CLB judgment - Page 3

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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Board Meetings without quorum & irregularities in filing Form 32 is Oppression & Mismanagement

Naresh Mohan Mittal Vs Sangeeta Construction (P.) Ltd. (Company Law Board Delhi)

The fiduciary capacity within which directors have to act enjoins duty upon them to act on behalf of the company with utmost care and skill and due diligence and in the interest of the company. More so, in a family company where even directorial complaints can be looked into. Directors have a duty to make full and honest disclosures to sh...

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Change in shareholding with sole object of gaining control of company is oppression

Rajendra Prasad Rungta Vs Amber Commercial (P.) Ltd. (Company Law Board Delhi)

The petitioners allegations that their group has been converted from a majority to a minority in shareholding and respondents representation in management has substantially been increased are found to be correct. In view of the continuous effects of such oppressive acts, to undo the effects and to regulate the affairs of the R-1-company i...

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

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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Posted Under: Company Law |

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

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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Posted Under: Company Law |

Supreme Court dismissed plea challenging takeover of Satyam by Mahindra group

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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Posted Under: Company Law |

CLB judgment on non issue of further shares to existing shareholders

Satish Chandra Sanwalka & others Vs M/s Tinplate Dealers Association Pvt Ltd & others (Company Law Board- Principal Bench, New Delhi)

The petitioners claiming to hold 4132 partly paid ordinary shares of Rs.100/-each and 3065 fully paid preference shares of Rs.100/-each in M/S Tinplate Dealers Association Private Limited ( the company) have filed this petition under Sections 397/398 and Section 111(4) of the Companies Act, 1956 (the Act) alleging various acts of oppressi...

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Yashovardhan Saboo vs Groz-Beckert Saboo Ltd. And Ors. (CLB)

Yashovardhan Saboo Vs Groz-Beckert Saboo Ltd. And Ors. (Company Law Board)

One of the tests of what constitutes 'oppression' within the meaning of Section 397 of the Act is to see whether the majority is taking an unfair advantage of their position as a majority. The second test is to find out whether in the exercise of the fiduciary power, the group concerned was attempting to destroy the existing majority or t...

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September 2021