Corporate Laws - I_22.01.2014

Corporate Laws I Syllabus Page 1 of 26

M L S Kaarmukilan alias Mukil, Assistant Professor (Law), National Law University Odisha, Cuttack 753 015

NATIONAL LAW UNIVERSITY ODISHA CUTTACK 753 015

B.A. LL.B. (HONS.) AND B.B.A. LL.B. (HONS.)

SEMESTER IV, 2012 BATCH

CORPORATE LAWS - I

COURSE DESIGNED BY:

M L S KAARMUKILAN (MUKIL)

ASSISTANT PROFESSOR (LAW)

[[email protected]]

[[email protected]]

[Cell: 91787 41341]

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KATHAJODI CAMPUS, SECTOR 13, CDA, CUTTACK 753 015 INDIA

PHONE: (0091) 671 2338 018, FAX: (0091) 671 2338 004

http://www.nluo.ac.in



CORPORATE LAWS I: COURSE INFORMATION AND REQUIREMENTS

INTRODUCTION

General principles of contracts as well as law relating to certain special contracts of personal

relationships such as agency and partnership based on trust and good faith have been covered in

the second and third semester respectively. Company contract is one such special contract yet

different from that of agency and of partnership. A company is an artificial legal person

different from that of the people who constitute it recognized as such by law, with certain legal

capacity and perpetual succession. Management and capital provision has been separated. Even

if the capital providers are the managers, they are agents of the company and not the company

itself. Also capital may be brought by a vast majority of the persons.

Under these special circumstances, there are many rules to be observed and adhered to from

formation to dissolving of a company. As recently as 2008, the Limited Liability Partnership law

became the reality and now LLP is also an artificial legal person. But contracting is not the only

way by which a company or LLP may be brought into existence. We will study the law relating

to statutory corporations as well. The subject of corporate laws is therefore vast and taught in

two papers, viz. Corporate Laws - I and Corporate Laws - II, in semesters IV and V respectively,

of the B.A./B.B.A. LL.B. (Hons.) courses.

OBJECTS OF THE COURSE:

This course is aimed at making the students the best transactional/litigating corporate lawyers,

regulators, highly sensitive thinkers capable of influencing the economic well being and posterity

of the country while being able to effectively contribute in achieving social and economic justice

as envisioned in the Constitution. In order to fulfill the above object, its imperative for the

students to have conceptual clarity as well as the ability to think critically and evaluate the

existing framework with respect to its need, scope, adequacy and future requirements. Corporate

Laws I course is designed keeping the above objects in mind. The functional understanding of

the promotion and registration of company and LLP, corporate finance, rights and obligations of

a capital provider and adjudicatory mechanism under the corporate laws are to be covered in

Corporate Laws I. Laws relating to the (company) management etc. are to be covered in

Corporate Laws II.

Reasons and justifications for rules relating to the above mentioned aspects of company shall be

discussed in adequate detail so as to ensure that the students develop independent thinking,



critical analysis and evaluating the existing domain knowledge and in order to facilitate the same

critical, evaluative and comparative approaches are to be used in studying Corporate Laws I. The

standard shall be comparable to the best of the national and international law schools. To develop

an understanding of the formation, registration of companies and regulation of companies,

relevant provisions of the Companies Acts, 2013/1956, including schedules, rules, departmental

circulars, clarifications and notifications made thereunder, their interpretation through decided

case laws, scholarly theoretical material, journal review articles, post independence corporate

law developments including the review of company law by the JJ Irani Committee and the

Limited Liability Partnership Act, 2008 would form part of the study material which are listed

under the specific modules in the following pages. In addition to the Companies Acts,

2013/1956, relevant provisions of legislations relating to securities market and foreign exchange

management etc. would also be discussed in brief.

LEARNING OBJECTIVES

To understand the historical development of corporation and regulation of corporations by State

To appreciate the scheme of registration of the corporations and the rationale behind various

statutory requirements

To know the limitations on the contracting power and the system of checks and balances

To examine the nature, scope and the constitutional validity of adjudicatory mechanism under

the Companies Act, 1956 and its functioning

To understand how corporate finance is being regulated by the state

To understand the statutory rights and obligations of a capital provider

To understand and to evaluate the regulation of stakeholders interface and the interface between

the company and the stakeholders

COURSE SUMMARY

Corporate Laws I deals with promotion and incorporation by registration, consequences of

incorporation, interpretation of the constitutional documents of companies, adjudicatory bodies,

financial structure, raising of equity capital including issue of prospectus, allotment of shares and

certificates, depositories, transfer/transmission of shares and membership rights. Cross reference

will be made to the extent the Companies Acts, 2013/1956 applies to the LLP.



The topics for this course are divided into ten units:

UNIT 1 - INTRODUCTION

UNIT 2 - SPECIAL CONTRACTS RESULTING IN BODY CORPORATE

UNIT 3 ADJUDICATORY BODIES

UNIT 4 INTERPRETATION AND ALTERATION OF MEMORANDUM AND ARTICLES

UNIT 5 CORPORATE THIRD PARTY DEALINGS AND LIABILITY

UNIT 6 FORMATION OF CAPITAL AND RAISING OF SHARE CAPITAL

UNIT 7 TRANSFER AND TRANSMISSION OF SHARES

UNIT 8 MEMBERSHIP RIGHTS, CLASS RIGHTS AND MINORITY PROTECTION

UNIT 9 DEBT CAPITAL

UNIT 10 CREDITOR PROTECTION AND MAINTENANCE OF CAPITAL

TEACHING METHODOLOGY

Corporate Laws I will be taught by a combination of lectures and classroom discussions. Being

a branch of law essentially made of various statutes and decided cases the interpretation of

various statutory provisions and case laws will be an integral part of teaching. Students are

expected to read the full judgments in advance in order to participate in the class room

discussions. As part of project writing exercise, ample scope would be made available to the

students for their self learning, critical thinking, creativity and development of research skills and

techniques.

ASSESSMENT

The performance of the students in this course is assessed on continuous basis for a total of 100

marks. The division of marks between internals and attendance, mid-semester and end semester

examination is 25, 25 and 50 respectively. Mid-semester as well as end-semester shall be written

exam. In case of open book exam, the questions will be problem based. This is aimed at checking

the in-depth knowledge and analytical as well as advocacy skills of the students in the subject. In

case of closed book exam a combination of problem as well as theory based questions will be

given. This will test, in addition to the skills as mentioned under mid-semester exam, the

retaining capacity as well as the recalling ability of candidates.

