COMPANY CASES

COMPANY CASES

Volume 183 Part 2 (Issue dated 14-3-2014)

SUBJECT INDEX TO CASES REPORTED IN THIS PART

HIGH COURTS

Interpretation of statutes --Clear and unambiguous words--To be given literal interpretation--K. Arockiyaraj v. Chief Judicial Magistrate
[FB] (Mad) . . . 88

----Intention of Legislature to be looked into-- K. Arockiyaraj v. Chief Judicial Magistrate [FB] (Mad) . . . 88

Oppression and mismanagement --Consent order--Company Law Board--Jurisdiction--Valuation report--Valuer appointed by consent order required to furnish valuation report after obtaining required information and considering oral and written submissions made by parties--Entire dispute and subject matter required to be looked into by valuer, while furnishing valuation report--Subsequent finding of Board that issue of shareholding/actual paid-up capital was beyond scope of terms of reference to valuer, not sustainable--Effect of subsequent order directing parties to present their case on merits amounts to reviewing consent order--Not permissible--Companies Act, 1956-- Aarti Sponge and Power v. Bimal Kumar (Chhattisgarh) . . . 134

Register of members --Rectification of register--Failure by petitioner to produce relevant document--Order by Company Law Board directing rectification of register--Set aside--Liberty granted to petitioner to approach Board afresh with relevant documents--Companies Act, 1956, s. 111A-- Baroda Crystal Glass Works Ltd. v. Suman Kumar Sinha (Guj) . . . 130

Secured creditor --Enforcement of security interest--Provision providing for request to Chief Metropolitan Magistrate or District Magistrate for assistance in taking possession of assets and documents--Does not include Chief Judicial Magistrate in non-metropolitan areas--Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 14-- K. Arockiyaraj v. Chief Judicial Magistrate [FB] (Mad) . . . 88

Winding up --Company court--Debts Recovery Tribunal--Jurisdiction--Recovery of debts due to bank--Initiation of recovery proceedings by bank after commencement of winding up proceedings--Property of directors of company in liquidation attached by Recovery Officer--Appeal by third party agreement holders in respect of such property before Debts Recovery Tribunal--Cannot be transferred to company court--Order of company court set aside--Companies Act, 1956--Recovery of Debts Due to Banks and Financial Institutions Act, 1993--B. Raju v. Official Liquidator, High Court, Madras (Mad) . . . 115

COMPANY LAW BOARD ORDERS

Oppression and mismanagement --Consent order--Order permitting petitioner to exit company on fair valuation of share--Valuation report--Valuer permitted by High Court and Company Law Board to furnish valuation report after obtaining requisite information and considering oral and written submissions made by parties--Deletion of allotment of shares to respondents by valuer for reasons given--Valuer operating within framework of orders passed by High Court and Company Law Board--No appeal filed against decisions of High Court and Company Law Board--No infirmity in valuer’s report--Companies Act, 1956, ss. 397, 398, 402, 406-- Bimal Kumar Agarwal v. Aarti Sponge and Power Ltd. . . . 146