Companies Act, 1956

M/s Kaledonia Jute and Fibres Pvt. Ltd. (appellant) sought to recover a debt from M/s Axis Nirman and Industries Ltd. (first respondent) and filed a petition under Section 7 of the IBC before the NCLT. Simultaneously, a winding‑up petition against the first respondent was pending before the Allahabad High Court, which …

The Supreme Court examined whether the Companies (Accounting Standards) Rules, 2006 – which made Accounting Standard 22 (deferred tax) mandatory – exceeded the Central Government’s rule‑making power under s. 642 of the Companies Act, 1956 and conflicted with the Act’s provisions on true‑and‑fair accounts, Schedule VI a…

The appellants, former directors of a jute mill company, sought relief under Section 633 of the Companies Act, 1956 to be exempted from liability for delayed and non‑payment of Employees' Provident Fund dues. The Calcutta High Court had allowed a consent order permitting instalment payment and restraining criminal pros…

The Surat Art Silk Manufacturers Association, an incorporated company, was set up to promote commerce and trade in art silk yarn and cloth and to obtain import and export licences for its members. It earned income from member subscriptions, commissions on licences, and rent from a building it constructed. The Revenue r…

The petitioners challenged the appointment of Shri B.P. Adhikari as Director of the Indian Statistical Institute (ISI) on the grounds that the ISI, being a body controlled by the Union Government, is a "state" or "other authority" under Article 12 and therefore subject to judicial review under Article 32. They also con…

The appellant, Tech Sharp Engineers, sought initiation of a Corporate Insolvency Resolution Process (CIRP) under Section 9 of the IBC against the respondent, Sanghvi Movers, for unpaid crane‑hire invoices dated 2012‑13. The respondent had earlier filed a winding‑up petition in the Madras High Court, which was pending w…

The Unit Trust of India (UTI), a statutory corporation, issued account‑payee cheques to its unit holders and sent them by registered post. Approximately 1,600 unit holders claimed non‑receipt of cheques worth about Rs 3.35 crore, alleging interception and fraud. The unit holders filed complaints before Consumer Forums,…

Esso Eastern Inc., later Hindustan Petroleum Corporation Ltd., occupied a flat in Shyam Co‑operative Housing Society on a leave‑and‑licence basis from 1968, with the licence renewed yearly. By 1 February 1973 a subsisting licence existed, rendering the occupier a "deemed tenant" under section 15A of the Bombay Rent Act…

The United Industrial Bank sued the Cotton Corporation of India seeking a declaration that the bank’s branch manager lacked authority to co‑accept usance bills and also obtained an interim injunction restraining the corporation from filing a winding‑up petition against the bank. The Bombay High Court’s Division Bench u…

Alagappa Textile (Cochin) Ltd. entered into a five‑year financing and management agreement with Kamala Mills Ltd., under which Kamala Mills received remuneration for purchases, sales and management of the mill. The assessee claimed the remuneration as a deductible business expense under section 10(2)(xv) of the Income‑…

The appellant, a Mahila cooperative society, challenged the award of a contract for supplying fortified blended food under the Integrated Child Development Scheme, arguing that the eligibility criteria in the Expression of Interest (EOI) were arbitrary and that the contract period should be limited to one year. The Hig…

The Official Liquidator, appointed to wind up Chit Centre Pvt. Ltd., took possession of the company's office premises and sought the court's direction on how to dispose of them. The Bombay High Court directed that the premises be let on a caretaker basis, leading the liquidator to enter a caretaker agreement with Smt. …

Pyare Lal Sharma, a chemical engineer employed by Jammu & Kashmir Industries Ltd., was served a show‑cause notice on 21 April 1983 under the newly added grounds of unauthorised absence and participation in politics, and his services were terminated on 14 June 1983 by the Managing Director. Sharma challenged the termina…

The appellants, workmen and employees of ABG Shipyard Ltd., claimed wages, salaries and statutory dues for the period of the Corporate Insolvency Resolution Process (CIRP). They argued that these amounts should be treated as insolvency resolution process costs under s.5(13) of the IBC and thus enjoy priority under s.53…

The Supreme Court examined multiple Special Leave Petitions (SLPs) arising from a protracted dispute over the acquisition and transfer of shares in Bombay Oxygen Corporation Ltd. The dispute involved Messer Holdings GmbH (MGG), Goyal Gases Ltd (GGL), the Ruia family (RUIAS) and a joint venture company Messer Holdings L…

Data Access (India) Ltd issued two cheques to Bharat Sanchar Nigam Ltd which were dishonoured for insufficiency of funds. A complaint under Section 138 of the Negotiable Instruments Act was filed against the company and its directors, including the appellant N. Rangachari. The appellant claimed he was an honorary chair…

The appellant, Mis. Shabi Construction Co., entered into a lease agreement with the New Town Development Authority (CIDCO) for a commercial plot, the agreement stipulating a maximum Floor Space Index (FSI) of 2. While the agreement was pending, the State Government issued a notification increasing the permissible FSI f…

Imperial Chit Funds Ltd., a company in liquidation, was served with a tax demand of Rs.1,027 by the Income Tax Officer after winding‑up proceedings had begun. The Official Liquidator argued that the tax claim could not be enforced until the claim was proved in the winding‑up process, invoking the Companies Act’s scheme…

M/s Informetrics Valuation and Rating Pvt. Ltd. applied to SEBI for registration as a credit rating agency, submitting a chartered accountant's net‑worth certificate based on a bank’s confirmation rather than audited accounts of its promoter. SEBI demanded audited accounts of the promoter for the five years preceding t…

Al Champdany Industries Limited purchased the assets of a company in liquidation. After the sale was confirmed, Bhatpara Municipality claimed arrears of property tax for periods before the sale and sought payment from the purchaser. The High Court held that the sale terms "as is where is" imposed a duty on the buyer to…

The petitioners challenged the Central Government’s exercise of power under Section 4(1) of the Indian Telegraph Act, 1885 to grant licences to private companies for establishing and operating telecommunication services, arguing that the privilege was exclusive to the Government and that the procedure, including a capp…

The company Rajratha Naranbhai Mills Ltd. was ordered to be wound up on 26 June 1967 and the liquidator invited creditors to prove claims for priority under s.530(1)(a) of the Companies Act, 1956. The Sales Tax Officer claimed priority for sales tax and penalties, arguing that the assessment orders and demand notices w…

The case arose from a family dispute between Rama Narang (petitioner) and his sons Ramesh and Rajesh Narang (respondents) who were directors of a company. The Supreme Court had earlier ordered a settlement (Consent Order) requiring joint management of the company, but the petitioner alleged that the respondents violate…

The Supreme Court examined whether the Reserve Bank of India (RBI) could, under Section 45K(3) of the Reserve Bank of India Act, issue Paragraph 4A of the 1987 Directions prohibiting residuary non‑banking companies from levying processing or maintenance charges on depositors. Peerless General Finance & Investment Co. L…

The appellant, Rama Narang, was appointed Managing Director of a deemed public limited company after being convicted of offences involving moral turpitude. Respondent Ramesh Narang challenged the appointment under Section 267 of the Companies Act, 1956, which bars a person convicted of such offences from holding the of…