DIVISION OF INTERNALS MARKS (MAXIMUM MARKS 25):

CRITERIA FOR INTERNAL ASSESSMENT:



Internal Assessment is planned by the course teacher in her discretion, subject to the relevant

examination rules of the University. In this course you are required to write a project on an

approved topic. The division of marks for the same in this course is as follows :

First Draft:

Relevance and significance of the topic: 1 mark

Literature review: 1 mark

Research objective(s) and question(s) with appropriate title for the paper: 1 mark

Chapterisation: 1 mark

Bibliography: 1 mark Total: 05 marks

Final Draft:

Content and Analysis: 6 marks

Extent of research, foot noting and bibliography: 4 marks Total: 10 marks

Project Viva:

2 minutes speech on the project: 2 marks

(Quality of content, delivery, clarity of concepts, articulation, use of authorities, if

any, and time management etc. will be considered in marking)

Answer to questions: 3 marks Total: 05 marks

Attendance: 5 marks; for details please refer to the Examination Rules.

DETAILED COURSE CONTENTS

UNIT 1 - INTRODUCTION

Nature of business; Meaning and significance of business organizations; kinds of

business organizations

Corporation nature and definition; Types and the historical development of

incorporated companies; emergence of principle of limited liability

Companies under the Companies Acts, 1956/2013; Limited Liability Partnership (LLP)

Overview of the features of company and Limited Liability Partnership

Differences between a Partnership under the 1932 Act and a Company/LLP

Development of Company Law in England and India

Major Amendments to the Companies Act, 1956

Producer Companies



Board of Company Law Administration; Company Law Board

NCLT and NCLAT

Recent developments and the Companies Act, 2013.

Cases:

1. Smith v. Anderson, (1880) L.R. 15 Ch. D. 247

2. Sathish Chandra v. Union of India, AIR 1995 SC 138 : [1994] 81 Comp. Cases 482 (SC)

3. The Barium Chemicals Ltd. and Anr. v. The Company Law Board and Ors., AIR 1967

SC 295: [1966] 36 Comp. Cases 639 (SC)

4. A.B.N. Amro Bank v. Indian Railway Finance Corporation Ltd., [1996] 85 Comp. Cases

716 (Del)

5. Micromeritics Engineers Pvt. Ltd. and Ors. v. S. Munusamy, [2003] 116 Comp. Cases

465 (Mad)

6. Sumitomo Corporation v. CDC Financial Services (Mauritius) Ltd. and Ors., AIR 2008

SC 1594: (2008) 1 Comp LJ 393 (SC): (2008) 4 SCC 91

Mandatory Readings:

1. A.K. Majumdar and G.K. Kapoor, pp. 1-107.

2. Paul L. Davies, pp. 3-52.

3. Report of the JJ Irani Committee on Company Law, 2002

4. The Companies Bill, 2011

5. P.B. Menon, Origin of Private Limited Companies and the Emergence of Deemed Public

Companies, Chartered Secretary, June 1981, p. 521.

6. L.C.B. Gower, The English Private Company, 18 L. & CONTEM. PROBS. 535 (1953).

(LAW AND CONTEMPORARY PROBLEMS)

7. David Millon, Theories of Corporation, 201 DUKE L.J. 201 (1990).

8. Ronald J. Colombo, Ownership, Limited: Reconciling Traditional and Progressive

Corporate Law via an Aristotelian Understanding of Ownership, 34 J. CORP. L. 247

(2008).

Additional Readings:

1. Henry Wade Rogers, Corporations, YALE L.J., Vol. 11, No. 5, (Mar., 1902), pp. 223-245

(The Yale Law Journal).

2. Henry Hansmann and Reinier Kraakman, What is Corporate Law? Yale Law School,

Center for Law, Economics and Public Policy Research Paper No. 300



3. Robert L. Raymond, The Genesis of the Corporation, 19 HARV. L. REV. 350 (1906).

(Harvard Law Review)

4. Jeffrey N. Gordon, The Mandatory Structure of Corporate Law, 89 COLUM. L. REV.

1549 (1989) (Columbia Law Review).

5. Paddy Ireland et al., The Conceptual Foundations of Modern Law, 14 J. L. & Soc'y. 149

(1987).

6. Patrick C. Leyens, German Company Law: Recent Developments and Future Challenges,

06 G.L.J. 10:1408 (2005). (German Law Journal)

7. Klaus J. Hopt, Comparative Company Law, in THE OXFORD HANDBOOK OF

COMPARATIVE LAW, (Mathias Reimann and Reinhard Zimmermann (eds., 2006,

Oxford), pp. 1161-1191.

UNIT 2 SPECIAL CONTRACTS RESULTING IN BODY CORPORATE

Promoters meaning, position, duties and liabilities

Memorandum of Association and Articles of Association: Meaning, Significance and

Contents

Scope and Significance of Modern Company and LLP Contracts

Parties to the contract and other stakeholders

Registration and Incorporation of Companies

Resultant Body Corporate : Nature and Meaning

Identification of Legal Relationships amongst the stakeholders inter se, if any,

and between the stakeholders and the company

Registered office and publication of name

Certificate of Incorporation

Certificate of Commencement of Business

An Overview of the Structure of Company and LLP Laws

Structure of Corporate Law

Protection of Stakeholders Interest under the Corporate Law

Freedom of Contract vis--vis Corporate Law

Select Special Features of Company Contract

Concept of Corporate Personality and other associated features

Doctrine of Lifting of Corporate Veil



Concept of Limited Liability

Exceptions to Limited Liability

Cases:

1. Twycross v. Grant, 1877 2 C.P.D 469.

2. Whaley Bridge Calico Printing Co. v. Green, (1880) 5 QBD 109.

3. Salomon v. Salomon & Co, [1895-99] All ER 33: 1897 A.C. 22 (HL).

4. Erlanger v. New Sombrero Phosphate Co., (1878) 3 App Cas 1218.

5. Foss v. Harbottle, (1843) 2 Hare 461.

6. Lydney and Wigpool Iron Ore Co. v. Bird, (1886) 33 ChD 85.

7. Jacobus Marler Estates Ltd. v. Marler, (1913) 85 LJ PC 167.

8. Gluckstein v. Barnes [1900] AC 240.

9. Thiruvenkatachariar National Livestock Registration Bank Ltd. v. A.T. Velu Mudaliar,

AIR 1938 Mad 154 : ILR 1938 Mad 192.

