Industrial development bank of india ltd. INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED (IFCI Ltd.) 2019-01-19

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The Industrial Development Bank of India Act, 1964

industrial development bank of india ltd

The ratio in Builders Supply Corpn has been consistently followed in India. Norbert Kloppenburg, member of the executive board of KfW, represented KfW at the signing ceremony held in New Delhi. I regret my inability to agree with the submission made by learned counsel for the appellants. The guidelines, specifically clause 6 thereof, clearly speaks that such execution of agreement would occasion when study leave is actually granted. Sc 20-02-2019 Noida, Uttar Pradesh Deputy General Manager and Manager B. The bank is also present in Bahrain, Hong Kong, and Dubai.

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Industrial Development Bank of India (IDBI): Functions and Developmental Activities

industrial development bank of india ltd

Industrial Development Bank of India came into being on July 01, 1964 as a Development Financial Institution. The bank has five regional offices, one each in Kolkata, Guwahati, New Delhi, Chennai and Mumbai. Only a question that has been raised before or decided by the Tribunal that could be held to arise out of this order. Per contra, under sub section 2, in every situation a company has to register transfer of shares as the shares are freely transferable except where the company proves that it has sufficient cause to refuse to register. As we are bound by New Central Jute Mills; S. The scheme of amalgamation came into effect on 3.

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Industrial Development Bank of India Ltd. v Parmeshwari Fabrics Private Limited & Others on 26 February 2016

industrial development bank of india ltd

Section 111A 3 does not cover a situation of transfer of shares in violation of a private agreement. In the circumstances, the appeal requires to be dismissed and is hereby dismissed. In other words, to a public company. The Counsel for the Central Excise Department invites the attention of this Court to the provisions of Section 62 and 68 of the Customs Act and the Customs Attachment of Property of Defaults for Recovery of Government Dues Rules 1995, in support of their submission that from the date of attachment by the empowered Officer, the first charge is created in favour of the Dept. The basic justification for the claim for priority of State debts is the rule of necessity and the wisdom of conceding to the State the right to claim priority in respect of its tax dues. We are on questioning the maintainability as the respondents have filed replies questioning the maintainability of the petition under Section 111A of the Companies Act, 1956. There is a consensus of judicial opinion that the arrears of tax due to the State can claim priority over private debts.

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Ashok Kumar v. Industrial Development Bank Of India Ltd.

industrial development bank of india ltd

Reference was made to large number of precedents including some of the decisions referred to herein supra and the unanimous Division Bench of apex court held as follows. This loan from KfW would provide further impetus in our endeavor of meeting the growing financial needs of this sector which plays a vital role in the country's economic growth. To learn more, explore our Map Interactive Career Map - discover your career path in corporate finance. Liability under Act to be first charge. Sub-section 3 is the provision that applies to the matter in hand.

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Companies Profiles: Industrial Development Bank of India Ltd (IDBI)

industrial development bank of india ltd

This cannot be stretched to say breach of an agreement is the same as contravention of any law. The doctrine may not apply in respect of debts due to the State if they are contracted by citizens in relation to commercial activities which may be undertaken by the State for achieving socio-economic good. Fast Stochastic has crossed below central line 3 days ago. It is the case of the appellant that the Makharias have breached the said Article of Agreement in as much as when the due diligence was done, it came to light that 10th, 11th and 12th respondents who belonged to Makharia group have on 3. Ghosh, the extent of defiance of authority has assumed such a proportion and that too in respect of an Officer to the rank of Assistant General Manager that the appropriate punishment would be dismissal of service since by virtue of the totality of the acts indulged in by the petitioner, retention in service is contrary to and inconsistent with the discipline of the Bank. The legislature is always presumed to be aware of existing law — both statutory and precedential; before enacting to any new law which might be in direct conflict with the earlier law. Adopting action under is not an option.

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Industrial Development Bank of India (IDBI): Functions and Developmental Activities

industrial development bank of india ltd

The burden of such laches on the part of the concerned respondents have been sought to be shifted to the petitioner's shoulder. In the meanwhile the first respondent, namely, the Deputy Commissioner Arrears Recovery Cell , in the Dept. As far as your request for special leave is concerned. The appellant has challenged the said order dated 7. In which case the company would be bound by such a declaration made by the court, of the illegality arising out of a breach of the contractual obligation and bound to give effect to the decree of the court to refuse registration of transfer. The comapny's strategy is to have a highly focused portfolio concentrating on its 17 most profitable brands, which were responsible for 62% of net revenues in 2008.

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MBA Ocean: Industrial Development Bank of India (IDBI)

industrial development bank of india ltd

The lender was supposed to approach other banks early this month to join the consortium but is yet to start the process owing to the prevailing market conditions. According to him, the petitioner is presently aged about 42 years and he has a family to maintain and the imposition of the punishment of removal would severely affect him and his family. The Assistant Commissioner addressed a letter dated 14. Period Volume Significant Up Significant Down Latest 4644706. The third respondent fell in arrears to a tune of Rs. As compensation for the transfer of the undertaking of the company to the Development Bank under sub-section 1 , the Development Bank shall pay in cash to the company an amount equal to the total paid up capital of the company for the purpose of being distributed to the shareholders of the company in proportion to their contribution to such paid up capital.

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Industrial Development Bank of India Limited recruitment

industrial development bank of india ltd

Rangaraj supra the supreme court has held that the shares are freely transferable and the only restriction on the transfer of shares of a company will be as laid down in its Articles, if any. Read next article: Read previous article:. Thus these two provisions would also do not support the Dept. Other common incidental issues would also arise and therefore, it is expedient to dispose of these by a common order. In fact, the Company Law Board while signing off, made it clear that dismissal of the petition would not bar the appellant from availing any other remedy as may be available in law. All questions which come up before any meeting of the Board shall be decided by a majority of votes of the directors present and voting, and in the event of an equality of votes, the chairman, or in his absence, the managing director, or in the absence of both the chairman and the managing director, the person presiding, shall have a second or casting vote.

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Industrial Development Bank Of India Ltd. v. Parmeshwari Fabrics Private Limited

industrial development bank of india ltd

For other reasons also, we accept the submissions of the Counsel for the Banks and hold that the Central Excise department in common law cannot claim priority in the recovery of their dues. Such a situation would be in contravention of law. I regret my inability to agree with the submission made by learned counsel for the appellants. Aspirants who are seeking or any other can check this page for daily job news in this bank. The principle is based on public policy. Therefore, any revenue authority cannot take action for recovery of tax or duty of arrears dehors the provisions of the enabling Act. This expression sufficient cause, in a given case could also include contravention of some obligations of the transferer or some other obligations attached to this shares, like for example, when certain shares are pledged to a lender or where the transferer has entered into an agreement giving pre- emptive rights to a third party under an agreement.


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