Abbreviations 1. AAIFR - Appellate Authority for Industrial and Financial Reconstruction 2. BIFR- Board for Industrial and Financial Reconstruction 3. CLB – Company Law Board 4. NCLT – National Company Law Tribunal 5. NCALT – National Company Law Appellate Tribunal 6. SICA - Sick Industrial Companies (Special Provisions) Act‚ 1985 Table of Cases 1. RDF Power Projects Ltd v. M. Muralikrishna‚ (2005) 124 Comp Cas 184 (AP) 2. Union of India v. R. Gandhi‚ President
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Profit Definition There is no legal definition of profits in Corporations Act. The courts consider profit as a matter of internal management of a company‚ so only provide guidelines to define the profits. In Re Spanish Prospecting Co Ltd [1911] 1 Ch 92‚ Fletcher Moulton LJ stated profit is amount of gain which made by the business during the financial year. In addition‚ in Marra Developments Ltd v B W Rofe Pty Ltd [1977] 2 NSWLR 616‚ Mahoney JA consider profits are available for distribute the
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Achem Pte Ltd (Achem) was in the business of trading in industrial chemicals. The company was founded by Heng and Tan. Both were directors and shareholders of the company. Other than Heng and Tan‚ the other shareholders include Heng’s and Tan’s relatives and some of these relatives were also employees of Achem. Employee turnover was low and every employee was treated as part of one big family. After several years‚ Tan decided to sell his 55% stake in Achem to Union Pte Ltd (Union) because he
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QUESTION 1 a. Define a promoter of a company. Explain and illustrate with decided cases his legal position in relation to a company. Though the certificate of incorporation is conclusive for purposes of incorporation‚ using decided cases‚ outline circumstances under which it could be withdrawn.(10marks) ANSWER Definition; A promoter is one who undertakes to form a company with reference to a given project and to set it going and who takes the necessary step to accomplish that purpose - A promoter
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the company is successfully registered‚ it becomes a separate legal entity which is different from its directors‚ owners‚ and shareholders. The company could have its own right and asset‚ and also property. Meanwhile‚ the money and resources of the company could only be used for business purpose. Even the directors can’t use the company’s asset for private uses. (Guides to obligations of proprietary limited companies 2012). According to the case‚ the four people want to establish a company which
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ACW 204/3 COMPANY LAW AND SECRETERIAL PRACTICES SEMESTER 1 ACADEMIC SESSION 2012/2013 LECTURER: DR. HAZRIL IZWAR IBRAHIM PREPARED BY: NAME MATRIC NO. CHEE HUI JUN 114071 GOH XIAO YUING 111912 KOK JE SEN 111919 LEE CHIA YEE 111921 TOH SHER LYNN 111987 YEOH LI YEN 111996 1. “Incorporation is the bedrock upon which Company Law is built.” Incorporation means the process of legally declaring a corporate entity as separate entity from its owners. Incorporation
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Companies and Securities Law Assignment Venture Pty Ltd‚ which uses the Replaceable Rules for its Constitution‚ is a small proprietary company originally. As it is growing fast‚ the shareholders are all on the Board and they all have a number of complicated transactions with the company. Many of them are suppliers to the Company and most of them have loans or finance of some sort with the Company. The business is growing so fast that the original type and structure of the company may hinder the
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Resit Coursework 2008/09 Answer the following question In January 2009‚ Adam began preparations to form a company to bid for a contract to provide security services at the new Wembley stadium. The company would be called ‘Fortress Ltd’. In February 2008‚ Adam received a loan of £10‚000 from Pioneer Bank to finance the proposed company’s bid for the contract. A clause in the loan agreement stated: “By this agreement made between you ‘Fortress Ltd’ and ourselves‚ we ‘Pioneer Bank’ agree to lend
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Jusik Hoesa (Stock Company) Jusik Hoesa is the only form of corporate entity that is allowed to publicly issue shares. The vast majority of corporations in Korea chose the Jusik Hoesa corporate form. It is also the most common corporate form that foreign companies chose for their subsidiaries. 2. Yuhan Hoesa (Limited Liability Company) Yunhan Hoesa is a closely held company that is prohibited from having more than 50 shareholders. In recent years a few foreign companies have chosen the Yuhan
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Council 1989 | * A company is a legal entity separate and distinct from its shareholders and it not an agent of those shareholders * Lord Macnaghten pointed out that in an earlier case: Re Baglan Hall Colliery Co 1870 Giffard LJ had said that it was “the policy of the Companies Act” to enable business people to incorporate their businesses and so avoid incurring further personal liability. | The facts of this case were that the owner of a business sold it to a company he had formed‚ in return
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