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Documents citing Punjab State Industrial Development ... vs Securities And Exchange Board Of India on 12 July, 2001

National Small Industries Corporation ... vs Singer India Ltd. & Anr. on 30 August, 2010

13. Our attention has been drawn by learned counsel for respondent No. 1 to a judgment dated 04.08.2008 of the Division Bench of the High Court of Judicature at Madras in W.A. No. 508 of 2008 titled „Tamil Nadu Industrial Development Corporation Limited v. Board for Industrial and Financial Reconstruction & Ors.‟. A similar plea was sought to be advanced by the appellant therein, which was a State level institution and had invested in the share capital of the sick company. It was pleaded that lending of loan and making financial investment by way of equity cannot be treated differently and, thus, the consent of the petitioner therein was required. The aspect of investment of public money was also urged. The Division Bench held that as per Section 19(2) of the SICA, the draft scheme has to be circulated to a person for objection / consent, who is _____________________________________________________________________________________________ WP (C) No. 7341 of 2009 Page 10 of 16 required to provide financial assistance for revival of other company. Such financial assistance has to be by way of loans, advances or by way of guarantees or by way of reliefs or concessions or sacrifices. Reduction of equity capital does not fall in this category. The power of reduction under Section 18(2)(f) of the SICA was also simultaneously discussed.
Delhi High Court Cites 22 - Cited by 3 - S K Kaul - Full Document
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