1974 (5) TMI 34

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....1956, for sanction of the alteration of the memorandum of association. The company carried on mainly the business of colliery as the name itself suggests. The colliery business has been taken over by the State as a result of nationalisation. The company, therefore, proposes to venture into new fields. The fields now proposed to be taken by the company are many and are entirely new. The question is....

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....a) Ltd. v. Registrar of Companies [1973] 43 Comp Cas 353 (Punj.). Counsel for the Registrar of Companies, however, drew my attention to the decision of this court in In re Bharat Mining Corporation Ltd. [1967] 37 Comp Cas 430 (Cal.), where it was observed by P. B. Mukharji J., as the learned judge then was, that it would be illogical to allow an alteration of business whereby the company was pe....

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.... it to diversify its objects in the peculiar facts and circumstances of this case. After all the company has assets, its directors and shareholders want to carry on business, such business activity would not be illegal or contrary to public policy and the attempt to carry on the business does not appear to be motivated by any desire to defeat the creditors. In this state of affairs if the sharehol....