Can Company Law Board stay its own proceedings?

Issue: Can Company Law Board stay its own proceedings? Held: yes. Agarwalla & Ors. V. Castron Mining Limited & Ors. (2012) 173 Comp Cas 117 (Cal) Appeal Dismissed.   Sections 397 and 398 proceedings were filed by the appellant before the Company Law Board (CLB) on grounds of oppression. An interim order was passed by … Continue reading Can Company Law Board stay its own proceedings?

CLB: Provisions of CPC not applicable, still could be applied to suppress the mischief and advance the cause of justice

Gurpartap Singh and another v. Vista Hospitality P. Ltd. and others [2014] 186 Comp Cas 202 (Delhi) In this judgement two important questions are considered: Q-1 whether majority shareholders can file petition of oppression under section 397 of the Companies Act, 1956? Hon'ble Delhi High Court held that an objection that the petition was filed … Continue reading CLB: Provisions of CPC not applicable, still could be applied to suppress the mischief and advance the cause of justice

Pending challenge of arbitral award, proceedings stayed by CLB

Pending challenge of arbitral award, proceedings stayed by CLB Hotel Vellore Royal P. Ltd And Others v. P. V. Chandra Sekar And another [2010] 153 Comp Cas 214  CLB Facts: The case cited here falls under the  purview of section 397/398 of the Companies Act, 1956. A family was associated with one hotel  company and … Continue reading Pending challenge of arbitral award, proceedings stayed by CLB

allotment of shares, appointment of Managing Director

Ashok Kumar And Others v. Shree Janki Cold Storage P. Ltd And Others [2010] 153 Comp Cas 222 (CLB) In the above case there were three main issues before the Company Law Board ('CLB'): Whether allotment of shares can be made without proper application and notice of Board meeting not issued to all Directors? Whether … Continue reading allotment of shares, appointment of Managing Director

interim order can be passed only in application

S.Krishnakumari and others v. G.Vijaylakshmi alias Brinda and Others, [2010] 153 Comp Cas 28 (Mad) The Company Law Board ('CLB') procedure prescribed under regulation 17 of the Company Law Regulations, 1991 is mandatory in nature. One of the directors had filed an application to be transposed as one of the petitioners. The CLB rejected this … Continue reading interim order can be passed only in application

Appointment of Government nominee directors

'The Company had invited deposits from the public but was unable to repay the matured deposits. Many complaints were made by the depositors to the company law board. The Company Law Board took cognizance of matter and formulated  a scheme and directed the company to pay to the depositors accordingly. The company however, failed to … Continue reading Appointment of Government nominee directors

Section 74: Repayment of deposits, etc., accepted before commencement of this Act.

Provisions on repayment of deposits, etc., accepted before commencement of Companies Act, 2013 is reproduced below: 74. (1) Where in respect of any deposit accepted by a company before the commencement of this Act, the amount of such deposit or part thereof or any interest due thereon remains unpaid on such commencement or becomes due … Continue reading Section 74: Repayment of deposits, etc., accepted before commencement of this Act.