Petitioners challenged the Tamil Nadu Minor Mineral Concession Rules 8‑C (as amended on 10 June 1992) and Rule 38, alleging that they illegally reserve quarrying of certain granites for the State Government and its companies without the Central Government’s approval required under Section 17‑A(2) of the Mines & Mineral…

M/s Malwa Strips Pvt Ltd filed a summary suit under Order XXXVII CPC against M/s Jyoti Ltd for a sum of money. The trial court granted conditional leave to defend, requiring the respondent to deposit an admitted amount, which the respondent failed to do, leading to a decree in favour of the appellant. The respondent ap…

The Haryana State Cooperative Land Development Bank (the Apex Bank) conducts its business through several Primary Cooperative Banks, whose staff (except class IV) are drawn from the Apex Bank. A union representing the Primary Bank employees filed a writ petition seeking bonus at the same rate as Apex Bank employees. Th…

The workers of Philips India Ltd. opposed the transfer of their factory to Kitchen Appliances India Ltd. and refused to join the new employer. After the Labour Department declined to refer their dispute to a tribunal, the workers filed a writ petition seeking retirement and retrenchment benefits. The Single Judge of th…

Hindustan Lever Ltd. challenged the levy of stamp duty by the State of Maharashtra on the High Court order sanctioning its amalgamation with Tata Oil Mills Ltd. The appellants argued that the order was a judicial decree, not an "instrument" under the Bombay Stamp Act, and that the State lacked constitutional competence…

The partners of the dissolved partnership firm Mis. Mangalore Ganesh Beedi Works sold the firm's assets as a going concern to an Association of Persons (AOP-3) after winding‑up proceedings. The Assessing Officer treated the partners' share of the sale proceeds as capital gains in their individual hands, while the busin…

The Industrial Development Bank of India (IDBI), as a secured creditor, sought to enforce its charge over imported machinery that had been stored in a private bonded warehouse and remained unpaid of customs duty. The company was wound up on 1 December 2003, and the Official Liquidator applied for possession of the good…

Air India, created under the Air Corporations Act, 1953, had its employees' service conditions governed by the Air India Employees Service Regulations framed under Section 45 of that Act. After the Deputy Chief Labour Commissioner certified the standing orders under the Industrial Employment (Standing Orders) Act, 1946…

The Commissioner of Income Tax appealed against Oriental Fire & General Insurance Co. Ltd, contending that the insurer could not claim deductions for a provision for taxation and a reserve for bad and doubtful debts. The Supreme Court examined the computation of income for insurance businesses under Section 44 of the I…

Ambica Industries, carrying on business in Lucknow, was assessed to central excise there and appealed to the Central Excise and Service Tax Appellate Tribunal (CESTAT) in Delhi, which has jurisdiction over Uttar Pradesh, Delhi and Maharashtra. The appellant filed a further appeal under Section 35G of the Central Excise…

Mis Unichem Laboratories Ltd., a company that provided housing to its industrial workers under the Uttar Pradesh Industrial Housing Act, 1955, sought eviction of Rani Devi and others who continued to occupy a quarter after the original allottee, Dharam Dev Yadav, retired and later died. The company filed a civil suit f…

The Supreme Court examined a dispute arising under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 where Standard Chartered Bank claimed that shares and securities pledged by broker Hiten Dalal were its security against a loss of Rs. 280.80 crore. The Court held that the bank had …

The appellant owned a sugar mill that had been permanently shut down before the Central Government issued an order under Rule 125A of the Defence of India Rules, 1962, taking over its management and appointing an authorised controller. The appellant argued that because the mill was closed and not engaged in production,…

The West Bengal Small Industries Development Corporation Ltd. (the Corporation), a government undertaking, purchased a factory complex and subdivided it into plots, leasing three bare‑land plots to M/s Sona Promoters Pvt. Ltd. (respondent). The lease was terminated for failure to commence construction, and the Corporat…

The appellant, a beneficiary of a trust, claimed a pre‑emptive right under Article 57‑A of the company's Articles of Association to purchase 3,417 and 93 shares held by joint executors, but the executors sold those shares to a third‑party group without complying with the Articles or Section 108 of the Companies Act. Th…

The Gujarat High Court set aside the acquisition of land in Surat for Larsen & Toubro Ltd.'s employee housing scheme, holding that the State had not complied with Rules 3 and 4 of the Land Acquisition (Companies) Rules, 1963 and that no notice under Section 9 of the Land Acquisition Act, 1894 had been served. The Supre…

The appellant, former MD and CEO of Ricoh India Ltd., was served a show‑cause notice by SEBI alleging violations of the SEBI Act and the PFUTP Regulations based on an investigation report. The appellant demanded the full investigation report, but SEBI claimed it was an internal document not subject to disclosure. The S…

The appellant J.K. (Bombay) Ltd employed M as a trainee supervisor and allotted him a company flat. After M resigned, he was directed to vacate but refused, claiming unpaid dues. The company filed a complaint under Section 630 of the Companies Act, 1956 against M and his wife and father. The lower courts upheld the pro…

The appellant, a non‑executive director of M/S Elite International Pvt. Ltd., was charged under Section 138 read with Section 141 of the Negotiable Instruments Act for the dishonour of cheques issued by the company. She had resigned from the board on 17‑December‑2005, while the cheques were dishonoured in 2008. The com…

Dhariwal Tobaco Products Ltd. and its senior officials were charged with manufacturing adulterated Gutkha, violating Rule 62(1) of the Prevention of Food Adulteration Rules, 1955. A Judicial Magistrate issued summons, and the accused filed an application under Section 482 of the Code of Criminal Procedure, 1973 seeking…

Vijay Industries, a small‑scale supplier of castor oil, sued Natl Technologies for non‑payment of invoices and for interest on delayed payments, filing a winding‑up petition under Sections 433(e), 433(f) and 434 of the Companies Act, 1956. The respondent argued that interest was not a debt because there was no explicit…

The Official Liquidator instituted misfeasance proceedings under Section 543 of the Companies Act, 1956 against the directors of a company in liquidation, including Dr. S.N. Sinha. Dr. Sinha died intestate during the pendency of the suit, and his heirs and legal representatives were substituted in his place. The Calcut…

The Air India Cabin Crew Association challenged the management’s revised promotion policy and the government’s 2003 directive that equalised the retirement and flying ages of male Flight Pursers and female Air Hostesses. The petitioners argued that these changes violated earlier bilateral settlements, the Air Corporati…

The National Small Industries Corporation Ltd. (NSIC), a government company, lodged a complaint under the Negotiable Instruments Act alleging that a cheque drawn in its favour was dishonoured. The complaint was filed by NSIC’s Development Officer, who is a public servant, and the Magistrate, relying on the proviso to S…

Hooghly Mills Company Ltd., a corporate entity, sought possession of a residential flat that had been occupied by its former director, Bal Binode Bajoria, after his retirement. The company filed a criminal complaint under Section 630(1) of the Companies Act, 1956 and an application under Section 630(2) for dispossessio…

