Can ESOPs be issued to the Promoters and Directors under the New Companies Act, 2013? What are the restrictions in terms of percentage? Section 2(37) of the new Companies Act defines employees’ stock option means (ESOP) as- “The option given to the directors, officers or employees of a company or of its holding company or…
Chhunna Mal Ram Nath vs. Mool Chand Ram Bhagat (1928) 30 BOMLR 837 Key Words: breach, recovery of damages, sale, delivery, dispensing with the performance FACTS Plaintiffs entered into contract for taking deliveries of the goods packed in wooden boxes from the defendants, which latter was to secure from London. Since British government prohibited the…
Uttamchand Vs. Mohandas AIR 1964 Raj 50 Key Words: subsequent discovery of illegality, partnership, minor FACTS Plaintiff, a minor, claimed recovery of the vacant possession of the shop which he had given for carrying out the business in which he was made a partner (his guardian signed on behalf of him). In the initial proceedings,…
Kuju Collieries Ltd. vs. Jharkhand Mines Ltd. and Ors. AIR 1974 SC 1892 Key Words: illegal purpose, agreement forbidden by law, subsequent discovery, mistake FACTS Plaintiff entered into a contract for lease of coal mines from the defendant in lieu of consideration money (which was paid there and then); however, the deed was hit with…
Jagannath Patnaik vs. Sri Pitambar Bhupati Harichandan AIR 1954 Ori 241 Key Words: implied condition, agency FACTS Defendant was the heir of the property of the deceased who had before his death employed plaintiff as the ‘dewan’ of the said property for a continuous period of 7 years. Plaintiff brought the present suit when defendant terminated…
Union of India Vs. Kishorilal Gupta and Bros. AIR 1959 SC 1362 Key Words: novation, substitution, consensus ad idem FACTS Plaintiff entered into three settlement contracts with the government after the breach of the original contracts containing the arbitration clause, such that first of them provided “the contract on payment of amount mentioned shall stand…
Manohar Singh and Sons Vs. Raksha Karamchari Coop. Gr. H. Soc. and Anr. MANU/DE/3478/2009 FACTS Respondent-cooperative society (“R“) floated a tender for construction of flats, and the work was awarded to petitioner-contractor (“P“) through an agreement . The Architect certified P’s final bill for an amount of Rs. 9,47,043 along with a sum of Rs….
National Insurance Co. Ltd. vs. Sujir Ganesh Nayak and Co. and Another AIR 1997 SC 2049 Key Words: limitation, absolute restriction FACTS In this case, the plaintiff sought to struck down the covenant in the Insurance policy agreement stating “In no case whatsoever shall the company be liable for any loss or damage after the…
CITATION: AIR 1967 SC 878 Key Words: undue influence, dominant position, unfair advantage FACTS Plaintiff claimed that the will deed of his father conveying the entire property to defendant, plaintiff’s nephew, was brought about by exercising undue influence over the donor. To the contrary, the deed details that the gift of the property was made…
Samuel Pillai vs Ananthanatha Pillai (1883) ILR 6 Mad 351 Key Words: sufficient consideration, debt barred by limitation, nudum pactum FACTS Administratrix of the deceased whose property was inherited by the defendant entered into an agreement with the latter to convey the title in the property without deducting the debt, which was barred by the limitation,…
Union of India (UOI) and Ors. vs. Bhim Sen Walaiti Ram AIR 1971 SC 2295 Key Words: provisional Acceptance, offer, absolute acceptance FACTS In an auction held for the sale of license of liquor shop, defendant offered the highest bid which was provisionally accepted “…subject to the confirmation of Chief Commissioner who may reject any…
Sales Tax Officer, Banaras and Ors. vs. Kanhaiya Lal Mukundlal Saraf AIR 1959 SC 135 Key Words: mistake, mistake of law, mistake of fact, equitable consideration FACTS Plaintiff claimed refund under section 72 of the sales tax levied by the defendant for the forward transactions entered into by the former, after the impugned collection of tax…