CLB judgment - Page 2

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: Corporate 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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Grand daughters of promoters of professionally run company cannot claim proportional representation in management of company by being a family member alone

G. Vijayalakshmi Vs Tirupur Textiles (P.) Ltd. (Company Law Board, Chennai)

A list of professionals appointed by the company from 1957 onwards is extracted in the written submissions filed by the respondents to argue that the Board seat was not reserved for family members on representative basis. The list includes several non-family directors. Therefore, it is contented that though the company is promoted by thre...

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Posted Under: Corporate Law |

Proceedings u/s. 543 cannot be initiated merely based on realizable value of assets

Official Liquidator of Mandya National Paper Mills Ltd. (In Liquidation) Vs S.K. Sengupta (Karnataka High Court)

Considering the fact that the entire claim in the instant application is based on the declaration made in the statement of affairs which was on the basis of the realisable value indicated in Ex. R1 and in that regard, if the view taken by this Court in the case of the Official Liquidator, Bangalore Batteries (P.) Ltd. (In Liquidation) v. ...

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Resolution sent by shareholder to abuse process of law and to gain needless publicity for defamatory matter could not be published & circulated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 request and created 7 Folios for 7 shares...

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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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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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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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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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