Discuss the various grounds upon which the Court can order that a company be wound up compulsorily. B.H McPherson defines winding-up as a process whereby the assets of a company are collected and realised‚ the resulting proceeds are applied in discharging all its debts and liabilities‚ and any balance which remained after paying the cost and expense of winding-up is distributed among the members according to their rights and interests or otherwise dealt with as the constitution of the company
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Chapter 2 of Companies Act (CA 2006). These duties are based on the law of trusts and agency and can be broadly categorised as directors’ fiduciary duties and the duty of care and skill. The four fiduciary duties of directors are the duty to act bona fide; duty to exercise powers for a proper purpose; duty not to fetter discretion in the exercise of powers; and duty not to place oneself in a position where personal interests conflict with the duties of office. In addition‚ the City Code on Takeovers
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C.D. Govinda Rao and Anr. AIR 1965 SC 491‚ in which the Constitution Bench unanimously held that normally the Courts should be slow to interfere with the opinions expressed by the experts particularly in a case when there is no allegation of mala fides against the experts who had constituted the Selection Board. The court further observed that it would normally be wise and safe for the courts to leave the decisions of academic matters to the experts who are more familiar with the problems they face
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does not protect those under 40. Employers may favor an older worker over a younger worker‚ even if both are 40 or over. Issues may arise‚ though‚ when both the individual making the hire and the applicant are over age 40. Examples of age-based bona fide occupational qualification (BFOQ) are mandatory retirement ages for air traffic controllers [56‚ exceptions to 61] and airline pilots [65]. Disability: employers are required to provide reasonable accommodations for disabled applicants‚ unless the
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Directors have a fiduciary duty to the company which is duty to act in good faith in best interest of the company and act for a proper purpose. In the case of Re Smith and Faweett Ltd [1942] 1 All ER 542‚ it established that a director must act bona fide in the interest of the company. Furthermore‚ under S.132(1) of CA 1965‚ it states that a director of a company must exercise his power at all the times for a proper purpose and in good faith in the best interest of the company. In S.132(2) of CA 1965
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“How and to what extent did the methods and ideals of Renaissance humanism contribute to the Protestant Reformation?” The renaissance and it’s humanistic principles took form in different ways across Europe. In the Italian states‚ for example‚ humanism permeated art‚ resulting is some of mans greatest works which reflect the artists appreciation of the individual and focus away from god. In northern Europe however‚ humanists didn’t turn away from god‚ they instead worked to reform the church
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The peace‚ order and systematic control of a particular social community are contingent with the power and authority of the bona fide individuals. This social relation involving authority and power is commonly known as politics. Politics is found everywhere‚ near and far‚ high and low. This presence is essential; from government to smaller communities like business organizations and schools‚ and even at home. Politics is indeed important especially for achieving long term and short term goals. It
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“TUPT using Biometric Technology.” It will also be used to identify students who will use University facilities like Internet Center and Tool Room. This study will help the security system by adopting the biometric recognition to identify the bona fide students of TUP- Taguig. It will also track and manage the end user of Internet Center same with the borrower in Tool Room. Statement of the Problem This study would utilize the security systems in the campus. Several problems incurred in the
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consistent even if it was wrong it should still be upheld by the courts. The reasons for termination do not have to reasonable however they cannot be discriminatory. Silver Oak also cannot provide any business bona fide exception for the reason they want to only hire younger workers. Bona fide business reasons are the exception to cases of
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title to the goods than the seller had. This law states that if a bona fide purchaser who unknowingly purchases and subsequently sells stolen goods will‚ at common law‚ be held liable in trover for the full market value of those goods as of the date of conversion. Since the proper owner retains legal title‚ this is true even in a chain of successive bona fide purchasers (ie‚ the true owner can successfully sue the fifth bona fide purchaser in trover). In laymans terms‚ it means that if you buy something
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