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1 - 10 of 66 (0.41 seconds)Section 242 in The Companies Act, 1956 [Entire Act]
Section 241 in The Companies Act, 1956 [Entire Act]
Section 241 in The Companies Act, 2013 [Entire Act]
Section 242 in The Companies Act, 2013 [Entire Act]
The Companies Act, 1956
Sangramsinh P. Gaekwad & Ors vs Shantadevi P. Gaekwad (Dead)Thr.Lrs. & ... on 20 January, 2005
On the other hand, respondent group
places their reliance on Ebrahimi v. Westbourne Galleries Ltd., 1973 AC
360 and Sangramsinh P. Gaekwad & Ors vs Shantadevi P. Gaekwad
[Civil Appeal 6359 of 2001] wherein it was held that one can, on the just and
equitable ground, consider the domestic nature of a small company, but one
cannot apply the law of partnership just on that basis. This would be an
unwarranted gloss on the Companies Act. A company, however small,
however domestic, is a company not a partnership or even a quasi-
partnership and it is through the just and equitable clause that obligations,
common to partnership relations, may come in. In this case we find that
without applying the principles of partnership also we have sufficient grounds
for a case of oppression and mismanagement, which are discussed herein,
even though this is a fit case for application of principles of partnership in a
private limited company.
Section 166 in The Companies Act, 2013 [Entire Act]
Needle Industries (India) Ltd., & Ors vs Needle Industries Newey (India) ... on 7 May, 1981
277. From the materials placed on record we find that there is irretrievable
breakdown in trust and confidence between the two group of shareholders.
Hence, it is fit case for the exercise of powers under Section 241 of the
Companies Act, 2013 ('Act') to break the deadlock and pass appropriate
orders to bring an end to the matters complained of. Appellant places its
reliance on Needle Industries (India) Ltd & Ors. v. Needle Industries
Newey (India) Holding Ltd. and Others AIR 1981 SC 1298 wherein it was
held that it is just and equitable to wind up the Company (Ebrahimi Case).
And just because company is prosperous and makes profits is no obstacle to
it being wound up. Herein the records reflect that there is a situation of
shareholder deadlock between the two equal shareholding groups of the family
and hence it was incumbent upon the NCLT to exercise its powers and
implement the Binding FSA.