Makhan Lal Jain and Anr. v. The Amrit Banaspati Co. Ltd. and Ors. AIR 1953 All 326 Facts: The petitioners are two share-holders in the Amrit Banaspati Company Limited. They have made various allegations of mismanagement and foul play against the company, its Directors and Managing Agents. It is contended on behalf of the opposite…
(Firm) Pars Ram-Brij Kishore v. Jagraon Trading Syndicate, Ltd. FACTS A petition was pub in by the liquidator of the Jagraon Trading Syndicate, Ltd., under Sections 187, 156 and 225, Companies Act, for a payment order against Rai Sahib L. Pars Ram Brij Kishore as a contributory of the Company for certain sum and interest…
Section 36 of the Companies Act, 1956 makes the Memorandum and Articles of Company, when registered, binding not only on the company but also the members inter-se to the same extent as if they had been signed by the company and by each member and covenanted to by the company and each shareholder to observe…
Progress Property Co Ltd vs. Moorgarth Group Ltd. This case was Before Lord Phillips, President, Lord Walker, Lord Mance, Lord Collins, Lord Clarke and the judgement was given on 8 December 2010, referring to the common law prohibition on the unlawful distribution of capital by a company through, inter alia, the sale of its assets…
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…
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…