The Supreme Court examined two Special Leave Petitions filed by IDBI Bank Ltd. challenging a High Court order that dismissed its application to execute a sale deed of KOFL's sole immovable property and revived winding‑up proceedings against KOFL. The Court held that the winding‑up petition must be revived because the m…

The appellant, Gunmala Sales Private Ltd., challenged the Calcutta High Court’s order quashing criminal complaints under Section 138 read with Section 141 of the Negotiable Instruments Act against several directors of the accused company. The Supreme Court held that a complaint must specifically aver that a director wa…

The Supreme Court examined complaints filed under Section 138 of the Negotiable Instruments Act against Gujarat State Fertilizer Co. Ltd. and its directors, including A.K. Singhania and Vikram Prakash, for dishonour of cheques. The key issue was whether the complaints specifically alleged that the directors were "in ch…

The Steel Authority of India Ltd. (SAIL) supplied hot rolled steel strips to Ambica Mills Ltd. under an Import‑Export Policy scheme that required the importer to hold a valid advance licence, duty exemption certificate, export bond and an irrevocable Letter of Credit. The importer submitted a licence on 20‑Aug‑1983 tha…

The petitioner, a former joint manager of a government undertaking, was allotted a company flat during his service and was allowed to stay for six months after retirement on humanitarian grounds. He failed to vacate, prompting the Shipping Corporation of India to lodge a complaint under s.630 of the Companies Act, 1956…

Dankha Devi Agarwal, a majority shareholder, alleged that her elder son Bhagirath forged her signature to transfer 1,650 of her shares to himself and his wife in order to wrest control of Tara Properties Pvt. Ltd. The transfer was challenged in a suit which was later withdrawn on a petition filed by an advocate who had…

The Uttar Pradesh State Electricity Board purchased the undertaking of Banaras Electric Light and Power Co. Ltd. under the Indian Electricity (U.P.) Amendment Act, 1975, causing the undertaking to vest in the Board on 5‑6 February 1975. Uncollected electricity dues owed to the company for consumption before that date w…

The appellants issued two cheques that were dishonoured. The respondent sent a notice under Section 434 of the Companies Act after the 15‑day period, and later presented the cheque again, issuing a second notice within 15 days. The Supreme Court examined whether a notice under Section 434 can satisfy the demand require…

The Tamil Nadu Medical Services Corporation (TNMSC), a government‑owned company, employed a number of workers who sought regularisation under the Tamil Nadu Industrial Establishments (Conferment of Permanent Status to Workmen) Act, 1981. An Inspector of Labour found that 53 workers had completed the requisite 480 days …

The petitioners, chartered accountants, challenged the Council of the Institute of Chartered Accountants of India's Guidelines dated 08‑08‑2008 that capped the number of tax audits a member could undertake under section 44AB of the Income Tax Act. They argued that the restriction was beyond the Council's competence, vi…

The Oil and Natural Gas Corporation (ONGC) supplied gas to Ambica Mills Ltd., a member of a gas‑consuming association, under a 1987 Supreme Court interim order that fixed the gas price and required the company, then in liquidation, not to charge, encumber or alienate its immovable assets without court leave. After the …

The Supreme Court examined whether the Comptroller and Auditor General of India (CAG) could audit the accounts of private telecom service providers under the Unified Access Services (UAS) licences to verify revenue sharing with the Union. Service providers argued that the CAG’s powers under Article 149 of the Constitut…

The appellants, former employees of the Overseas Communication Service (OCS), were transferred to Videsh Sanchar Nigam Limited (VSNL) and later to Tata Communications Limited (TCL) after the government's disinvestment. They challenged the termination of their services, arguing that VSNL/TCL was a "State" or "other auth…

General Radio & Appliances Co. Ltd., the original tenant of a premises in Secunderabad, merged with National Ekco Radio and Engineering Co. Ltd. under a court‑sanctioned scheme of amalgamation under Sections 391 and 394 of the Companies Act, 1956. The landlord, M.A. Khader, sought eviction on the grounds that the amalg…

Medi Quip Systems Pvt Ltd filed an appeal against a winding‑up petition filed by Proxima Medical System GmbH under Section 433(e) of the Companies Act, 1956, alleging that the appellant had failed to refund US$5,000 and US$11,000 received as bid security. The appellant contended that the US$11,000 was remitted by a dif…

Electronics Corporation of India Ltd (ECIL), a central government PSU, challenged show‑cause notices issued by the Ministry of Finance that sought reversal of Modvat/Cenvat credit on inputs that had been written off. The adjudicating authority rejected ECIL’s claim that the write‑off complied with AS‑2, and the matter …

The appellant, a legal representative of an ex‑director of a company that had been liquidated, challenged a Company Judge's order that held all former directors jointly and severally liable for a sum with interest in a misfeasance proceeding. The Company Judge dismissed the appellant's application for review of that or…

The Supreme Court examined the winding‑up petition filed by Antrix Corporation against Devas Multimedia Private Ltd under section 271(c) of the Companies Act, 2013, alleging fraud in the formation and conduct of the company. The petition was never advertised, and the petitioners challenged the order on grounds of lack …

The Kerala State Electricity Board (KSEB) appealed against a Kerala High Court judgment that held excess consumption of electricity within the same premises and tariff does not constitute "unauthorised use" for the purpose of imposing a double‑tariff penalty. The Supreme Court examined whether drawing electricity beyon…

Gautam Kundu, chairman of Rose Valley, was arrested for alleged money‑laundering offences under the Prevention of Money Laundering Act, 2002 (PMLA) and related violations of the SEBI Act. He sought bail under Section 439 of the Code of Criminal Procedure, but the Calcutta High Court rejected the application, holding th…

The Supreme Court examined whether Minimum Alternate Tax (MAT) credit under Section 115JAA of the Income Tax Act, 1961 must be set off against assessed tax before computing interest under Sections 234A, 234B and 234C. It held that the tax paid under Section 115JA is a "tax" within the meaning of the Act and the credit …

The appellant Mandi Parishad sought market fee on cut tobacco processed by ITC Ltd in Saharanpur and sent to its own factory in Calcutta and to contract manufacturers. The Mandi Samiti’s President exempted the consignment to Calcutta but referred the contract‑manufacturer case to the Director, who ordered a fresh decis…

The Centre for Public Interest Litigation challenged the Government of India's decision to sell majority shares of Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) to private parties without amending the ESSO (Acquisition of Undertaking in India) Act, 1974, the Burma Shell Act, 197…

The appellant, Terapalli Dyvasahata Kumar, filed a petition under Section 23 of the Andhra Pradesh Societies Registration Act, 2001, seeking declarations and injunctions concerning the management of a society. The District Court allowed the petition, holding that "District Court concerned" should be interpreted using t…

The landlord, Raju Jhurni, obtained an eviction decree against the tenant company under the West Bengal Premises Tenancy Act, 1956, but the decree did not determine the arrears of rent. He then filed a winding‑up petition before the Company Court under Sections 433, 434 and 439 of the Companies Act, 1956, seeking recov…

Sudarsan Chits (India) Ltd. was ordered to be wound up under the Companies Act, 1956, but the High Court held the winding‑up order in abeyance while a scheme of compromise was being implemented. The company sought a direction that the provisional liquidator file claim petitions under section 446(2)(b) to recover debts …

