CLB judgment - Page 2

Petition U/s. 397 filed by Minors alleging oppression & Mismanagement is not maintainable

Aruna Hotels Ltd. Vs Kamal Babbar (Chennai, Company Law Board)

To file a petition u/s 397, 398 of the Act, one has to fulfil the requirement as contemplated under the above provision of law. Unless and until the above criterion is fulfilled, the petition is not maintainable. The persons who can qualify to file the petition are (i) in case the company is having a share capital, not less than 100 membe...

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Petition alleging oppression not maintainable if petitioner doesn’t have requisite qualification shares

Kailash Nath Roy Vs Bengal Bonded Warehouse Association (Kolkata Company Law Board)

Under section 399 of the Act, statute has made it clear that 10 per cent shareholding is requisite qualification to invoke jurisdiction under sections 397 and 398 of the Act. If the joint shareholding of first petitioner has become half, then certainly this petition is short of the requisite qualification that is required under section 39...

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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 to register Charge with ROC within 30 days from its creation date

Kalupur Commercial Co-operative Bank Ltd. Vs Registrar of Companies (Mumbai Company Law Board)

The charge has to be registered by filing Form 8 with the concerned RoC in terms of section 125 within a period of 30 days after the creation of the charge. The RoC may allow another 30 days time on payment of additional fee and therefore, total 60 days time is available to file the necessary forms with the RoC for creating the charge ove...

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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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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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Posted Under: Company Law |

Winding up petition may be rejected for non quantification of Debt

Sanchay Dey Vs Pailan Park Development Authority Ltd. (Calcutta High Court)

In the present case, the learned Judge rightly observed that the conduct of the company was dishonest. There had been transactions galore running into crores. More than Rupees sixty-four lacs were admittedly paid by the company. Even then, the company initially denied the relationship, subsequently took a different stand in the affidavit ...

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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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Posted Under: Company Law |

CLB Action Streamlines Notarial Malpractices in NCT Delhi

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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Posted Under: Company Law |

Despite family settlement, transfer of share must be in accordance with law

Perennial Trading (P.) Ltd. Vs Pankaj Extrusions Ltd. (Company Law Board, Mumbai)

The case of the petitioner is that the respondents have removed their name without sufficient cause and without due compliance of the provisions of law and entered the name of respondent No. 3. From the pleadings it is unequivocal that there is a family settlement and the transfers have taken place pursuant to the said family settlement. ...

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May 2020