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Sunday, 06 December 2015 07:06

Company law cases 1

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1.Reliance Limited wants to provide financial assistance to its employees, to enable them to subscribe for certain number of fully paid shares. Considering the provision of the Companies Act, 1956, what advice would you give to the reliance company in this regard?

2. Punj llyod company limited has only seven shareholders, all the shares being fully paidup. All the shares of one such shareholder are sold by the court in an auction and purchased by another shareholder. The company continues to carry on business thereafter. Discuss the liabilities of the shareholders of the company under the Companies Act, 1956.

Amir khan applies for share on the basis of a prospectus which contains mis statement. The shares are allotted to him, who afterwards transfers them to amitabh . Can amitabh bring an action for a rescission on the ground of mis-statement?
Decide under the provisions of the Companies Act, 1956.

4. The 
Memorandum of Association of a company was presented to the Registrar of Companies for registration and the Registrar issued the certificate of incorporation. After complying with all the legal formalities a company started a business according to the object clause, which was clearly an illegal business. The company contends that the nature of the business cannot be gone into as thecertificate of incorporation is conclusive. Answer the question whether Coal India ltd contention is correct or not.
5. Start tv was started with the object of building A mall with shops. The building was destroyed by fire and the company wanted to alter the objects clause in the memorandum by substituting the words A mall with shops with the words Shops, Residential buildings and Warehouses for letting purposes. Will this 
alteration of the memorandum for the purpose be permissible? Decide referring to the provisions of the companies Act, 1956.

6. Jai 
corp ltd, who is a resident of New Delhi, sent a transfer deed, for registration
of transfer of shares to the company at the address of its Registered Office in Mumbai. He did not receive the shares certificates even after the expiry of four months from the date of dispatch of transfer deed. He lodged a criminal complaint in the Court at New Delhi. Decide, under the provisions of the Companies Act, 1956, whether the Court at New Delhi is competent to take

action in the said matter?

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