Integrated Finance Co. Ltd., a non‑banking financial company, was inspected by the RBI which found multiple violations and issued a circular prohibiting it from accepting deposits. The company, facing profitability problems, proposed a scheme of compromise under Section 391 of the Companies Act to convert deposits into…

The appellant‑accused filed a petition under Section 482 of the CrPC seeking to quash a criminal complaint that alleged violations of Sections 60, 63, 68 and 68‑A of the Companies Act, 1956, involving the alleged siphoning of funds from Non‑Resident Indians into offshore entities. The High Court refused to quash the co…

Laxmi Sugar & Oil Mills Ltd. had debited Rs 8,16,000 as a provision for additional cane price payable to cane‑growers under the Sugarcane Price Control Order, 1955, and shown it under "Current liabilities and provisions". The amount was later reversed and no actual payment was made. The Income‑Tax Officer excluded the …

Tata Motors Ltd., an unsecured creditor, challenged a scheme of arrangement approved by the Bombay High Court under Section 391 of the Companies Act, 1956, which sought to settle debts of Pharmaceutical Products of India Ltd. (the sick company) while the matter was pending before the Board for Industrial and Financial …

Bakemans Industries Pvt. Ltd. (the appellant) defaulted on a loan from SICOM Ltd. under the State Financial Corporations Act, 1951. SICOM invoked Section 29 of that Act to take possession of the appellant's factory and sought sale of the assets, while the appellant and other creditors filed winding‑up applications befo…

The appellants challenged the price approved by SEBI for a public offer to acquire the minority shares of Hindustan National Glass and Industries Ltd., alleging that the valuation by the independent valuer did not comply with Regulation 20(5) of the Takeover Code. SEBI appointed an independent merchant banker, Patni & …

The petitioners, IBI Consultancy India Private Limited and its parent IBI Group, entered into six contracts with DSC Limited for toll and traffic management systems on two highway projects. The contracts contained an arbitration clause stipulating that disputes be referred to an independent arbitrator in Delhi. After t…

The Haryana State Minor Irrigation Tubewells Corporation, a government company, denied a pay‑scale revision to its Assistant Engineers, Sub‑Divisional Officers and Law Officers, arguing that the duties differed from those of government engineers and that the corporation faced financial loss. The employees claimed that …

Bombay Gas Co. leased a flat to its director N.K. Jalan, who later died. The company later purchased the flat, but Jalan’s son Ashok Kumar Jalan, his wife Lalita Jalan and grandson Siddharth Jalan continued to occupy it and refused to vacate. The company filed a criminal complaint under Section 630 of the Companies Act…

The Port of Mumbai, acting as Board of Trustees, arrested the vessel M.V. Varuna belonging to Thakur Shipping Co. Ltd for non‑payment of anchorage and other port charges under Section 64 of the Major Port Trusts Act, 1963 and issued a notice of auction. The company was wound up in a company petition and the Official Li…

The Supreme Court examined whether the sale of 39 lakh shares of Larsen & Toubro Ltd. by public financial institutions to Trishna Investments through BOB Fiscal Services, and the Controller of Capital Issues' consent to a mega issue of convertible debentures (including a Rs.310 crore preferential allotment to Reliance …

The respondents, who purchased urban properties at auction under Section 29 of the State Financial Corporations Act, 1951 and under the Official Liquidator in winding‑up proceedings under the Companies Act, 1956, sought fresh electricity connections for those premises. The appellant, Gujarat Electricity Board, demanded…

NTPC Ltd invited bids for a super‑critical steam‑generator package and rejected the bid of Ansaldo Caldaie Boilers India Ltd on the ground that its proposed Qualified Steam Generator Manufacturer had not designed and engineered the evaporator, an integral part of the generator, but had outsourced its manufacture to a t…

The appeal concerned whether depreciation for computing book profit under Section 115J of the Income Tax Act should be allowed as per Rule 5 of the Income Tax Rules, 1962, rather than Schedule XIV of the Companies Act, 1956. The assessee, a private limited company, had claimed depreciation under the Rules, but the Asse…

Neptune Paper Mills Ltd was wound up and its assets were sold as a going concern to Buxa Holdings Ltd. The sale notice allowed the balance price to be paid in instalments to be fixed by the court. The purchaser was awarded an instalment schedule that the secured creditors (Industrial Finance Corporation and others) cla…

The Supreme Court examined two pivotal questions arising under the Insolvency and Bankruptcy Code, 2016: (i) whether the requirement in Section 9(3)(c) to attach a certificate from the financial institution confirming non‑payment of an operational debt is a mandatory condition precedent, and (ii) whether a demand notic…

The respondent, Brijlal Sadashuk Modani, was a senior employee of Osmanabad Janata Sahakari Bank Ltd., a multi‑state cooperative bank. While in service he received notices from the Anti‑Corruption Bureau demanding details of his assets, which he contested on the ground that the Prevention of Corruption Act, 1988 (PCA) …

The appellant, H.V. Jayaram, purchased shares of Industrial Credit and Investment Corporation of India Ltd. and alleged that the company failed to deliver the share certificates within the time limits prescribed by Section 113(1) of the Companies Act, 1956. He filed a criminal complaint under Section 113(2) before the …

The appellant, a stage carriage operator, applied for renewal of his permit under Section 58(2) of the Motor Vehicles Act, 1939, and the application was duly notified. Before the renewal could be granted, the Motor Vehicles Act, 1988 came into force, repealing the 1939 Act. The respondent applied for a fresh permit on …

Sewaram was elected to the Madhya Pradesh Legislative Assembly from Morena, but his opponent Sobaran Singh challenged the election alleging that Sewaram held contracts with the state government at the time of filing his nomination, which would disqualify him under Section 9‑A of the Representation of the People Act, 19…

The Supreme Court entertained a writ petition under Article 32 filed by the promoters of the Sai Prasad Group seeking the liquidation of the companies' immovable assets to refund investors. The petitioners alleged that SEBI's efforts to auction the properties were inadequate and that the investors had been waiting for …

The Supreme Court examined whether the directors of Gaurav Agrigenetics Ltd. violated Section 12(1B) of the SEBI Act by operating a collective investment scheme without a registration certificate. It held that Section 12(1B) creates an absolute, mandatory bar for new operators from 25‑Jan‑1995 until they obtain a certi…

Bhagwati Developers Pvt. Ltd. sought registration of 14,120 shares of Peerless General Finance & Investment Co. that it had acquired as repayment of a loan. Peerless refused, alleging the transfer violated the Securities Contracts (Regulation) Act, 1956. The Company Law Board and the Calcutta High Court held that the s…

Coal India Ltd (CIL) and its subsidiary Western Coalfields Ltd challenged the Competition Commission of India's (CCI) finding of abuse of dominant position, arguing that the Competition Act, 2002 does not apply to them because they are government companies created under the Coal Mines (Nationalisation) Act, 1973 and ar…

The case involved a private limited company with an authorised capital of Rs.1 crore, where the board of directors resolved to issue additional shares on a 1:1 basis and sought to increase the authorised capital to Rs.2 crore following a bank's advice. The V.P. Patel and Sheth groups alleged oppression and mismanagemen…

