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07/11/2017

*NCLAT : In Aurosagar Estates (P.) Ltd. vs. M C Davar Holdings (P.) Ltd.*

*_Petition cannot be allowed to be amended so as to agitate a cause that happened three years back._*

Petition cannot be allowed to be amended so as to agitate a cause that happened three years back. Application to amend petition complaining of oppression and mismanagement cannot be allowed where a…

04/11/2017

*HIGH COURT OF MADRAS : In R Ramesh vs. Devi Polymers (P.) Ltd.*

*_Removal from directorship of closely held private company on filmsy grounds amounts to act of oppression._*

Removal from directorship of closely held private company on filmsy grounds amounts to act of oppression. Where the appellant, who was instrumental in setting up a unit of the respondent company an…

31/10/2017

*HIGH COURT OF GAUHATI : In Prag Bosimi Synthetics Ltd. vs. 3A Capital Ltd. and Ors.*

*_Owner of preference shares, being not part of assignment deed for transfer of debt, is free to deal with such shares, and can deal with and sell those shares._*

Owner of preference shares, being not part of assignment deed for transfer of debt, is free to deal with such shares, and can deal with and sell those shares. Where there is no material on the reco…

29/10/2017

*SUPREME COURT : In HRD Corporation (Marcus Oil & Chemical Division) vs. GAIL (India) Ltd.*

*_In a challenge where grounds stated in the Fifth Schedule are disclosed which give rise to justifiable doubts as to the independence or impartiality of arbitrators, against their appointment, cannot be gone into, but will be gone into only after the arbitral tribunal has given an award._*

In a challenge where grounds stated in the Fifth Schedule are disclosed which give rise to justifiable doubts as to the independence or impartiality of arbitrators, against their appointment, canno…

25/10/2017

*Rights of aggrieved party against a Company registered with undesirable name*

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Where a Company is alleged to have been registered with undesirable name, aggrieved party will have two independent rights of action. First right is for rectification of name under section 16 of Co…

24/10/2017

*Alteration Articles in Breach of Contract*

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If the Court sees that a contract involves as one of its terms that an Article is not to be altered, then the Company is not at liberty to alter that Article so as to break that contract and thus a…

23/10/2017

*NCLAT : In Vyomesh M Shah and Anr. vs. Vinca Developer (P.) Ltd. and Anr.*

*_Where the Supreme Court had held that the relevant transaction was not illegal and caused no infraction of the FEMA, and RBI permission would be required when foreign investor would seek to repatriate the amounts outside the country, the question of any infraction of the FEMA does not arise and no public interest is prejudiced._*

Where the Supreme Court had held that the relevant transaction was not illegal and caused no infraction of the FEMA, and RBI permission would be required when foreign investor would seek to repatri…

$*NCLT (New Delhi Bench) : In Sanjeev Jain vs. Eternity Infracon (P.) Ltd.**_Petitioner cannot be regarded as an ‘Operati...$

19/10/2017

*NCLT (New Delhi Bench) : In Sanjeev Jain vs. Eternity Infracon (P.) Ltd.*

*_Petitioner cannot be regarded as an ‘Operational Creditor’ and his debt in question not being operational debt, the present petition filed under section 9 is not maintainable._*

Petitioner cannot be regarded as an ‘Operational Creditor’ and his debt in question not being operational debt, the present petition filed under section 9 is not maintainable. Where the applicant h…

17/10/2017

*NCLT (New Delhi Bench) : In Incredible Unique Buildcon Ltd. vs. Clutch Auto Ltd.*

*_Insolvency Resolution Process can be initiated on application by Corporate Debtor even when reference to the BIFR stands registered and automatic moratorium under the SICA is in operation in respect of Corporate Debtor._*

Insolvency Resolution Process can be initiated on application by Corporate Debtor even when reference to the BIFR stands registered and automatic moratorium under the SICA is in operation in respec…

16/10/2017

*NCLT (Mumbai Bench) : In Edelweiss Asset Reconstruction Co. Ltd. vs. Bharati Defence & Infrastructure Ltd.*

*_Objection of corporate debtor that the petition of financial creditor shall be dismissed for non-filing of record of default from information utility centre is to be rejected._*

Objection of corporate debtor that the petition of financial creditor shall be dismissed for non-filing of record of default from information utility centre is to be rejected. Objection by corporat…

15/10/2017

*SUPREME COURT : Writ Petition filed under Article 32, challenging linking of Aadhar with Bank Accounts and Mobile Phones*

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Challenging linking of Aadhaar with Bank Accounts and Mobile Phones, a writ petition had been filed with Supreme Court by Dr. Kalyani Menon Sen, a feminist researcher. Earlier, Dr. Menon had filed …

14/10/2017

*NCLT : Dismissed Cyrus Mistry Firm’s application of transfer of Company Petition against Tata Sons*

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NCLT Mumbai Bench on October 6, 2017, dismissed the plea of Cyrus Investments seeking transfer of Company Petition No. 82/2016 pending before the NCLT Mumbai Bench to any other appropriate Bench ot…

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