10. Adams v. Cape Industries plc (1991) 1 All ER 929

11. Bacha F. Guzdar v. CIT, Bombay, AIR 1955 SC 74: (1955) 1 SCR 876

12. Bennett, Coleman & Co. v. Union of India, (1972) 2 SCC 788

13. Commissioner of Income Tax v. Sri Meenakshi Mills Ltd., AIR 1967 SC 819

14. Cotton Corporation of India Ltd. v. G.C. Odusumathd, (1999) 22 SCL 228 (Kar)

15. D.C.M Company Ltd. v. Union of India & Ors., 1983 5 Comp. Cases 674

16. Daimler Co. Ltd. v. Continental Tyre Co., [1916-1917] All ER 191: (1916) 2 A.C 307 HL

17. DHN Food Distributors v. London Borough of Tower Hamlets, [1976] 3 All E.R. 462:

[1976] 1 WLR 852

18. Imperial Chemical Industries Ltd. v. Commission, (case 48/69) [1972] ECR 619

19. In re, the Kondoli Tea Co. Ltd., (1886) ILR 13 Cal. 43

20. Industrial Development Corporation, Orissa v. Regional Provident Fund Commissioner,

(2002) 112 Com. Cases 527 (Orissa)

21. Lee v. Lee Air Farming Ltd., (1961) AC 12: 3 All ER 420 (PC)

22. LIC v. Escorts Ltd., (1986) 59 Com Cases 548

23. Macaura v. Northern Assurance Co. Ltd., [1925] AC 619

24. New Horizons Ltd. v. Union of India, (1995) 1 SCC 478



25. R.C. Cooper v. UOI, (1970) 1 SCC 248: 1970 SCR 530

26. Salomon v. Salomon & Co, [1895-99] All ER 33: 1897 A.C. 22, HL.

27. State Trading Corporation of India Ltd. v. Commercial Tax Officer, AIR 1963 SC 1811.

28. Tata Engineering and Locomotive Company Ltd. v. State of Bihar, AIR 1965 SC 40.

29. Workmen of Associated Rubber Industry Ltd. v. Associated Rubber Industry Ltd., (1985)

4 SCC 114

30. Electronics Corporation of India Ltd. v. Secy. Revenue Dept. Govt. of A.P., [1999] 97

Comp. Cases 470

31. Heavy Engineering Mazdoor Union v. State of Bihar, [1969] 39 Comp. Cases 905 (SC)

32. C.V. Raman v. Management of Bank of India and Another., [1988] 3 SCC 105

Mandatory Readings:

1. Thomas Thacher, Incorporation, 9 YALE L.J. 82 (1899).

2. J.H. Gross, Who is a company Promoter?, (1970) 86 LQR 493.

3. J. Gold, The Liability of Promoters for Secret Profits in English Law, 5 UTLJ 21 (1943).

4. B.E. MeCrea, Disclosure of Promoters Secret Profits, 3 U. BR. COLUM. L. REV. 3:183-

216 (1968).

5. Note:- Promoters Profits: Control by Court and Commission, 49 HAR. L. REV. 785

(1936).

6. Harry Shapiro, The Formation of Companies under the English Company Law: A

Comparison with American Legislation, 60 U. PA. L. REV. 419 (1912).

7. A.W.S., Corporations: The Right of Majority to Amend Certificate of Incorporation, 28

MICH. L. REV. 1009 (1930).

8. Stanton J. Schuman, Corporations: Amendments by Majority of the Stockholders:

Provision in Certificate of Incorporation Requiring More than Majority, 37 MICH. L.

REV. 803 (1939).

9. R. R. Drury, Nullity of Companies in English Law, 48 MLR 644 (1985).

10. Herbert Knox Smith, Incorporation by the State, 14 YALE L.J. 385 (1905).

11. Stewart Chaplin, Incorporation by Reference, 2 COLUM. L. REV. 148 (1902).

12. Note: Constitutional Rights of the Corporate Person, 91 YALE L. J. 1641 (1982).

13. Andrew Hicks, Corporate Form: Questioning The Unsung Hero, 1997 JBL 306.

14. B. Errabbi, The Problem of Juristic Personality, 7 JILI 156 (1965).



15. T.N. Pandey, When Can a Company be treated as a Partnership, Chartered Secretary,

March 1997, p. 239.

16. Jeffrey K. Vandervoort, Piercing the Veil of Limited Liability Companies: The Need for a

Better Standard, 3 DEPAUL BUS. & COMM. L.J. 51.

17. John H. Farrar, Frankenstein Incorporated or Fools Parliament? Revisiting the Concept

of the Corporation in Corporate Governance, 10 BOND L. REV. 142 (1998).

18. I. Maurice Wormser, Piercing Veil of Corporate Entity, 12 COLUM. L. REV. 496 (1912).

19. Joseph L. Weiner, The Berle-Dodd Dialogue on the Concept of Corporation, 64 COLUM.

L. REV. 1458 (1964).

20. Stephen Griffin, Limited Liability: A Necessary Revolution, 25 COM. LAW. 99 (2004).

21. F. G. Rixon, Lifting the Corporate Veil Between Holding and Subsidiary Companies, 102

L.Q.R. 415 (1986).

22. Lisa Linklater, Piercing the Corporate Veil - The Never Ending Story, 27 COM. LAW.

65 (2006).


1. Alexander Hamilton Frey, Modern Development in the Law of Pre-Incorporation

Subscriptions, 79 U. PA. L. REV. 1005 (1931).

2. C.A.W., Liability of Promoters for Promotion Profits, 77 U. PA. L. REV. 661 (1929).

3. David S. Ruder, Public Obligations of Private Corporations, 114 U. PA. L. REV. 209

(1965).

4. Dennis Thompson, The Creation of a European Company, 17 ICLQ 183 (1968).

5. Frank B. Kellogg, Federal Incorporation and Control, 20 YALE L.J. 177 (1911).

6. John McMullen, Preliminary Contracts by Promoters, 41 CAMBRIDGE L.J. 47 (1982)

612

7. John W. Brabner-Smith, Federal Incorporation of Business, 24 VA. L. REV. 159 (1937).

8. Manfred W. Ehrich & Lucille C. Bunzl, Promoters' contract, 38 YALE L.J. 1011 (1929)

575.

9. Max Thelen, Federal Incorporation of Railroads, 5 CAL. L. REV. 273 (1917).

10. Myron W. Watkins, Federal Incorporation II, 17 MICH. L. REV. 145 (1918).

11. Myron W. Watkins, Federal Incorporation III, 17 MICH. L. REV. 238 (1919).

12. Note: Company Promoters Are Fiduciaries, 13 HAR. L. REV. 602 (1900).

13. Note: Corporations: Promoters: Duty to Incorporate, 25 MICH. L. REV. 670 (1927).



14. R.D. Weston, Promoters Liability: Old Dominion v. Bigelow, 30 HAR. L. REV. 39

(1916).

33. Stephen M. Bainbridge, Abolishing Veil Piercing, 26 J. CORP. L. 479 (2001) (Journal of

Corporation Law).

34. Margaret M. Blair and Lynn A. Stout, A Team Production Theory of Corporate Law, 85

VA. L. REV. 247 (1999) (Virginia Law Review).

35. Judith Freedman, Small Business and the Corporate Form: Burden or Privilege? 57:4

MLR 555 (1994).

36. Judith Freedman, Limited Liability: Large Company Theory and Small Firms, 63:3 MLR

317 (2000).

37. Andrew Hicks, Corporate Form: Questioning The Unsung Hero, J. BUS. L. (July 1997).

38. Paul Halpern, Michael Trebilcock and Stuart Turn Bull, An Economic Analysis of Limited

Liability in Corporation Law, 30 U. TORONTO L.J. 2: 117-150 (1980).

