareholding less then stipulated in sec.188 cannot seek resolutions to be included for circulation

A plain reading of the provisions of Section 188 makes it amply clear that a member who intends getting his proposed resolutions included for circulation to members must have not less than one twentieth of the total voting power of all the members at the date of the requisition or must be not less than 100 members in number to exercise su...

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Posted Under: Company Law |

If main petition is pending for adjudication, interim reliefs in the nature of main reliefs cannot be granted

Arun Amidwar Vs Grip Tight Packaging (India) (P.) Ltd. (Mumbai, Company Law Board)

In the present case the petitioner No. l was removed as director and this Bench presumes that the convening and holding of general meeting in which he was removed is legal and valid. So far as para 11.3 of the reliefs is concerned that the R1-company be directed to be operated only with the joint signature of the petitioner No.1 and resp...

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