LITIGRA

LITIGATION AND ADVISORY PRACTICE

Supreme Court of India
Punjab & Haryana High Court
NCLT / NCLAT
Tribunals & Commissions

WRITING

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Selected notes on recent judgments from our practice.

Civil

Punjab and Haryana High Court Stays Assistant Registrar's Order Halting a Cooperative Society Election After the Result Was Declared: Section 28(2), Haryana Cooperative Societies Act, 1984

The Punjab and Haryana High Court stayed an order of the Assistant Registrar, Cooperative Societies, Rewari, which had stayed a society's election pending an enquiry after the election had been held and its result declared. The petitioners contend that the Haryana Cooperative Societies Act, 1984 gives the Assistant Registrar no such power, and that a dispute can be raised only through an election petition.

Company

Removal from Register of Members Is a Completed Act, Not a Continuing Wrong: NCLT Chandigarh Dismisses Oppression Petition Under Sections 241 and 242 as Barred by Limitation

NCLT Chandigarh dismissed a petition under Sections 241 and 242 of the Companies Act, 2013 as barred by the three-year period under Article 113 of the Limitation Act, 1963, holding that the removal of a shareholder's name from the register of members is a completed act, and that its continuing consequences do not make it a continuing wrong.

Company

Securities Premium Account Utilised to Write Off Accumulated Losses: NCLT Chandigarh Confirms Reduction of Share Capital Under Sections 66 and 52 of the Companies Act

NCLT Chandigarh confirmed a reduction of share capital under which a solvent company set off accumulated losses of Rs. 42.59 crore against its securities premium account, holding that a pure accounting adjustment involving no payout, no cancellation of shares and no reduction in any creditor's dues causes no prejudice to creditors.

Company

SEZ Approval Need Not Hold Up a Demerger: NCLT Chandigarh

NCLT Chandigarh sanctioned the demerger of an SEZ developer's Phase-II business undertaking without first requiring SEZ approval, accepting that the approval under Instruction No. 109 may be obtained after sanction, with the Scheme taking effect on the later of the ROC filing and receipt of that approval.