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High Court of Bombay Dismisses Appeal Against CLB Order Refusing Transfer of Company Petition. Chairman's Quasi-Judicial Order Held Amenable to Section 10F but Lacks Power to Transfer Part-Heard Matter or Constitute Special Bench.

The appeal arose from an order of the Chairman, Company Law Board (CLB) rejecting an application to transfer a partly-heard company petition from the ...

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Supreme Court Adjudicates Appeals by Sahara Companies on SEBI's Regulatory Powers Over OFCDs. Case centers on Section 55A(b) Companies Act and compliance with DIP Guidelines for issuance of optionally fully convertible debentures.

The case involved two Sahara Group companies, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited ...

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Bombay High Court Dismisses Winding Up Petition for Lack of Bona Fides and Substantial Defence. Company's claim of disputed debt and pending civil suit found to be a bona fide defence against winding up under Sections 433 and 434 of the Companies Act, 1956.

The petitioner, M/s. Joshi Bullion Gems & Jewellery Pvt. Ltd., filed a winding up petition under Sections 433 and 434 of the Companies Act, 1956 again...

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Bombay High Court Allows Official Liquidator's Report in Winding Up of Transpower Engineering Ltd. — Holds Sale by Liquidator is Formal Transfer Not Subject to Differential Premium. Court exercises powers under Section 446(2) of Companies Act, 1956 to waive extension charges claimed by MIDC.

The Official Liquidator filed a report seeking directions regarding the sale of two industrial plots allotted by MIDC to Transpower Engineering Ltd. (...

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Bombay High Court Holds Criminal Complaints Under Section 138 NI Act Not Covered by Company Law Moratorium. The expression 'suit or other proceedings' in Sections 442 and 446(1) of Companies Act, 1956 does not include criminal proceedings under Section 138 of Negotiable Instruments Act, 1881.

The case involves a reference to resolve a conflict between two Single Judge judgments of the Bombay High Court regarding whether criminal complaints ...

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Bombay High Court Dismisses Appeals Against Admission of Winding-Up Petitions Under Companies Act, 1956 — Held That Company Court Has Discretion to Appoint Provisional Liquidator and That Appeal Against Admission Order Is Not Maintainable Under Section 483 of the Companies Act, 1956.

The judgment concerns a batch of appeals filed by Vision Millennium Exports Pvt. Ltd. against orders of the Company Court admitting winding-up petitio...