39. Binda Sahni, The Interpretation of the Corporate Personality of Transnational

Corporations, 15 WIDENER L.J. 1 (2005).

40. Max Radin, The Endless Problem of Corporate Personality, 32 COLUM. L. REV. 643

(1932).

41. Arthur W. Machen, Jr., Corporate Personality, 24 HARV. L. REV. 253 (1911).

42. Arthur W. Machen, Jr., Corporate Personality (Continued), 24 HARV. L. REV. 347

(1911).

43. Jason W. Neyers, Veil-Piercing, and the Private Law Model Corporation, 50 U.

TORONTO L.J. 173 (2000).

44. Henry Hansmann and Reinier Kraakman, Towards Unlimited Shareholder Liability for

Corporate Torts, 100 YALE L.J. 1879 (1991).

45. Bryant Smith, Legal Personality, 37 YALE L.J. 283 (1928).

46. Simon Bowmer, To Pierce or Not to Pierce the Corporate Veil Why Substantive

Consolidation is Not an Issue Under English Law, 15 J.I.B.L. 193 (2000).

47. Kevin Wardman, The Search for Virtual Reality in Corporate Group Relationships, 15

COM. LAW. 179 (1994).

48. Anil Hargovan and Jason Harris, Piercing the Corporate Veil in Canada: A Comparative

Analysis, 28 COM. LAW. 58 (2007).

49. Frank H. Easterbrook and Daniel R. Fishchel, Limited Liability and the Corporation, 52

U. CHI. L. REV. 89 (1985).



UNIT 3 ADJUDICATORY BODIES

Ordinary Civil Courts : Jurisdiction in relation to company matters

High Court : Original and appellate jurisdiction in relation to company matters

Company Law Board : Structure and Composition, Significance, Jurisdiction, Powers and

Functions

NCLT and NCLAT : Creation, Scope, Significance, Jurisdiction, Powers and Functions

Cases :

1. President, Madras Bar Council v. Union of India, (2004) 2 Comp LJ 274 (Mad)

2. Ashoka Tea Estates (P.) Ltd. v. RoC, (1959) 29 Com. Cases 244 (Mad)

3. Jyoti Bhusan Mukherjee v. Eastern Tea Co. Ltd., (1983) 53 Com Cases 722 (Cal)

4. M.G. Doshit v. Reliance Petro Chemical Ltd., (1994) 79 Com Cases 830 (Guj)

5. Patel Roadways Ltd. v. Prasad Trading Co. Ltd., (1992) 74 Com Cases 11 (SC)

6. Subramanian Swamy v. Union of India, (2001) 118 Com Cases 126 (Delhi)

Mandatory Readings :

1. K.S. Ravichandran, Basic Techniques for Appearances Before National Company Law

Tribunal, CHARTERED SECRETARY, 2005 (03): 390-394.

2. R. Santhanam, National Company Law Tribunal: Creation and Expectations, (2003) 1

COMP. L.J. (J) 33.

3. R. Santhanam, Appellate Tribunal under Company Law, (2003) 1 COMP. L.J. (J) 41.

UNIT 5 INTERPRETATION AND ALTERATION OF MEMORANDUM AND ARTICLES

Interpretation of MoA and AoA

Alterations in Memorandum of Association and in Articles of Association

Restrictions on such Alterations

A Comparative Analysis of MoA and AoA

Conflict between MoA and AoA

Cases:

Memorandum of Association

1. Ashbury Railway Carriage and Iron Co. Ltd. v. Riche, (1875) 44 LJ Exch 185, (1875) 44

LR 7 HL 653.



2. B. Ramachandra Adityan v. Educational Trustee Co., (P) Ltd., [2003] 113 Comp. Cases

334 (Mad): [2003] 41 SCL 385 (Mad)

3. Bell Houses Ltd. v. City Wall Properties Ltd., [1966] 2 All ER 674.

4. British Diabetic Association v. Diabetic Society Ltd., [1995] 4 All ER 812.

5. Dalmia Cement (Bharat) Ltd., In re [1964] 34 Comp. Cases 729 (Mad)

6. Exxon Corporation v. Exxon Insurance Consultants International Ltd., [1982] Ch 119.

7. Framrose Rustomji Paymaster v. British Burmah Petroleum Co. Ltd., [1976] 46 Comp.

Cases 587 (Bom)

8. Halifax plc v. Halifax Repossessions Ltd., [2004] BCC 281: [2004] EWCA Civ 331.

9. Jehangir R. Modi v. Shamji Ladha, [1866-67] 4 Bom HCR 1855

10. Lakshmana Swami Mudaliar v. L.I.C., AIR 1963 SC 1185

11. Minerva Mills Ltd. v. Govt. of Maharashtra, [1975] 45 Comp. Cases 1 (Bom)

12. Montari Industries Ltd. v. Montari Overseas Ltd., [1996] 20 CLA 313 (Delhi)

13. Munirabad Chemicals Co. v. R.C Mody Exports (P) Ltd., [2008] 142 Comp. Cases 589

(Bom): [2007] 78 SCL 307 (Bom)

