children only" contained in Article 32 and conveniently ignored the provisions of other Articles of Association.
a. Article 10.--Atleast 90% of the equity ... time exceed maximum number fixed by the Articles.
d. Article 40(b)-- No director shall be removed/inducted from the Board of directors without
partnership. The articles of association do not confer management right either on the petitioners group or the respondents group. Article 40 does not stipulate that ... future become the Managing Director. Hence, proposed Article 33 can not said to be unfair.
* Article 40 dealing with the appointment of Managing Director/Technical
shareholder-directors even on this date in terms of article 37(b). Articles 37 and 40 have not been amended till date. Respondents ... articles. Article 37(b) does not envisage appointment of any additional director, apart from the shareholder-directors. Unless articles 37 and 40 are amended
paid on the Deeds of
Mortgage @0.5% duty as mandated by Article 40 of Schedule-I of
Maharashtra Stamp Act . It is submitted that ... stamp duty of Rs.100 was paid which was as
per Article 40. Article 54 proviso of Maharashtra Stamp Act has been
referred which proviso
without the prior consent of
the ROC; violating Article 40 of the AOA by diverting funds to certain members
to buy their loyalty; diverting funds ... spent strictly in accordance
with Article 31 and no amount shall be spent in violation of Article 40 and
that the remuneration of the Directors
Additional duties of Excise (Textiles and Textile Articles) Act, 1978 (40 of 1978); and
(iii) the additional duty of excise under Section ... leviable under the Additional Duties of Excise (Textiles and Textile Articles) Act, 1978 (40 of 1978), on the final products or, as the case
that it is
not the case of the Revenue that article 9(1) or article 11(7)
applies in that case and hence the case ... ground
that it was violative of Article 14 of the Constitution as well
as Article 25 of the DTAA between India and South
Korea. Section
been ousted from the management notwithstanding the fact that as per the articles he is a permanent director, and, therefore, such an ouster ... family company with two identifiable groups of shareholders and as per article 40 , the petitioner, as also the first directors, are not liable for retirement
default on the part of the Procurer as
mentioned in Article 3.1.2.
37. Article 14.1 specifically provides for Event of Default
on the part ... Event of Default on the part of the
Procurer".
40. Article 14.4 provides for termination of Procurer's
event of Default. The same
director from each group. The Articles are yet to be amended. In terms of the present Article 40 , all decsions are to be taken ... though the respondents have taken the stand that in terms of Article 40 , the decisions in the board meeting are to be decided by majority