Suraj Lamp & Industries Ltd. filed a Special Leave Petition challenging a High Court order that held Section 20 of the Right to Information Act, 2005 to be merely directory. The company alleged that its land purchase in Gurugram was effected through a sale agreement, General Power of Attorney and a will (SA‑GPA‑Will) r…

M.D., Bhoruka Textiles Ltd. (appellant) supplied paddy husk to M/s Kashmir Rice Industries (respondent) but allegedly failed to receive payment, prompting the respondent to sue for Rs.2,61,696. The respondent contended that the appellant had become a "sick" industrial company under the Sick Industrial Companies (Specia…

The Madhya Pradesh State Co‑operative Dairy Federation Ltd., a society incorporated under the Madhya Pradesh Cooperative Societies Act, ordered the compulsory retirement of 52 employees who had completed 20 years of service. Sixteen employees challenged the order and were awarded 50% back wages by a Single Judge, while…

The Federation of Indian Chambers of Commerce & Industry, a company registered under the Companies Act, claimed that its entire income for the year ended 31‑December‑1961 was exempt under section 11(1)(a) read with section 2(15) of the Income‑Tax Act, arguing that its activities – holding a trade fair and sponsoring an…

The corporate debtor Gujarat NRE Coke Ltd (GNCL) initiated a corporate insolvency resolution process, but its promoter Arun Kumar Jagatramka was deemed ineligible to submit a resolution plan under Section 29A of the Insolvency and Bankruptcy Code (IBC). After the liquidation order, Jagatramka filed an application under…

The Gram Panchayat sought to recover property tax from Shree Vallabh Glass Works Ltd., which had been declared a sick industrial company under the Sick Industrial Companies (Special Provisions) Act, 1985. The Board for Industrial and Financial Reconstruction (BIFR) had conducted an enquiry under s.16, found the company…

Sundaram Finance Ltd. granted a loan to Abdul Samad, who defaulted, leading to arbitration under the loan agreement. An ex parte award of Rs.12.69 lakh was made, and Sundaram sought execution of the award in the Morena court, which dismissed the application for lack of jurisdiction, directing the appellant to first obt…

The appellant, National Small Industries Corporation Ltd., filed criminal complaints under Section 138 read with Section 141 of the Negotiable Instruments Act against the managing director and a director of the defendant company for dishonoured cheques. The High Court quashed the summoning orders against the director(s…

The appellants, companies whose cheques were dishonoured, were prosecuted under Section 138 of the Negotiable Instruments Act. After the complaints were filed, they obtained a declaration from the Board for Industrial Finance and Reconstruction (BIFR) that they were "sick" companies under the Sick Industrial Companies …

The Supreme Court examined whether a company that issued a cheque, which was later dishonoured, could avoid criminal liability under Section 138 of the Negotiable Instruments Act by invoking the provision of the Companies Act that makes any disposition of its property void after a winding‑up petition is presented. The …

Jyoti Ltd., a Baroda‑based company, claimed that its reserves for doubtful debts (Rs 85,000) and gratuity (Rs 5,60,000) should be treated as part of its capital base for computing statutory deduction under the Companies (Profits) Surtax Act, 1964. The Surtax Officer excluded the amounts; the Appellate Assistant Commiss…

The appellants, heirs of a deceased shareholder of Calico Dying & Printing Mills Ltd., sought transmission of 100 shares after obtaining an heirship certificate. The company, having amended its Articles of Association in 1977 to empower the Board to refuse any transfer without reason, declined to register the transmiss…

Hindustan Petroleum Corporation Ltd. (the appellant) had engaged Ashok Ranghba Ambre on a casual basis as a compounder/dresser from 1984. Ambre filed a writ petition in 1992 seeking to be declared a permanent employee with retrospective benefits. The corporation stopped employing him in 1996, leading to an industrial d…

The appellants, Amina Ahmed Dossa and others, claimed rights over properties attached under Section 8 of the Terrorists and Disruptive Activities (Prevention) Act, 1987 (TADA) and sought relief from the Designated Court under Section 84 of the Code of Criminal Procedure (CrPC). The Designated Court rejected their claim…

The Delhi Golf Club Ltd., a limited company, held a 20‑year temporary lease of government land for operating a golf club, with the lease expressly stating that any continuance beyond the term would also be temporary and that construction required government permission. The New Delhi Municipal Committee (NDMC) demanded …

The testator, Jayant Shivram Salgaonkar, died leaving fixed deposits and mutual fund securities for which he had nominated certain family members under Section 109A of the Companies Act, 1956 and Bye‑law 9.11.1 of the Depositories Act, 1996. The nominees claimed that the nomination gave them absolute beneficial ownersh…

Morgan Securities advanced an inter‑corporate deposit to Modi Rubber, which defaulted, leading to an arbitral award in favour of Morgan and a winding‑up petition. The High Court restrained Modi Rubber from dealing with its assets, but the company made a reference to the Board for Industrial and Financial Reconstruction…

The assessee, a shareholder of Kasthuri Estates Pvt. Ltd., received cash and property when the company reduced its share capital from Rs 1,000 to Rs 210 per share. Earlier advances to shareholders had been treated as deemed dividends under Section 2(22)(e) of the Income‑Tax Act. The Tribunal held that no capital gains …

Khoday Distilleries Ltd issued a rights issue; twenty of its twenty‑seven shareholders did not subscribe and the unissued shares were allotted to seven existing investment‑company shareholders. The company also issued fully paid bonus shares in a 1:23 ratio. The Assessing Officer treated both the rights‑issue allotment…

The corporate debtor Veer Gurjar Aluminium Industries defaulted on its loans on 08 July 2011. The financial creditor, JM Financial Assets Reconstruction Company, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) in March 2018 to initiate a corporate insolvency resolution process, stating …

The appellant, Dhanasingh Prabhu, advanced a loan of Rs.21 lakh to the respondents who were partners of the partnership firm “Mouriya Coirs”. The respondents issued a cheque in the name of the firm which was dishonoured, prompting the appellant to serve a statutory notice under Section 138 of the Negotiable Instruments…

Indian Oil Corporation Ltd., a government‑owned company, applied for a factory licence for its Namkum storage unit. The Chief Inspector of Factories refused, deeming the depot manager not an occupier because, under clause (ii) of the first proviso to Section 2(n) of the Factories Act, only a director of a company could…

The Supreme Court examined multiple appeals arising from the Satyam scandal, where the appellant, Chintalapati Srinivasa Raju, a former executive and non‑executive director of Satyam Computer Services Ltd (SCSL) and co‑brother of its chairman, was shown cause for insider trading under SEBI (Prohibition of Insider Tradi…

The Madras Bar Association challenged several provisions of the Companies Act, 2013 relating to the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), alleging that their constitution and the qualifications for members violated the basic structure of the Constitution. The Supr…

The appellant, Speedline Agencies, occupied a building and land leased from United Coffee Supply Co. Ltd., later renamed Stanes Tea and Coffee Ltd., for over four decades. The landlord filed a petition under sections 10(3)(a)(i) and (iii) of the Tamil Nadu Buildings (Lease and Rent Control) Act, 1960 seeking eviction f…