Articles of Association General Principles

1. Beattie v. E & F Beattie Ltd., [1938] 1 Ch 708

2. Borlands Trustee v. Steel Brothers and Co. Ltd., [1901] 1 Ch 279

3. Bratten Seymour Service Co. Ltd. v. Oxborough, [1992] BCC 471 (CA)

4. C.P. Singhania v. Garware Club House, [2003]46 SCL 659 (Bom)

5. Clemens v. Clemens Bros Ltd., [1976] 2 All ER 268

6. Eley v. The Positive Government Security Life Assurance Co Ltd., (1876) 1 Ex D 88

7. Foss v. Harbottle (1843) 2 Hare 461

8. Hickman v. Kent or Romney Marsh Sheepbreeders Association, [1915] 1 Ch 881

9. In re New British Iron Co, ex parte Beckwith, [1898] 1 Ch 324

10. Kerr v. John Mottram Ltd., [1940] Ch 657

11. North-West Transportation Co Ltd. v. Beatty, (1887) 12 App Cas 589

12. Pender v. Lushington, (1877) 6 Ch D 70

13. Quinn & Axtens v. Salmon, [1909] AC 442

14. Rayfield v. Hands, [1960] 1 Ch 1



15. Scott v. Frank F. Scott (London) Ltd., [1940] Ch 794

16. Shuttleworth v. Cox Bros & Co. (Maidenhead) Ltd., [1927] 2 KB 9 (CA)

17. Wood v. Odessa Waterworks Co., (1889) 42 Ch D 636

Articles of Association Alteration of Articles

1. Allen v. Gold Reefs of West Africa Ltd., [1900] 1 Ch 656

2. Andrews v Gas Meter Company Ltd., [1897] 1 Ch 361

3. Bharat Gramin Merchants Association Ltd., In re [1974] 44 Comp. Cases 214 (Del)

4. Brown v. British Abrasive Wheel Co., [1919] 1 Ch 290

5. Cane v. Jones, [1980] 1 WLR 1451; [1981] 1 All ER 533

6. Clemens v. Clemens Bros Ltd., [1976] 2 All ER 268

7. Cumbrian Newspapers Group Ltd. v. Cumberland and Westmoreland

8. Dafen Tinplate Co Ltd. v. Llanelly Steel Co., (1907) Ltd [1920] 2 Ch 124

9. Eley v. The Positive Government Security Life Assurance Co. Ltd., (1876) 1 Ex D 88

10. Greenhalgh v. Arderne Cinemas Ltd., [1951] Ch 286 (CA)

11. Herald Newspaper and Printing Co Ltd., [1987] Ch 1; [1986] 2 All ER 816

12. Hickman v. Kent or Romney Marsh Sheepbreeders Association, [1915] 1 Ch 881

13. House of Fraser plc v. ACGE Investments Ltd. and Others, [1987] BCLC 478

14. In re, Northern Engineering Industries plc, [1994] BCC 618 (CA)

15. Mathrubhumi Printing and Publishing Co. Ltd. v. Vardhaman Publishers Ltd. and Ors.,

[1992] 73 Comp Cases 80 (Ker)

16. Northern Counties Securities Ltd. v. Jackson and Steeple Ltd., [1974] 1 WLR 1133;

[1974] 2 All ER 625

17. Punt v. Symons & Co. Ltd., [1903] 2 Ch 506

18. Quinn & Axtens v. Salmon, [1909] AC 442

19. Rights and Issues Investment Trust Ltd. v. Stylo Shoes Ltd., [1964] 3 All ER 628

20. Russell v. Northern Bank Development Corporation Ltd., [1992] 1 WLR 588 (HL):

[1992] 3 All ER 161 (HL)

21. Shuttleworth v. Cox Bros & Co. (Maidenhead) Ltd., [1927] 2 KB 9 (CA)

22. Sidebotham v. Kershaw, Leese & Co., [1920] 1 Ch 154 (CA)

23. Southern Foundries (1926) Ltd. v. Shirlaw, [1940] AC 701



Mandatory Readings:

1. K.S. Ravichandran, Memorandum and Articles of Association of Producer Companies

A Secretarial Practice Manual,

2. T.N. Pandey, Computer Printing of Memorandum and Articles of Association of

Companies, CS 1991, Vol. 21, Iss. 10, p. 815

3. M. Ramakrishna, Procedure for Change of Name Clause in the MoA, CS 1989 Vol. 19,

Iss. 8, p. 575

4. Hinduja, Objects Clause of Memorandum of Association of a Company, CS 1982 Vol. 12,

Iss. 4, p. 285

5. T.K.A. Padmanabhan, Alteration of Articles of Association, Corporate Law Adviser,

51(03):2002, pp.77-78.

6. Note: Pre-Emptive Rights [of Common Stockholders] Restricted, 4 STAN. L. REV. 449

(1952).


1. J. Savirimuthu, Thoughts on Russell Killing Private Companies with Kindness?, 14

COM LAW 137 (1993).

2. B.J. Davenport, What did Russell v. Northern Bank Development Corporation Ltd.

decide?, 109 LQR 553 (1993).

3. B.G. Pettet, Unlimited Objects Clause?, 97 LQR 15 (1981).

4. John Armour and Michael J. Whincop, The Proprietary Foundations of Corporate Law,

OXFORD J. LEG. STUD. 429 (2007).

5. Bernard F. Cataldo, Conditions in Subscription of Shares, 43 VA. L. REV. 353 (1957).

6. Robert R. Pennington, Reform of the Ultra Vires Rule, 8 COM. LAW. 103 (1987).

7. William J. Carney, Fundamental Corporate Changes, Minority Shareholders, and

Business Purposes, 5 AM. B. FOUND. RES. J. 69 (1980).

UNIT 6 CORPORATE THIRD PARTY DEALINGS AND LIABILITY

Corporate Control

Company Third Part Contracts and Contractual Capacity

Rules of Attribution

The doctrines of ultra-vires, constructive notice and indoor management

Pre-incorporation, Provisional and Post-dissolution contracts

Corporate Criminal Liability



Corporate Tortuous Liability

Corporate Liability v. Limited Liability: A Social Cost Analysis

Cases:

1. Bell Houses Ltd. v. City Wall Properties Limited, [1966] 36 Comp. Cases 779

2. CIT v. Bijli Cotton Mills, (1953) 23 Comp. Cases 114 (All)

3. Cotronic (UK) Ltd. v. Dezonie, [1991] BCLC 721

4. Kelner v. Baxter, [1866] 15 LT 213: (1866) LR 2 CP 174

5. M. Velayudhan v. Registrar of Companies, [1980] 50 Comp. Cases 33(Ker)

6. Meridian Global Funds Management Asia Ltd. v. Securities Commission, [1995] 2 AC

500

7. Newborne v. Sensolid (GB) Ltd., [1954] 1 QB 45

8. Phonogram Ltd. v. Lane [1982] QB 938

9. Royal British Bank v. Turquand, [1856] 6 E & B 327

10. Seth Sobhag Mal Lodha and Ors. v. Edward Mills Co. Ltd. and Ors., [1972] 42 Comp.

Cases 1 (Raj)

11. Standard Charted Bank and Ors. v. Directorate of Enforcement and Ors., (2005) 4 Comp

LJ 464 (SC)

12. Vali Pattabhirama Rao v. Sri Ramanuja Gining and Rice Factory Pvt. Ltd., [1986] 60

Comp. Cases 568 (AP).

13. Williams and Another v. Natural Life Health Foods Ltd., [1998] 2 All ER 577 (HL) ;

[1998] BCC 428

Mandatory Readings:

1. Kent Greenfield, From Rights to Regulation in Corporate Law in PERSPECTIVES ON

COMPANY LAW: 2 (Fiona Patfield, ed., 1997).

2. Forgery under the Doctrine of Indoor Management, Chartered Secretary, August 1983, p.

602.

7. David W. Leebron, Limited Liability, Tort Victims and Creditors, 91 COLUM L. REV. 7:

1565 (1991).

8. I. D. Campbell, Contracts with Companies I - The Doctrine of Constructive Notice, 75

LQR 469 (1959).

3. I. D. Campbell, Contracts with Companies II - The Indoor Management Rule, 76 LQR

115 (1960).



4. Anrew R. Thompson, Company Law Doctrines and Authority to Contract, 11 U.

TORONTO L.J. 248 (1956).

