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

In re Reliance Industries Ltd., (COMPANY LAW BOARD, MUMBAI BENCH) - 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 t...

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To file petition U/s. 397/398 petitioner must be shareholder on the date of petition

K. Venkatachalam Vs Premier Roller Floor Mills Ltd. (Chennai Company Law Board) - The issues regarding genuineness of the sale deed, undervaluation, etc. are beyond the purview of instant CP, since a consideration of oppression and mismanagement arises only if the petitioners are found to be shareholders of the company. That issue being held against them the other issues pleaded ...

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During pendency of oppression petition no further issue of shares permissible unless proved to be in Companies interest

Sharvani Energy (P.) Ltd. Vs N. VenkateshwarRao (Chennai Company Law Board) - The petitioners, who are the respondents in this application, have filed the company petition by invoking various provisions of the Act, alleging certain acts of oppression and mismanagement against the applicants herein. The petitioners are opposing the increase of share capital and allotment of...

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Companies not liable for settlement between two groups entered on behalf of it by unauthorized signatory

Abhishek Ahuja Vs Rockman Breweries (TNK) Ltd. (Delhi Company Law Board) - Since the proposed minutes containing the terms of consensus filed on 28/02/2012 does not contain any authorization by R-l in favour of Mr. C.S. Agarwal R-2 to sign such minutes on its behalf, the minutes dated 28/02/2012 and the order dated 23/03/2012 cannot be enforced against the R-l company. It ...

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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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Govt. proposes merger of NSEL with FTIL

NA - (01/01/1970) - 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 |

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

In re Reliance Industries Ltd., (COMPANY LAW BOARD, MUMBAI BENCH)

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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To file petition U/s. 397/398 petitioner must be shareholder on the date of petition

K. Venkatachalam Vs Premier Roller Floor Mills Ltd. (Chennai Company Law Board)

The issues regarding genuineness of the sale deed, undervaluation, etc. are beyond the purview of instant CP, since a consideration of oppression and mismanagement arises only if the petitioners are found to be shareholders of the company. That issue being held against them the other issues pleaded in the CP do not arise. The petitioners ...

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During pendency of oppression petition no further issue of shares permissible unless proved to be in Companies interest

Sharvani Energy (P.) Ltd. Vs N. VenkateshwarRao (Chennai Company Law Board)

The petitioners, who are the respondents in this application, have filed the company petition by invoking various provisions of the Act, alleging certain acts of oppression and mismanagement against the applicants herein. The petitioners are opposing the increase of share capital and allotment of shares on the ground that they were hol...

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Companies not liable for settlement between two groups entered on behalf of it by unauthorized signatory

Abhishek Ahuja Vs Rockman Breweries (TNK) Ltd. (Delhi Company Law Board)

Since the proposed minutes containing the terms of consensus filed on 28/02/2012 does not contain any authorization by R-l in favour of Mr. C.S. Agarwal R-2 to sign such minutes on its behalf, the minutes dated 28/02/2012 and the order dated 23/03/2012 cannot be enforced against the R-l company. It is open to the parties to file a joint a...

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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, admittedly a concern of R-2 & R-3, have been wr...

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Request of director for postponement of board meeting must be treated as leave of absence & not vacation of office

Sanjay Suryaprakash Mehta Vs SKG Consultants & Engg. (P.) Ltd. (Company Law Board, Mumbai)

It is a fact that the company holds three board meetings consecutively on March 31, 2011, June 9, 2011 and September 29, 2011. It is also a fact that the petitioner has challenged the validity of the board meeting dated March 31, 2011. Even otherwise, the petitioner has requested the company to postpone the meeting dated March 31, 2011 to...

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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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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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