Corporate Law

In Re: Mohan Exports India Ltd. vs. Tarun Overseas Pvt. Ltd.

In case the proposed scheme is bona fide and genuine and is not against public interest then mere fact that certain immovable properties or right to recover debts etc. are transferred to the transferee company would not mean that they are in violation of any provisions of the Transfer of Property Act. However, if such scheme is only with the ulterior motive to transfer the immovable properties without payment of Government or statutory dues, then the same would be against the public interest and the Court will not approve the scheme.

Corporate Law

IN RE Tecumseh Products India Private Ltd.

CITATION: 82 (1999) DLT 518 DECIDED on: 13.08.1999 FACTS In this case a Company Petition was filed by M/s. Tecumseh India Private Limited (“Transferee Company”) seeking amalgamation of M/s. Tecumseh Products India Limited (“Transferor Company”) with the Transferee Company. Both the Transferor and Transferee Company belonged to same group. The scheme of amalgamation provided that all…

Corporate Law

In Re: Indusind Bank Ltd.

CITATION: (2004) 4 CompLJ 394 Bom DECIDED: May 6, 2004 BEFORE: Bombay High Court FACTS A company petition was filed by the petitioner IndusInd Bank Limited for sanction of Scheme of Arrangement between Ashok Leyland Finance Limited (‘transferor company’) and IndusInd Bank Limited (‘transferee company’) and their respective members and creditors. The Regional Director’s main objection was that…

Case List

Tender

CASE LIST Award of Tender must be bona fide and in public interest. Makhija Developers Pvt. Ltd. vs. City and Industrial Development Corporation of Maharashtra Ltd. (CIDCO) & Ors., 2010 (112) BOMLR 1166 (Bombay High Court, 2010) Requests to modify the terms of Tender Gammon India Ltd. vs. Union of India (UOI) and Ors., 2003…