The appellant holding company, which had received Rs 10 crore through chit subscriptions by its subsidiary, failed to pay the subscribers the promised prize money, leading to winding‑up proceedings against the subsidiary. The Kerala High Court held the winding‑up order in abeyance on the condition that the holding comp…

The appellant, a director of a private limited company, challenged an order of the Company Law Board (CLB) that, despite finding no oppression, directed him to purchase the managing director's shares to resolve a deadlock between the two directors/shareholders. The Supreme Court examined whether Sections 397, 398 and 4…

Andhra Bank, a secured creditor, appealed against a Calcutta High Court order that directed it to pay Rs 38 lakhs on an ad‑hoc basis to the official liquidator for disbursing workmen’s salaries. The Supreme Court examined whether the High Court had jurisdiction to issue such an order, the priority of workmen’s dues ver…

The Sobha Hibiscus Condominium, a statutory body created under the Karnataka Apartment Ownership Act, 1972, filed a complaint before the National Consumer Disputes Redressal Commission (NCDRC) against the managing director of Sobha Developers Ltd. The NCDRC dismissed the complaint, holding that the condominium was neit…

The Pradeshiya Industrial & Investment Corp. of U.P. (PICUP) advanced a loan to Shefali Papers Ltd., secured by mortgage and guarantee bonds executed by Kailash Nath Agrawal and others. After the company was declared sick under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), PICUP issued demand not…

The appellant, Gokak Patel Volkart Ltd., filed criminal complaints under Section 630(1)(b) of the Companies Act, 1956 and Section 406 IPC against former employees who, after retirement, failed to vacate company quarters. The trial magistrate dismissed the complaints as time‑barred under the six‑month limitation prescri…

Indian Tube Co. transferred Rs 90 lakh to a dividend reserve in 1963, of which Rs 76 lakh was paid out as dividend and Rs 14 lakh remained. The issue was whether the transferred amount, or any part of it, should be treated as a reserve for computing the company's capital under the Companies (Profits) Sur‑tax Act, 1964,…

Southern Petrochemicals Industries Corp. Ltd. defaulted on a loan of Rs. 101 crore advanced by a consortium that included the Unit Trust of India (UTI). After the UTI was restructured under the UTI (Transfer of Undertaking and Repeal) Act, 2002, the Administrator of the Specified Undertaking of UTI and the UTI Trustee …

The appellant filed a petition under Sections 397, 398 and 403 of the Companies Act, 1956 seeking determination of liabilities of Eastern Tea Estate (P) Ltd. The parties compromised, agreeing that no auditor would be appointed and that the Court would decide liability based on the 1973 balance sheet. A Single Judge of …

The petitioners, comprising workers and a union, challenged the sale of redundant plants and equipment of the Sindri Fertilizer Factory, alleging procedural irregularities, price manipulation, and violation of their fundamental rights under Articles 19(1)(g) and 14 of the Constitution. They claimed the sale would cause…

The appellant, an ex‑director of the corporate debtor, contested the admission of an application filed by the operational creditor under section 9 of the Insolvency and Bankruptcy Code (IBC) alleging a debt for coal supplied under a purchase order. The creditor claimed the coal was of inferior quality, leading to email…

The Maharashtra State Electricity Board (MSEB) invited tenders for supply of goods, allowing exemption from earnest money upon furnishing a Rs 50,000 bank guarantee. Cochin Malleables (in liquidation) gave such a guarantee through Canara Bank. When the Board demanded payment of Rs 50,000, the company was ordered wound …

The appellants were alleged to have issued two cheques on behalf of Karnataka News Net (Bangalore) Ltd. which were later dishonoured. A complaint under Section 138 of the Negotiable Instruments Act was filed, invoking Section 141 to hold the directors vicariously liable. The complaint, however, failed to specifically s…

The Supreme Court dismissed the appeals of M/s. Dale & Carrington Investments Pvt. Ltd. and its Managing Director P.K. Ramanujam, upholding the Kerala High Court’s order that the allotment of 6,865 equity shares to Ramanujam was invalid. The Court held that no valid Board meeting had taken place, the company did not ne…

Stantech Project Engineering Pvt Ltd filed winding‑up petitions against Nicco Corporation Ltd for unpaid debts that the respondent had admitted. The Company Judge allowed the respondent’s counsel to obtain a concession to pay the debt in installments, thereby postponing the publication of the winding‑up petition. The r…

DCM Financial Services Ltd., a creditor of Pure Drinks Ltd., filed a winding‑up petition under the Companies Act, 1956, which initially restrained the debtor from alienating its assets. During the pendency, the debtor sold property in other proceedings and the purchaser agreed to pay Rs 1.95 crore to DCM, which was rep…

The landlord sued Singer India Ltd for eviction under Section 14(1)(b) of the Delhi Rent Control Act, alleging that the American tenant had transferred possession to the Indian company without the landlord's written consent. The transfer resulted from a court‑sanctioned amalgamation compelled by a Reserve Bank of India…

Laurel Energetics Pvt. Ltd. (appellant) acquired 18% of Rattan India Infrastructure Ltd., the target company, in July 2014 at Rs 6.30 per share. In October 2015 it made an open offer to acquire the remaining shares at Rs 3.20 per share. SEBI held that the acquisition was not exempt under Regulation 10 of the SEBI Subst…

The Supreme Court examined the constitutional validity of the Chit Funds Act, 1982, challenged by various chit fund companies and individuals on the grounds that it infringed their right to carry on business under Article 19(1)(g) and that Parliament lacked legislative competence, alleging the Act dealt with money‑lend…

The respondent, a practising advocate, filed a complaint alleging that the construction and tarring of a road by an architect (appellant No.6) at the direction of the managing director and other directors of a company (appellants No.1‑5) caused wrongful restraint to him and his parents in accessing their house. The tri…

The Supreme Court examined SEBI’s action against the promoters of Ritesh Polyster Ltd., whose 1995 public issue was found to be a fraudulent hoax. SEBI directed the promoters – including the father, his wife and two sons who were minors at the time – to disassociate from the capital market for ten years under Sections …

The Supreme Court clarified directions given on 14 May 1993 in a dispute between Sudharshan Trading Company Ltd., its subsidiary’s liquidators, and the Subscribers' Association of a chit fund. The Court ordered the holding company to pay 25% interest on a Rs 5 lakh deposit for the period 3 Nov 1989 to 5 Apr 1990, after…

Aspinwall & Co. Ltd. amalgamated with Pullangode Rubber & Produce Co. Ltd., with the scheme approved in 2006 and the appointed date set as 01‑01‑2006. The appellant sought to set off the accumulated losses of the amalgamating company against its own income under the Kerala Agricultural Income Tax Act, 1991, relying on …

The Supreme Court considered whether the term "loss" in clause (b) of the proviso to Section 205(1) of the Companies Act, 1956, as incorporated into Section 115‑J of the Income‑Tax Act, 1961, includes depreciation. The assessees, including Mis. Surana Steels Pvt. Ltd. and V.V. Trans‑Investments (P) Ltd., argued that lo…

