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Supreme Court Upholds Transfer of Winding Up Petition to NCLT Despite Admission Order. Discretion Under Section 434(1)(c) Companies Act, 2013 Properly Exercised Where Liquidation Was at Initial Stage and No Irreversible Steps Taken.

The Supreme Court dismissed appeals by Action Ispat and Power Pvt. Ltd. against the Delhi High Court's order transferring a winding up petition to the...

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High Court Dismisses Appeal Against Winding-Up Order in Bond Default Case; Upholds Adverse Remarks Against Directors for Fund Diversion. Company Found Unable to Pay Debts and Substratum Lost, Justifying Winding Up Under Sections 433(e) and 433(f) of Companies Act, 1956.

The appeal arose from a winding-up order passed by the learned company Judge against Zenith Infotech Limited (the appellant) in a petition filed by Th...

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Bombay High Court Dismisses Appeal Against Official Liquidator's Report Seeking Declaration of Sale as Null and Void in Company Liquidation. Transfer of Leasehold Rights by Company in Liquidation Without Court Sanction Held Invalid Under Section 536(2) of Companies Act, 1956.

The appeal arose from a judgment of the learned Company Judge allowing the Official Liquidator's report seeking a declaration that the sale of immovab...

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Bombay High Court Delivers Oral Judgment on Petitions Challenging SEBI's Show Cause Notices to Auditors of Satyam Computers. Question of SEBI's Jurisdiction under Sections 11, 11B, and 11(4) of SEBI Act Raised in Wake of Satyam Fraud Disclosure.

The matter arose from writ petitions filed by Price Waterhouse & Co. and other chartered accountant firms along with individual partners challenging t...

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Bombay High Court Dismisses Petition Challenging Prosecution Under Section 138 NI Act Against Partner Without Joining Firm. Partner Can Be Prosecuted Individually as Vicarious Liability Under Section 141 NI Act Extends to Every Person in Charge of Business.

The Bombay High Court decided four criminal writ petitions involving the same parties and a common question of law: whether a prosecution under Sectio...

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High Court Adjudicates on Official Liquidator's Report on Claims of Secured Creditors in Company Liquidation. Distribution of Sale Proceeds from Assets of Company Under Liquidation Determined Based on Debts Recovery Tribunal Order.

The matter concerned the winding up of Maharashtra Explosives Ltd., a company incorporated under the Companies Act, 1956. By order dated 12-8-2001, th...