Facts of the Case In this case, a private limited company was owned entirely by a husband and wife, who were the sole shareholders and […]
Tag: LawOfContract
15. The directors of a company bought shares from ‘A’. They disclose to him that negotiations were conducted for the sale of all the company’s shares at higher price than they were to pay to “A”. A sued to have the sale set aside will he succeed.
Facts of the Case The directors of a company purchased shares from ‘A’. Before completing the transaction, they disclosed that the company’s shares were being […]
14. A company was authorised by its Articles to purchase its own shares. W sold his shares to the company and before the price was paid, the company went into liquidation. Is W entitled to prove in the liquidation for the price of the shares.
Facts of the Case A company, authorised under its Articles of Association to purchase its own shares, agreed to buy shares from a shareholder, W. […]
13. ‘X’ company lends to Y company on a mortgage of its assets. The procedure laid down in the Articles for such transactions is not complied with. The directors of the two companies are the same. Is the mortgage binding upon ‘Y’ company.
Facts of the Case ‘X’ Company lent money to ‘Y’ Company against a mortgage of Y’s assets. However, the procedure prescribed in Y Company’s Articles […]
12. ‘A’ had subscribed memorandum of a company for 100 shares. The company was duly registered but ultimately he took only 10 shares. The company was wound up what is the extent of ‘A’s liability. Explain.
Facts of the Case ‘A’ subscribed to the memorandum of a company for 100 shares at the time of its registration. The company was duly […]
11. A circus company borrowed a sum of money on the security of all its assets including machinery. What kind of charge is created by the circus company? Examine.
Facts of the Case A circus company, engaged in entertainment and commercial activities, required financial assistance for its business operations. To meet its financial needs, […]
10. Mr ‘P’ who was a minor, registered his name as a share holder. After attaining majority, he received dividend from the company. Subsequently the company went into liquidation. ‘P’ denies his liability? Decide.
Facts of the Case Mr. ‘P’, while he was still a minor, applied for and got his name registered as a shareholder in a company. […]
6. Articles of Association of a Company reserve the powers for calling the AGM. The MD of the company, without reference to the Board, call an AGM. Is the Annual General Meeting valid?
Facts of the Case A company’s Articles of Association (AOA) expressly provide that the power to convene the Annual General Meeting (AGM) lies with the […]
5. A whole-time director of a company made an invention during the course of his employment with the company. He patented the invention in his own name and appropriated the benefits to himself. Can he do so?
Facts of the Case A whole-time director of a company was employed under a contract of service that required him to devote his full time, […]
4. An offer by ‘A’ Co. Ltd. to purchase the whole of the issued share capital of B Co. Ltd. has been accepted by the holders of 9/10th of the shares, What further steps can be taken by ‘A’ Co. Ltd. to acquire the holdings of the dissenting shareholders.
Facts of the Case A Co. Ltd. made an offer to acquire the entire issued share capital of B Co. Ltd. The offer was communicated […]