5. Robert D. Cooter, Economic Theories of Legal Liability, 5 J. ECON. PERSP. 11 (1991).


1. K.W. Wedderburn, Ultra Vires in Modern Company Law, 46 MLR 204 (1983).

2. Adolf A. Berle, Jr., Control in Corporate Law, 58 COLUM L. REV. 1212 (1958).

3. F.H.M., Corporation: Stockholders Liability for Torts, 5 CAL. L. REV. 248 (1917).

4. R.S. Welsh, The Criminal Liability of Corporations, 62 LQR 345 (Oct., 1946).

5. Daniel Fischel & Alan O. Sykes, Corporate Crime, 25 J. LEGAL STUD. 319 (1996).

6. V.S. Khanna, Corporate Criminal Liability: What Purpose Does It Serve? 109 HAR. L.

REV. 1477 (1996).

7. L.H. Leigh, The Criminal Liability of Corporations and Other Groups: A Comparative

View, 80 MICH. L. REV. 1508 (1982).

8. Stewart Field and Nico Jorg, Corporate Liability and Manslaughter: Should We be Going

Dutch? CRIM. L.R. 156 (1991).

9. Henry Hansmann and Reinier Kraakman, Towards Unlimited Shareholder Liability for

Corporate Torts, 100 YALE L.J. 1879 (1991).

10. John C. Coffee, Jr., No Soul to Damn: No Body to Kick: An Unscandalised Inquiry

into the Problem of Corporate Punishment, 79 MICH. L. REV. 386 (1981).

11. Stephanie Earl, Ascertaining the Criminal liability of a Corporation, 13 NZBLQ 200

(2007).

12. Nico Jorg and Stewart Field, Corporate Liability and Manslaughter: Should We be Going

Dutch, CRIM. L.REV. 1991 Mar. p. 156.

13. Edward B. Diskant, Comparative Corporate Criminal Liability: Exploring the Uniquely

American Doctrine Through Comparative Criminal Procedure, 118 YALE L.J. 126

(2008).

UNIT 6 FORMATION OF CAPITAL AND RAISING OF EQUITY CAPITAL

Concept of capital and financing of companies

Kinds of capital and Contracts to subscribe for shares

Classes and types of shares; equity with differential rights.

Issue of shares at par, premium and discount.

Private Placement and Statement in lieu of Prospectus



Information Memorandum: Contents and Registration

Public Issue

Prospectus:

Meaning, Definition and Kinds

Abridged prospectus

Red-herring prospectus

Shelf prospectus

Contents and Registration

Misrepresentations in prospectus and civil and criminal liability for such

misrepresentations.

Allotment of Shares

Minimum Subscription Requirement

Dematerialisation and rematerialisation of securities

Cost v. Benefit of demat form

Share certificates and share warrants.

Call on shares.

Forfeiture and surrender of shares.

Bonus issues; rights issues; issue of sweat equity shares.

Private placement

Qualified Institutions Placement

Cases:

1. Birch v. Cropper (1889) 14 AC 525

2. Borlands Trustee v. Steel Brothers & Co Ltd., [1901] 1 Ch 279

3. Carruth v. Imperial Chemical Industries Ltd., [1937] AC 707

4. Chatterley-Whitfield Collieries Ltd, Re, [1949] AC 512 (HL)

5. Gopal Jalan & Co. v. Calcutta Stock Exchange Association, AIR 1964 SC 250

6. Greenhalgh v. Arderne Cinemas., [1946] 1 All ER 512

7. Hillcrest Realty Sdn Bhd v. Hotel Queen Road Pvt. Ltd., [2006] 71 SCL 41 (CLB)

8. CIT v. Dalmia Investment Co. Ltd., (1964) 52 ITR 567 (SC)



9. Holders Investment Trust Ltd., Re [1971] 1 WLR 583

10. House of Fraser plc v. ACGE Investments Ltd. and Others, [1987] BCLC 478

11. Isle of Thane Electricity Supply Co Ltd., Re, [1950] Ch 161

12. M/s. Khoday Distilleries Ltd. v. Commissioner of Income Tax and Anr., Civil Appeal No.

6654 of 2008, decided on 14 November, 2008

13. Kisan Mehta and another v. Universal Luggage Manufacturing Co. Ltd. and another,

[1988] 63 Comp. Cases 398 (Bom)

14. Naresh Chandra Sanyal v. Calcutta Stock Exchange Association Ltd., AIR 1971 SC 422

15. Northern Engineering Industries plc., Re, [1994] BCC 618

16. Oakbank Oil Co. v. Crum, (1882) 8 AC 65

17. Prudential Assurance Co. Ltd. v. Chatterley-Whitfield Collieries Ltd., [1949] AC 512

18. Raymond Synthetics Ltd. and Ors. v. Union of India, AIR 1982 SC 847

19. Saltdean Estate Co Ltd., Re. [1968] 1 WLR 1844: [1968] 3 All ER 829

20. Scottish Insurance Corporation Ltd. v. Wilsons & Clyde Coal Co. Ltd., [1949] AC 462

21. Thundercrest Ltd., Re, [1994] BCC 857 (Ch D)

22. White v. Bristol Aeroplane Co., [1953] Ch 65

23. Will v. United Lankat Plantations Co. Ltd., [1914] AC 11

Mandatory Readings:

1. Alexander Hamilton Frey, Shareholders Pre-Emptive Rights, 38 YALE L.J. 563 (1929).

2. Amit Jain, Can Bonus Equity Shares be Issued to the Preference Shareholders,

CHARTERED SECRETARY

3. Eva Micheler, Farewell Quasi-Negotiability? Legal Title and Transfer of Shares in a

Paperless World, 2002 J.B.L. 358.

4. J.K. Dwivedi, Book Building Emerging Scenario in the Indian Capital Market,

CHARTERED SECRETARY, June 1998, p. 507.

5. Jasbir Kaur Taak, Forfeiture of Shares Law and Practice, CHARTERED SECRETARY,

February 1997, p. 135.

6. K.R. Chandratre, Stamp Duty on Shares Issued in Demat Mode: All Round Confusion,

EXECUTIVE CHARTERED SECRETARY, January 2007, p. 9.

7. Mritunjay K. and Prashant K., Voting and Non-Voting Shares, (2004) 4 Comp. L.J. (J)

10.



8. Paras K. Jain, Qualified Institutions Placement, EXECUTIVE CHARTERED SECRETARY,

January 2007, p.23.

9. Pavan Kumar Vijay, Corporate Concerns Depository System, CHARTERED

SECRETARY, March 1996, p. 266.

10. Sanjiv Agarwal, Red-Herring Prospectus and Information Memorandum, CHARTERED

SECRETARY, May 2002, p. 34.


1. Stefan Grundmann and Wiss. Mitarbeiter Dipl.-Kfm. Florian Mslein, Golden Shares

State Control in Privatised Companies: Comparative Law, European Law and Policy

Aspects, European Banking and Financial Law Journal (EUREDIA), 1 (2004).

