TaxTMI 
TaxTMI 
1964 (2) TMI 33
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....of the Companies Act, 1956, for confirmation of the special resolution of the company dated June 28, 1963, to add certain objects to the existing objects of the company. In substance the additional objects proposed are to enable the company to do export business in all varieties of goods and commodities. The Registrar of Companies who has filed an affidavit seems to be of the opinion that, having ....
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....be carried on more economically or more efficiently by adding fresh objects. The court of course on given facts may apply its mind and see whether the directors may reasonably and fairly form that opinion. I consider that the court can do no more about it. Clause (d) of sub-section (1) of section 17 reads : "to carry on some business which under existing circumstances may conveniently or advantag....
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....y will not be possible for this court to undertake. There is also the further aspect. In my opinion, section 17(1) should not be narrowly interpreted. As a matter of fact, courts have approached the section in a liberal way. It is not necessary to cite authority for it. The whole object of the section is enabling. In this case, the existing circumstances are these. The objects of the company inc....
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.... manufacture, repair, convert, alter, let on hire and deal in machineries, implements, rolling stocks and hardware of all kinds. It is unnecessary to enumerate the other items of business which the company can carry on even under the existing objects. They even include lending money with or without security and to underwrite shares, stock and securities, to draw, accept and negotiate bills of exch....