Scope and Definition of ‘fiduciary’, “fiduciary capacity” and “fiduciary relationship” The Hon’ble Supreme Court in Sri Marcel Martins vs. M. Printer and Ors.[1] defined the term ‘fiduciary’ as- “The word ‘fiduciary’, as a noun, means one who holds a thing in trust for another, a trustee, a person holding the character of a trustee, or…
[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)…
ONE PERSON COMPANY UNDER COMPANIES ACT, 2013 Definition of One Person Company (“OPC”) Section 2(62) of the Companies Act, 2013 (“Act”) defines OPC as a company which has only one person as a member. Legal Nature of OPC OPC can be registered only as a private company which means that all the provisions applicable to…
(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…
Shri V.S. Krishnan & Ors vs M/S Westfort Hi-Tech Hospital (2008) FACTS: Appellants Shri V.S. Krishnan and five others filed Company Petition before CLB under Sections 397 and 398 read with Sections 402, 403 and Schedule XI. According to the petitioners, they were collectively holding in excess of 1/10th of the issued share capital of…
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…
