Monnet Ispat and Energy Ltd. Vs. Union of India (UOI) and Ors. AND Abhijeet Infrastructure Ltd. Vs. Chief Secretary, State of Jharkhand, (2012) 11 SCC 1 “The doctrine of desuetude denotes principle of quasi repeal but this doctrine is ordinarily seen with disfavour. Although doctrine of desuetude has been made applicable in India on few occasions but for its applicability, two…
Reliance Natural Resources Ltd. Vs. Reliance Industries Ltd., Citation: [2010] 156 CompCas 455 (SC), (2010) 7 SCC 1 Decided on: 07.05.2010 Issue: Whether the MoU entered into amongst the family members of the Promoter was binding upon the corporate entity Relevant Extract(s): “MoU is not technically binding between RIL and RNRL. It is not in dispute that MoU…
[2013] 178 CompCas 282 (Delhi) FACTS: A petition was filed by two shareholders for winding up of the appellant-company under section 433 of the Companies Act, 1956. The company court by the impugned order admitted the petition, directed the company to be wound up and, ordered the citation to be published in the “Statesman” (English)…
A Admitted Debt u/s 433(3) of Companies Act, 1956 Alternative Remedy to be initiated before invoking just and equitable clause u/s 433 (f) B Bona fide dispute C Commercial Insolvency Creditor’s Objection to Winding Up Composite petitions under Sections 397, 398 and 433(f) D Dissolution of Partnership and Deadlock as grounds for Winding Up under Section…
CASE LIST The fact that majority has approved the amalgamation scheme is not conclusive, however, it must be taken into account before in sanctioning the scheme. Sugarcane Growers and Sakthi Sugars Shareholders’ Association Vs. Sakthi Sugars Ltd., [1998] 93 CompCas 646 (Mad) J. S. Davar Vs. Shankar Vishnu Marathe, AIR 1967 Bom 456 While the court is not supposed…
MSR Leathers Vs. S. Palaniappan and Anr. (2013) 10 SCC 568 Prosecution based on second or successive dishonour of cheque shall be permissible. Facts S. Palaniappan (Respondent) issued four cheques to MSR Leathers (Appellant) on 14th August, 1996. These cheques were presented to the bank by the Appellant on 21st November 1996 and were subsequently…
Directors of a company hold the most crucial position in the Company. With the new Companies Act, 2013 (“New Act“) already in force, their position has become even more significant than ever before. They are now formally included within the definition of “key managerial personnel” or “KMP” under Section 2(51) of the New Act. New…
Difference between Indemnity and Guarantee Indemnity Guarantee Section 124 of Indian Contract Act: a contract by which one party promises to save others from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person Section 126 of Indian Contract Act: a contract to perform the promise, or…
Definition of Slump Sale As per S. 2(42C), of Finance Act, 1999, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. As per Sect 180 of Companies Act, 2013- “180. (1) The Board…
SUPREME COURT ON APPLICATION OF EXCLUSIVE JURISDICTION CLAUSES M/S Swastik Gases Pvt.Ltd vs Indian Oil Corp.Ltd[1] (2013) 9 SCC 32 Facts Respondents, Indian Oil Corporation (IOC) and IBP Ltd, (collectively “the Company“), was engaged in the business of storage, distribution of petroleum products and other related products. Appellant, M/s. Swastik Gases Private Limited, dealt in…
As per Section 23 of the new Companies Act, 2013, a public or private company may issue securities in any of the following manner: Public Company To public through issue of Prospectus Private Placement Rights Issue or a Bonus Issue Private Company Rights or Bonus Issue Private placement Private Placement vis-a-vis Preferential Allotment Section 42…
Section 68(1) of the new Act, deals with the issue of ‘buy-back’. The corresponding provision in the old Act is Section 77A. After a comparison of old Act and Rules as well as new Act and Rules, it is evident that there has been no significant change in the laws regarding buy-back. The changes have…