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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 Makes Conditional Winding Up Order in Contract Dispute Over Endorsements. Interpretation of contract endorsements determines existence of debt under Companies Act, 1956.

The petitioner, Reliance Broadcast Network Limited, filed a winding up petition under the Companies Act, 1956 against the respondent, Raj Oil Mills Lt...

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High Court of Karnataka Dismisses Winding-Up Petition Against Kingfisher Airlines Ltd. for Lack of Service of Statutory Notice. Petition under Sections 433(e) and (f) of the Companies Act, 1956 fails as petitioner Aerotron Limited did not prove service of demand notice under Section 434.

The petitioner, Aerotron Limited, a company incorporated under the laws of England and Wales, filed a winding-up petition under Sections 433(e) and (f...

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Bombay High Court Allows Arbitration Petitions in Shareholder Dispute Over Appointment of Arbitrator. Court Appoints Sole Arbitrator to Adjudicate Disputes Arising from Share Subscription and Shareholders' Agreement.

The judgment concerns four arbitration petitions filed under Section 11 of the Arbitration and Conciliation Act, 1996, arising out of disputes between...

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Bombay High Court Restrains Recovery of Excise Duty from Sick Industrial Company Without BIFR Consent. The court held that Section 22(1) of SICA bars coercive recovery of dues without prior consent of BIFR, protecting the petitioner-company's assets.

The petitioner, Polymermann (ASIA) P. Ltd., is an industrial unit engaged in the manufacture of polymer chemicals, with its factory at MIDC, Ambad, Na...

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Bombay High Court Dismisses PIL Seeking Regulation of Time Share Companies as Collective Investment Schemes Under SEBI Act. Court Holds That Time Share Arrangements Do Not Constitute Collective Investment Schemes and That Grievances Are Contractual in Nature.

The petitioner, M/s Securities & Time Share Owners Welfare Association, filed a public interest litigation seeking a direction to the Securities and E...

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Bombay High Court Allows Winding Up Petition Against Varun Global Limited for Non-Payment of Loan Debt. Life Insurance Corporation of India Succeeds in Proving Company's Inability to Pay Debts Under Sections 433(e) and 434 of the Companies Act, 1956.

The petitioner, Life Insurance Corporation of India (LIC), filed a company petition under Sections 433(e) and 434 of the Companies Act, 1956, seeking ...