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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 ...

December 12, 2013 1215 Views 0 comment Print

CLB Action Streamlines Notarial Malpractices in NCT Delhi

Corporate 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 ...

September 4, 2012 903 Views 0 comment Print

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

CA, CS, CMA : Maytas Infra on Thursday said it would file a review petition with the Company Law Board which recently rejected the company's pro...

September 27, 2010 357 Views 0 comment Print

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

CA, CS, CMA : Engineering and construction major Larsen &Toubro (L&T) is not happy with Mahindra Satyam (erstwhile Satyam Computer Services) for...

May 20, 2010 537 Views 0 comment Print

Supreme Court dismissed plea challenging takeover of Satyam by Mahindra group

CA, CS, CMA : The Supreme Court on Monday dismissed a petition challenging the Company Law Board's order facilitating takeover of the scam-taint...

January 7, 2010 732 Views 0 comment Print


Latest Judiciary


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

Company Law : A plain reading of the provisions of Section 188 makes it amply clear that a member who intends getting his proposed resolutions i...

March 4, 2013 5497 Views 0 comment Print

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

Company Law : The issues regarding genuineness of the sale deed, undervaluation, etc. are beyond the purview of instant CP, since a consideratio...

February 10, 2013 7279 Views 0 comment Print

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

Company Law : The petitioners, who are the respondents in this application, have filed the company petition by invoking various provisions of th...

December 21, 2012 864 Views 0 comment Print

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

Company Law : Since the proposed minutes containing the terms of consensus filed on 28/02/2012 does not contain any authorization by R-l in favo...

December 13, 2012 2370 Views 0 comment Print

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

Company Law : Non-transparent functioning of the R-I Company is evident from the correspondence produced by the petitioners who have been denied...

November 30, 2012 5500 Views 0 comment Print


Latest Notifications


Govt. proposes merger of NSEL with FTIL

Company Law : The Central Government proposes to issue the following Order (presently in the Draft form) causing Amalgamation of National Spot E...

October 21, 2014 2286 Views 0 comment Print


Latest Posts in CLB judgment

Govt. proposes merger of NSEL with FTIL

October 21, 2014 2286 Views 0 comment Print

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

Lok Adalat Commences in Company Law Board

December 12, 2013 1215 Views 0 comment Print

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.

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

March 4, 2013 5497 Views 0 comment Print

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 such a right.

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

February 10, 2013 7279 Views 0 comment Print

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 have approached the Bench with unclean hands and they are not entitled to any equitable reliefs. The attempt of the petitioners to re-agitate the concluded issues is nothing but an abuse of the process of the Court. The company petition is devoid of any merits.

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

December 21, 2012 864 Views 0 comment Print

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 holding 50% of the shares in the Company and their shareholding was diluted by allotment of shares and their present shareholding is 21.83%) which is under challenge. The petitioners apprehend that if the respondents are allowed to increase its capital and allot shares, their shareholding will further get diluted.

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

December 13, 2012 2370 Views 0 comment Print

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 application for disposal of the petition (CP No. 77(ND)/2009) in terms of the MoS dated 26/04/2010. In the present scenario, as prayed in CA 236/2012, there is no justification for passing an order appointing Receiver/Administrator in the R-l company or to injunct the Respondents from operating the bank accounts of R-1. The direction contained in para 6(a) of the order dated 18/07/2012 for freezing all accounts of Rockman Breweries TNK Limited and stopping any transactions in such accounts till further orders therefore deserves to be and is accordingly recalled. It is open to the Petitioner to receive and encash the cheque for Rs. 9.5 lac deposited by R-l with the Bench Officer.

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

November 30, 2012 5500 Views 0 comment Print

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 written off without any efforts for ascertaining actual dues, if any, and without any efforts for recovery and without following due procedure.

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

October 21, 2012 5227 Views 0 comment Print

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 April 2, 2011, at 11.00 a.m.

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

October 3, 2012 3391 Views 0 comment Print

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 circumstances were taken into consideration for reduction of Chatterjee group into a minority. In the present case firstly the enforcement of MOU dated 18/05/2007 is not in consideration in the present order and secondly the facts borne out from the record clearly show that raising of authorised share capital was not on account of raising immediate funds for the completion of the hotel/resort project but was mainly for reducing the shareholding of the Petitioner to an abject minority.

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

September 28, 2012 12255 Views 0 comment Print

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 is also entitled to the extracts from any Register, index or copy referred to in sub-section (1) of Section 163 of the Act without fee or additional fee as the case may be.

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