AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
1957 (3) TMI 44
X X X X Extracts X X X X
X X X X Extracts X X X X
.... JUDGMENT Chopra, J. - The respondent has applied for the interim order dated 12th March, 1957, to be vacated or suitably modified. Mr. Dua, in the first place, contends that this court has no power to make any such interim order in a petition under section 186 of the Companies Act (1 of 1956). It is submitted that under section 186(1) the court may give only such ancillary or consequential dir....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ess of the company or to look after its affairs. It was, therefore, prayed that till the meeting was held and till such time as the newly elected board started functioning, the persons illegally in charge of the company be restrained from disposing of the assets of the company. If the allegations were true, it was incumbent on the court to issue directions for the proper management of the company ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o prevent abuse of the process of the court. It is next submitted that the company had entered into agreements with the Punjab Government and the Railway Administration for the supply of a large number of electric meters within a specified time and that the meters had already been imported and they were to be paid for. The company stands to suffer a great loss if the agreements are not carried ....