The Supreme Court examined whether the Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959 applies to government establishments and whether it obliges any employer to recruit only candidates sponsored by employment exchanges. It held that government offices are "establishments in public sector" and th…

The case concerned a pension fund set up as a trust by Mis Dunlop India Ltd. After the beneficiaries had been paid, the trustees applied to the Calcutta High Court under Section 34 of the Indian Trusts Act seeking a direction on the surplus fund. The High Court refused to entertain the application, holding that Section…

The case concerned a residential flat allotted to Mr C.B. Saran, a managing director of XLO India Ltd., which after his resignation and death was occupied by his heirs (the appellants). The company filed a criminal complaint under Section 630 of the Companies Act, 1956 alleging wrongful withholding of its property. The…

Peerless General Finance & Investment Co. Ltd. (appellant) held shares of Poddar Udyog Ltd. Under a court‑sanctioned scheme of arrangement, a portion of the business was transferred to Poddar Projects Ltd. (respondent No.1), which subsequently sold the shares to Vijaya Finance Corp. Ltd. (respondent No.2). The appellan…

The U.P. State Bridge Corporation Ltd. terminated the services of 168 muster‑roll employees after they remained absent for more than ten consecutive days, invoking Clause L‑2.12 of its Certified Standing Orders. The employees, represented by a union, filed writ petitions under Article 226 challenging the termination. T…

The assessee, Duncan Brothers & Co. Ltd., claimed that provisions it made for income‑tax liability (Rs 16,48,888 for AY 1963‑64 and Rs 17,52,920 for AY 1964‑65) could either be treated as part of its capital or be deducted from the cost of excluded investments under the Super Profits Tax Act, 1963 and the Companies (Pr…

The appellants, members of Commercial University Ltd (CUL), were prosecuted under Section 24 of the University Grants Commission Act, 1956 for continuing to use the word "University" and for conferring degrees after the Act came into force, despite CUL being incorporated under the Companies Act, 1913. The central issue…

The Supreme Court examined whether an Official Liquidator, appointed to wind up Premier Cable Company Ltd., qualifies as a "dealer" under the Kerala General Sales Tax Act, 1963 and consequently bears sales tax liability on the auction sale of the company's assets. The Court held that the liquidator, by stepping into th…

Indian Maize and Chemicals Ltd obtained electricity supply from the Uttar Pradesh State Electricity Board under an agreement governed by the Indian Electricity Act, 1910. The company accrued arrears of Rs 49.95 lakh and, to avoid disconnection, agreed to pay the amount in twelve monthly instalments, a plan accepted by …

The employees' union of Jaipur Metals & Electricals Ltd challenged a High Court order that refused to transfer winding‑up proceedings, filed under Section 20 of the Sick Industrial Companies Act, to the National Company Law Tribunal (NCLT) and set aside an NCLT order admitting a Section 7 insolvency application by Alch…

The appellant, a landlord, sought to evict a tenant occupying a flat owned by his father under a licence agreement with a company that later went into winding up. While the eviction suit was pending, the appellant applied under section 446 of the Companies Act, 1956 for the court's permission to continue the suit again…

Pradyut Bordoloi, a Clerk Grade‑I in Coal India Ltd., filed his nomination for the Margherita Legislative Assembly seat. A complaint alleged that his employment constituted an "office of profit" under the Government of India, invoking disqualification under Article 191(1)(a) of the Constitution and Section 10 of the Re…

The premises were originally leased to Cox & Kings (Agents) Ltd., a foreign company incorporated in the United Kingdom. After the Reserve Bank of India denied permission for the foreign company to continue its business under the Foreign Exchange Regulation Act, 1973, the leasehold interest was assigned to an Indian com…

The petitioners, tenants in a building owned by an Apex Co‑operative Society, challenged a 1976 notification issued under section 29 of the Tamil Nadu Buildings (Lease and Rent Control) Act, 1960 which exempted all buildings owned by co‑operative societies from the Act’s provisions. They argued that the blanket exempti…

The Supreme Court considered two distinct matters. In Official Liquidator v. Lakshmikutty, the Court held that Section 529 of the Companies Act, 1956 incorporates the set‑off rule of Section 46 of the Provincial Insolvency Act, so that where a creditor and a company in winding up have mutual dealings, only the net bala…

The Supreme Court considered appeals against a Karnataka High Court decision on the effect of Section 458A of the Companies Act, 1956 on limitation periods in winding‑up proceedings. The issue was whether the provision extends the limitation period for filing claims and, more importantly, whether a claim that was alrea…

The appellants, owners of agricultural land in Hoshiarpur, Punjab, challenged the State's acquisition of their land for a project of International Tractors Ltd. The State issued a notification under Section 4 and a declaration under Section 6 of the Land Acquisition Act, 1894, entered into an agreement with the company…

The Supreme Court examined whether three entities – Shree Vishal Printers Ltd (SVPL), Times Publishing House Ltd (TPHL) and Bennett, Coleman & Co. Ltd (BCCL) Jaipur – could claim exemption from the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 under Section 16(1)(d). The Court applied the functional…

Asian Hotels (North) Ltd., the licensor, granted individual shop licenses to various shopkeepers, including the respondents, and later revoked those licenses. The respondents filed suits seeking a declaration that their licenses were irrevocable and perpetual. While the suits were pending, they applied to amend their p…

The Union of India prosecuted M/s Maple Leaf Trading International Pvt. Ltd. and its foreign shareholders for trading imported gold coins without RBI permission, alleging violations of Sections 19(1)(a), 19(1)(d), 29(1)(b), 47(1), 49(1)(a) and 68 of the Foreign Exchange Regulation Act, 1973. The Adjudicating Authority …

The appeal concerned PTC India Financial Services Ltd (PIFSL) who, after a corporate debtor defaulted, invoked a pledge over 31,80,678 dematerialised shares of NEVPL under a pledge deed and sought to enforce its rights under the Contract Act, 1872. The National Company Law Appellate Tribunal had held that the pledge cr…

The appellant, a subsequent purchaser of a suit property, challenged a decree granting specific performance of an agreement for sale entered into between the original buyer (Respondent No.1) and a private limited company (Respondent No.2). The company had promised to execute and register a sale deed but later refused, …

The appellants, directors of a motor‑sports club, challenged a series of board resolutions passed in a meeting on 8 November 1995 that removed the appellant as chairman, appointed a respondent as chairman and added twelve directors, alleging the meeting was held without notice. The High Court had earlier ordered a fres…

Contromix Pvt. Ltd. (Respondent No.1) obtained a term loan of Rs 38 lakhs and a soft loan of Rs 6.8 lakhs from SIPCOT, a State Financial Corporation, and executed a mortgage. The company repeatedly defaulted despite several reschedulings, leading SIPCOT to foreclose, take possession of the mortgaged assets and attempt …

The Anil Agarwal Foundation, a private company at the time of land acquisition, sought 6,000 acres of agricultural land in Odisha to establish a university. The State issued Section 4(1) notifications and proceeded with acquisition despite the company’s conversion to a public company occurring only after the notificati…

The Official Liquidator of Ambica Mills Ltd., a company under liquidation, sought the court’s permission to sell the company’s immovable assets and to distribute the proceeds, directing that the dues of ONGC Ltd. be paid first. The Textile Labour Association and another workers' union, representing workmen owed more th…