2. Catarina af Sandeberg, From Caveat Emptor to Caveat Venditor the Winding

Road to prospectus Liability in the Scandinavian Countries, 2003 JBL 91.

UNIT 7 TRANSFER AND TRANSMISSION OF SHARES

Transfer of Shares

Transfer Procedure in physical mode; Share Certificates, Uncertified Shares

Transfer Procedure in Depository mode

Forged or Fraudulent Share Transfers

Transmission of Shares

Nomination

Share Warrants

Warranties and indemnities on Share Sales

Overview of dealings in Securities in Secondary Market

Companies lien on shares

Cases:

1. All India Bank Officers Confederation v. The Dhanlakshmi Bank Ltd., [1997] CLB

2. Bahia & San Francisco Railway Co, Re (1868) LR 3 QB 584

3. Bajaj Auto Ltd. v. Company Law Board and Ors., (1999) 95 Comp. Cases 12.

4. Bajaj Auto Ltd. v. N.K. Firodia and Anr., AIR 1971 SC 321: [1971] 41 Comp. Cases 1

(SC): (1970) 2 SCC 550

5. Bajaj Tempo Ltd. v. Bajaj Auto Ltd. and Others, (1991) 2 Comp. L.J. 393 (CLB)

6. Bajaj Tempo Ltd. v. Unit Trust of India and Others, (1991) 2 Comp. L.J. 405 (CLB)

7. Balkis Consolidated Co. v. Tomkinson, [1893] AC 396



8. Balkrishna Gupta v. Swadeshi Polytex Ltd., [1985] 58 Comp. Cases 563.

9. Bede Steam Shipping Co. Ltd, Re [1917] 1 Ch 123

10. Bloomenthal v. Ford, [1897] QB 156

11. Hackney Pavilion Ltd, Re [1924] Ch 276

12. Hillcrest Realty Sdn Bhd v. Hotel Queen Road Pvt. Ltd., [2006] 71SCL 41 (CLB)

13. JK Industries Ltd. v. Union of India, [2007] 80 SCL 283.

14. Kumaran Potty v. Vinod Pharmaceuticals & Chemicals Ltd., [1996] 2 Comp. L.J. 288

(Ker)

15. Life Insurance Corporation of India Ltd. v. Escorts Ltd., [1986] 59 Comp. Cases 548.

16. Mathrubhumi Printing and Publishing Co. Ltd. v. Vardhaman Publishers Ltd. and Ors.,

[1992] 73 Comp. Cases 80 (Ker)

17. R.T. Perumal v. H. John Deavin, AIR 1960 Mad 43.

18. Rajdhani Grains and Jaggery Exchange Ltd., In Re, [1983] 54 Comp. Cases 166 (Delhi).

19. Royal Bank of Scotland plc. v. Sandstone Properties Ltd [1998] 2 BCLC 429

20. Ruben v. Great Fingall Consolidated [1906] AC 439

21. S.L Bagri v. Britannia Industries Ltd., [1980] Company Law Board.

22. S.M. Haji Abdul Haye Sahib v. KNS Haji Shaikh Abdul Kader Labhai Sahib Ltd. [1997]

26 CLA 304. (CLB)

23. Sheffield Corporation v. Barclay, [1905] AC 392

24. Smith and Fawcett Ltd., Re [1942] 1 Ch 304

25. Srikanta Dutta v. Venkateshwara Real Estate Enterprises (P) Ltd., [1990] 68 Comp. Cases

216 (Kar)

26. Suresh Chandra Marwaha v. Lauls (P) Ltd., [1978] 48 Comp. Cases 110 (Punj. & Har.)

27. Swaledale Cleaners Ltd, Re [1968] 3 All ER 619: [1968] 1 WLR 1710

Mandatory Readings:

1. Duvva Pavan Kumar and Siddharth Mahajan, Transfer of Shares: Effects of Section 82 of

the Companies Act, 1956, (2002) 4 COMP. L.J. 117.

2. Ronald Modlin, Stock Transfer: Enforceability of Restrictions on Right of Transfer When

Not Stated in Certificate, 56 MICH. L. REV. 634 (1958).




1. David B. Weaver, The Corporation and the Shareholder, 343 ANNALS AM. ACAD. POL.

& SOC. SCI. 84 (Sep., 1962). (Annals of the American Academy of Political and Social

Science)

UNIT 8 - MEMBERSHIP RIGHTS, CLASS RIGHTS, MINORITY PROTECTION

Membership Rights; Statutory and Contractual Rights

Class Rights and Alteration of Class Rights

Oppression and Mismanagement Meaning, Scope, Locus standi; powers of the

company, court and of the central government

Remedies available for Shareholders

Cases :

1. Allianz Securities Ltd. v. Regal Industries Ltd., 2002 (11) CC 764 : (2000) 25 SCL 349

(CLB)

2. Bhagwati Developers v. Peerless General Finance, (2013) 5 SCC 455

3. Chatterjee Petrochem (I) Pvt. Ltd. v. Haldia Petrochemicals Ltd., CLJ 2011 SC 1072

4. Cumbrian Newspapers Group Ltd. v. Cumberland and Westmoreland Herald Newspaper

and Printing Co Ltd., [1986] 2 All ER 816

5. Dale & Carrington Invt. (P) Ltd. v. P.K. Prathapan & Ors., (2005) 1 SCC 212

6. The Life Insurance Corporation of India v. Escorts Ltd., (1986) 1 SCC 264

7. Maharashtra Power Development Corporation Ltd. v. Dabhol Power Company and Ors.,

AIR 2004 Bom 38: [2003] 117 Comp. Cases 651 (Bom)

UNIT 9 DEBT CAPITAL

Barrowings: Meaning, Types

Loans from Banks and Financial Institutions

Debentures: Characteristics and Kinds

debenture stock, bonds

Debenture trust deed and trustees

Contracts to subscribe for debentures and other securities excluding shares

Conversion and redemption of debentures

Issue of Debentures and Charges

Debt Capital and Company Charges

Securing of debts creation, modification and satisfaction of charges

Kinds of Charges: Fixed and Floating

Perfection of Charges



Crystallisation of Floating Charges and its effects

New developments in corporate debt financing

Reconstruction of Financial Assets

Asset Management Companies

Enforcement of Security Interest

Cases :

1. A.P. State Financial Corporation v. Mopeds India Ltd., (2005) 124 Comp. Cas. 833 (AP)

2. Government Stock Co. v. Manila Rly., [ 1897] AC 81

3. Maturi U. Rao v. Pendyala, AIR 1970 AP 225

4. Narendra Kumar Maheswari v. Union of India, AIR 1989 SC 2138

5. Narotamdas T. T. v. Bombay Dyeing and Manufacturing Co, Ltd. & ors., (1990) 68

Comp. Cas. 300

6. Official Liquidator v. Union of India, AIR 1988 NOC 78 (Ker)

7. Rajasthan Financial Corporation v. Jaipur Spinning and Weaving Mills Ltd. [2006] 133

Comp. Cas. 1 (SC)

8. Siva Sankara Panicker v. Kerala Financial Corporation, (1980) 50 Comp. Cas. 817

9. Standard Chartered Bank v. HUDCO, 1995 CLB.

10. Sushil Prasad v. Vinod Motors (Pr.) Ltd., [1984] 55 Comp. Cas. 52 (Delhi)

Mandatory Readings:

1. Dan Prentice, Corporate Personality, Limited Liability and the Protection of Creditors, pp. 99-125

2. Armour, J, Share Capital and Creditor Protection: Efficient Rules for a Modern Company Law, 63 MLR ?? (2000).

3. Robert Charles Clark, The Duties of Corporate Debtor to Its Creditors, 90 HARV. L.

REV. 505 (1977).


