In an appeal under Section 423 of the Companies Act, 2013, this Court is concerned with questions of law arising out of the order of NCLAT. Therefore, we will not decide this prayer. It should be pointed out at this stage that Article 75 of the Articles of Association is nothing but a provision for an exit option (though one may think of it as an expulsion option). After attacking Article 75 before NCLT, the S.P. Group cannot ask this Court to go into the question of fixation of fair value compensation for exercising an exit option.
Tag: Company Law
Jignesh Shah & ANR. Vs. Union of India & ANR-25/09/2019
A winding up proceeding is a proceeding 'in rem' and not a recovery proceeding
Hari Sankaran Vs. Union of India & Others – 04/06/19
Section 130(1) & (2) read with sections 211/212 and Sections 241/242 of the Companies Act, 2013- Report of the RBI Report can be taken note of, while upholding the order passed by the learned Tribunal under Section 130 of the Companies Act. As a larger public interest has been involved and reopening of the books of accounts and recasting of financial statements of the aforesaid companies is required to be carried out in the larger public interest, to find out the real truth, and the conditions precedent while invoking power under Section 130 of the Companies Act are satisfied/complied with, therefore order passed by the learned Tribunal passed under Section 130 of the Companies Act, confirmed by the learned Appellate Tribunal, is not required to be interfered with.
A shareholder who buys shares in a Company does not buy any interest in the Company which is an independent juristic person
It is settled law that shareholders have no right in the property of the Company. The corporate veil cannot be lifted unless a compelling case is made out by the Plaintiffs, since the doctrine stands as an exception to the…
Rights of the equity shareholders
LIC of India v. Escorts Ltd. [1986] 59 Comp Cas 548, the equity shareholders have the following rights : (a) Right to elect directors of the company and through them participate in the management of the company ; (b) Right…
The Companies Act, 1956 [Indian]
Now repealed (1 OF 1956) [18th January, 1956] An Act to consolidate and amend the law relating to companies and certain other associations. Be it enacted by Parliament in the Sixth Year of the Republic of India as follows:- PART…
The Companies Act, 2013
Section 1 to 470 NO. 18 OF 2013 [29th August, 2013] An Act to consolidate and amend the law relating to companies. Be it enacted by Parliament in the Sixty-fourth Year of the Republic of India as follows:- CHAPTER I…
Chiranjit Lal Chowdhuri Vs. The Union of India & Ors [ SC 1950 December]
KEYWORDS : Fundamental right of company-eminent domain- HELD : No one except those whose rights are directly affected by a law can raise the question of the constitutionality of that law. The company and the shareholders are in law separate…
Read More Chiranjit Lal Chowdhuri Vs. The Union of India & Ors [ SC 1950 December]
COMPANY LAW MANUAL [INDIAN]
KEYWORD:- COMPANY- CORPORATE LAW- Artificial Personality History of Company and Corporation British East India Company [31 December 1600] Joint-stock Company and its Votaries Ownership of the Company and Board of Directors Supervisory directors and Managing Directors Marger and…
Comments on The Indian Companies Act – 2013
18 OF 2013 [29th August 2013] COMPANY LAW ENCYCLOPEDIA [GLOBAL] COMPANY LAW MANUAL [INDIAN] THE COMPANIES ACT, 1956 THE COMPANIES (AMENDMENT) ACT, 2015 THE COMPANIES (AMENDMENT) ACT, 2017 Chapter I Preliminary Section 1 & 2 Chapter II Incorporation of Company and…
National Company Law Appellate Tribunal [NCLAT-India]
Constituted under Section 410 of the Companies Act, 2013 AT: Pt. Deen Dayal Antyodaya Bhawan, 3rd Floor, CGO Complex, Lodhi Road, New Delhi - 110003 Hear appeals against the Order of:- Company Law Tribunal(s) (NCLT), with effect from 1st June, 2016 NCLT(s)…
Read More National Company Law Appellate Tribunal [NCLAT-India]
Bengal Chemists & Druggists Association Vs. Kalyan Chowdhury[SC 2018 February]
KEYWORDS-LIMITATION- BUT NOT THEREAFTER- DATE:-February 02, 2018- The language of the proviso to Section 421(3) which contains mandatory or peremptory negative language and speaks of a second period not exceeding 45 days, which would have the same effect as the…
Read More Bengal Chemists & Druggists Association Vs. Kalyan Chowdhury[SC 2018 February]
Company Law Made Easy
UNDER CONSTRUCTION Corporate Laws Manual 2017