The Income Tax Department appealed an assessment order, but the Rajasthan High Court dismissed the appeal as infructuous after learning that the assessee company, Gopal Shri Scrips Pvt. Ltd., had been struck off the register under Section 560(5) of the Companies Act, 1956. The question before the Supreme Court was whet…

The appellant, a promoter/shareholder of Relectronics Ltd., challenged the Karnataka Industrial Areas Development Board’s termination of a lease‑cum‑sale agreement for two industrial plots allotted to the company, arguing that the company owned the land and that the Board required prior court permission under the Compa…

The Official Liquidator of a company in liquidation challenged the setting aside of an auction and sale of the company's assets that had been conducted by a Recovery Officer under the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (ROB Act). The Company Judge of the High Court had intervened, nulli…

PGF Limited, which sold and developed agricultural land and ran joint‑venture schemes, was directed by SEBI to cease collecting money and to refund investors, on the ground that its activities constituted a collective investment scheme (CIS) under Section 11AA of the SEBI Act. PGF challenged the SEBI order and the cons…

Usha Anandhasubramanian, former MD & CEO of Punjab National Bank, was subject to a CBI charge sheet for alleged negligence in preventing the Nirav Modi fraud. The NCLT, and subsequently the NCLAT, ordered a freeze of her assets under Sections 241, 337 and 339 of the Companies Act, 1956, invoking the Tribunal's power to…

T.N. Alloy Foundry Co. Ltd., a company incorporated under the Indian Companies Act, sued the Tamil Nadu Electricity Board and others for damages arising from non‑supply of electricity between 28 March 1983 and 16 October 1992. The suit was filed in March 1993, and in July 1998 the company sought to amend the plaint to …

The Supreme Court considered multiple suits and special leave petitions concerning whether 10,00,000 shares in Swadeshi Polytex Ltd. and 17,18,344 shares in Swadeshi Mining & Manufacturing Ltd., held by Swadeshi Cotton Mills, along with certain immovable properties in Kanpur, vested in the Central Government under Sect…

The Collector of Kanpur appointed a receiver over Swadeshi Cotton Mills Ltd. and ordered the seizure, attachment and pledge of its 10 lakh shares in Swadeshi Polytex Ltd. The Cotton Mills Company, together with four other shareholders, requisitioned an extraordinary general meeting of Polytex under s.169 of the Compani…

The Madras Race Club, a company that conducts horse races, challenged the Tamil Nadu Horse Races (Abolition and Wagering or Betting) Act, 1974 and the Madras Race Club (Acquisition and Transfer of Undertakings) Act, 1986. The Court held that horse racing is a game of "mere skill" under Section 49 of the Police Act and …

The appellants, directors of Cachet Pharmaceuticals Pvt. Ltd., were charged under the Drugs and Cosmetics Act, 1940 for manufacturing a sub‑standard drug (Hemfer syrup) and were summoned as accused under sections 16, 18 and 34. They challenged the summons, a criminal revision and a writ petition, arguing that mere dire…

The workmen of Karnataka Pulpwood Ltd, a loss‑making joint‑sector subsidiary of Karnataka Forest Development Corporation Ltd (KFDC), sought compulsory absorption into KFDC after the State Government granted permission to close the undertaking under Section 25 of the Industrial Disputes Act, 1947. The Karnataka High Cou…

Hill Properties Ltd., the appellant, claimed ownership of Flat No.23 in Mumbai, asserting that the flat was allotted to its shareholder (Respondent No.5) who could only occupy it and could not mortgage it without the company's consent under its Articles of Association. Respondent No.5 had created an equitable mortgage …

The Maharashtra State Road Development Corporation (MSRDC) issued a global tender for the Mumbai Trans Harbour Link project, requiring a consortium to demonstrate a net cash profit (NCP) of at least Rs. 200 crore. Reliance Energy Ltd. and Hyundai Engineering & Construction (HDEC) formed a consortium but were excluded i…

The respondent transferee-company sought sanction of a scheme of amalgamation with the transferor-company. The appellant, a shareholder, objected on grounds of non-disclosure of director's interest, unfairness to minority, and unfair exchange ratio. The High Court sanctioned the scheme, and the Division Bench confirmed…

Mafatlal Industries Ltd (the transferee) sought to amalgamate with Mafatlal Fine Spinning and Manufacturing Co Ltd (the transferor) under a scheme of arrangement approved by a meeting of equity shareholders. The appellant, Miheer H. Mafatlal, a 5% shareholder and director of the transferor, objected under Section 391 o…

Tech Invest India Pvt Ltd, a company under winding up, had its assets valued at around Rs 6‑7 crores. The Official Liquidator sold the assets at a public auction for Rs 45.45 lakhs without fixing a reserve price and with inadequate publicity. The major shareholder, Rajiv Gosain, challenged the sale, alleging procedural…

The case involved Dr. Kamal Kumar Dutta, a major shareholder of Ruby General Hospital Ltd., who alleged that the company’s board, led by his younger brother, fabricated board resolutions, denied him shares for equipment supplied, and ousted him as managing director, constituting oppression and mismanagement under Secti…

The Supreme Court examined appeals by Delhi International Airport Ltd. (DIAL) and Mumbai International Airport Ltd. (MIAL) challenging tariff determinations made by the Airports Economic Regulatory Authority of India (AERA) under the Airports Economic Regulatory Authority of India Act, 2008. The key disputes involved t…

The Supreme Court examined two appeals filed by SEBI against Sunil Krishna Khaitan and others and Madhuri S. Pitti, challenging SEBI's show‑cause notices and directions under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. The Court clarified that the term “acquirer” in Regulation 10 inclu…

The petitioners, nine shareholders of Sayaji Industries Ltd., filed a Company Petition under Section 155 of the Companies Act seeking rectification of the register on the ground that the managing director, Bipin Mehta, had fraudulently used company funds to purchase its own shares, violating Section 77. The respondents…

The dispute concerned the retirement age and service conditions of air hostesses employed by Air India and Indian Airlines, who under various agreements were required to retire from flying duties at age 50 (later 45/50) with the option of ground duties up to age 58, while male cabin crew could serve until 58. A small g…

The Calcutta High Court ordered the winding up of Tirupati Woollen Mills Ltd and directed the official liquidator to sell its assets as a going concern. The initial reserve price was Rs.37 lakh, which was later raised to Rs.85 lakh and then to Rs.1.30 crore, with Divya Manufacturing Co. (P) Ltd being declared the highe…

UCO Bank, a secured creditor of Glass Carboys & Pressedwares Ltd., obtained a decree in 1976 to recover its debt before the Companies (Amendment) Act, 1985 came into force. The amendment inserted a proviso to Section 529(1) of the Companies Act, 1956, deeming the security of every secured creditor to be subject to a pa…

The Cellular Operators Association of India and other telecom service providers challenged the Telecom Consumers Protection (Ninth Amendment) Regulations, 2015, which required service providers to credit Rs 1 to the calling consumer for each call drop (up to three per day). The Delhi High Court upheld the regulations, …