1. Ferran, EV, Creditors Interests and Core Company Law, 20 COM. LAW. 314 (1999).

2. David W. Leebron, Limited Liability, Tort Victims, and Creditors, 91 COLUM. L. REV.

1565 (1991).

UNIT 10 CREDITOR PROTECTION AND MAINTENANCE OF CAPITAL



Rule relating to the maintaining of share capital for the benefit of the company, its

members and its creditors.

Alteration of share capital

Reduction of capital

Buy-back of shares

Cases:

1. Acatos and Hutcheson v. Watson [1995] 1 BCLC 218

2. Arab Bank plc v. Mercantile Holdings Ltd and Another [1993] BCC 816

3. Aska Investment Pvt. Ltd. v. Grob Tea Company Ltd., [2005] 61 SCL 134.

4. Belmont Finance Corporation Ltd. v. Williams Furniture Ltd (No 2) [1980] 1 All ER 393

5. Bradford Investments Ltd (No 2), Re [1991] BCC 379

6. Brady v. Brady [1989] AC 755

7. CIT v. Standard Vacuum Oil Co., [ 1966] Comp. LJ 187

8. Dery v. Peek, (1889) 14 AC 337

9. Global Trust Bank Ltd., In re [2005] 57 SCL 164 (AP).

10. Govt. Stock and Other Securities Investment Co. Ltd. v. Christopher, [1956] 1 WLR 237.

11. Gurmeet Singh v. Polymer Papers Ltd., [2003] 45 SCL 251 (CLB)

12. Heald v. OConnor [1971] 1 WLR 497

13. Henry Head and Company Limited v. Ropner Holdings Limited [1952] Ch 124

14. Holders Investment Trust Ltd., Re [1971] 1 WLR 583

15. I.T. Cube India (Pvt.) Ltd. v. I.T. Cube Inc., [2006] 69 SCL 319 (Kar).

16. New Brunswick & Canada Rly. & Land Co. v. Muggeridge, (1860)

17. OCL India Ltd., In re [1999] 19 SCL 331 (Ori).

18. Ooregum Gold Mining Company of India v. Roper [1892] AC 125

19. Park Business Interiors Ltd. v. Park [1990] BCC 914

20. Pramatha Nath Sanyal v. Kali Kumar Dutt, AIR 1925 Cal 714.

21. Rajasthan Telecom Company Ltd., In Re [2006] 69 SCL 71]

22. Rex v. Kylsant, [1932] 1 K.B. 422

23. SEBI v. Sterlite Industries (India) Ltd., [2004] 45 SCL 475 (Bom).

24. Selangor United Rubber Estates Ltd. v. Cradock (No 3) [1968] 1 WLR 1555



25. Shree Gopal Paper Mills Ltd. v. CIT, [1967] 37 Comp. Cases 240 (Cal).

26. T.G. Venkatesh v. Registrar of Companies, [2007] 78 SCL 1

27. TCI Industries Ltd., In re [2004] 50 SCL 450 (AP).

28. Unit Trust of India v. Omprakash Berlia, [1983] 54 Comp Cases 723 (Bom).

29. Vishwanathan v. East India Distilleries, [1957] 27 Comp. Cases 175.

30. Wragg Ltd., Re [1897] 1 Ch 796

Mandatory Readings:

1. Naresh Kumar, Buy Back of Shares by Companies: Law and Procedure, Company

Secretary, June 1997, p. 637.

2. Dhananjoy Rakshit, Buy Back of Shares and the Fate of Small Investors, CHARTERED

SECRETARY, August 2002, p.1164.

3. Gauri Manglik, Indemnity by Company in Sale of Shares by Shareholders, via Private

Placement or Public Offer, Whether Financial Assistance and Barred? (2003) 3 COMP.

L.J. (J) 40

REFERENCES

STATUTORY MATERIALS

1. The Companies Act, 2013

2. The Companies Act, 1956

3. The Limited Liability Partnership Act, 2008

4. The Securities and Exchange Board of India Act, 1992

5. The Securities Contract (Regulation) Act, 1956

6. The Depositories Act, 1996

7. The Banking Companies Act, 1949

8. The Foreign Exchange Management Act, 1999

9. Other relevant Rules, Regulations and By-Laws issued from time to time

BOOKS

1. A.A. Berle G.C. Means (1991), The Modern Corporation and Private Property,

Transactional Publishers.

2. Brian R. Cheffins (1997), Company Law: Theory, Structure, and Operation, Clarendon

Press, Oxford.

3. Eils Ferran (1st Indian ed., 2003), Company Law and Corporate Finance, OUP.



4. John H. Farrar, Farrars Company Law, Butterworths, London

5. K.R. Chandratre ( ), Lectures on Company Law, Bharat Law House.

6. Majumdar and Kapoor (18th ed., 2013), Company Law and Practice, Taxman.

7. Nicholas Bourne on Principles of Company Law (3rd ed., 1998), Cavendish Publishing

Ltd.

8. Palmers Company Law, Stevans, London.

9. Paul L. Davies (9th ed., 2012), Gower and Davies Principles of Modern Company Law,

Sweet and Maxwell, London.

10. Robert R. Pennington (8th ed., 2001), Penningtons Company Law, London:

Butterworths.

11. Ross Grantham and Charles Rickett (1998), Corporate Personality in the 20th Century,

Hart Publishing, Oxford.

12. Stephen M. Bainbridge (2002), Corporation Law and Economics, Foundation Press.

13. Susan Barber (2003), Company Law, Old Bailey Press, London.

14. Y.V. Chandrachud (17th ed., 2010), A. Ramaiya Guide to the Companies Act, Lexisnexis

Wadhwa, Nagpur.

COMMITTEE REPORTS

The Report of the Committee on Company Law Amendment, 1945. (Cohen Report)

Report of the Company Law Committee, 1962. (Jenkins Committee)

Report of the JJ Irani Committee on Company Law, 2002.

Corporate Laws - I_22.01.2014

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