Provided that no contract or arrangement, in the case of a company having a paid-up share capital of not less than such amount, or transactions not exceeding such sums, as may be prescribed, shall be entered into except with the prior approval of the company by a  [resolution]:
The cases of Contract are governed by the statutory provisions contained in the Indian Contract Act, and the provisions of the Specific Relief Act do not apply to such cases. An earlier Bill on the subject introduced in the Lok Sabha on the 23rd December,lapsed on its dissolution.
The notes on clauses extracted from the Report of the Law Commission, explain the changes made in the existing Act. The Law of Specific Relief seeks to implement the idea of Bentham who said: The Law of Specific Relief is in its essence, a part of the law of procedure, for Specific Relief is a form of judicial redress.
This Act provides law with respect to various reliefs which can be granted under its provisions. It does not deal with the remaining remedies, which are connected with compensatory relief except incidentally and to the limited extent to which it is either supplementary for alternative to Specific Relief.
It is a remedy which aims at the exact fulfillment of an obligation. In executor contracts, a suit may be brought to compel the performance of the contract by the person in default. Such relief may be either positive or negative.
It is positive when a claim to the performance of it and negative when it is desired to prevent the doing of thing enjoined or under taken as not to be done.
The Specific Relief Act explains and enunciates the various reliefs which can be granted under its provisions, provides the law with respect to them. It provides for the exact fulfillment of the obligation or the specific performance of contract. It is directed to the obtaining of the very thing which a person is deprived of and ought to be entitled to ask for.
It is remedy which a person is deprived of and ought to be entitled to ask for. It is a remedy by which party to a contract is compelled do or omits the very acts which he has undertaken to do or omit. The remedies which has been administered by Civil Courts of Justice against any wrong or injury fall broadly into two classes; i those by which the suitor obtains the very thing to which he is entitled, and ii those by which he obtains not that very thing, but compensation for the loss of it.
The former is the specific relief. Thus specific relief is a remedy which aims at the exact fulfillment of an obligation. It is remedial when the court directs the specific performance of contract and protective when the court makes a declaration or grants an injunction.
Here property may be immovable property or movable property, act provides for the recovery of the property. Section 5 and Section 6 deals with the immovable property and Section 7 and Section 8 deals with the movable property.
It means that when a person is entitled to the possession of specific immovable property he can recover the same by filling the suit as per provisions of CPC.
He may file suit for ejectment on the strength of his title and can get a decree for ejectment on the basis of title within 12 years of the date of possession.
There are three types of actions which can be brought in law for the recovery of specific immovable property: The last remedy is provided in Section 6 of the Act. The suits of the first two types can be filed under the provisions of the Civil Procedure Code.
In Ismail Ariff v. Section 6 of the act deals with the suit by person dispossessed of immovable property. The main object of Section 6 is to discourage forcible dispossession on the principle that disputed rights are to be decided by due process of law and no one should be allowed to take law into his own hands, however good his title may be.
The operation of Section is not excluded in cases between landlords and tenants where there is no question of title involved. Kissen Saonder  The object of this Section appears to have been to give special remedy to the party illegally dispossessed by depriving the dispossessor of the privilege o f proving a better title to the land in dispute.
If the suit is brought within the period prescribed by that Section, even the right owner of the land is precluded from showing his title. Requisites of Section 6:2. Companies Act.
Demand for increased transparency. With growing participation of investors and other stakeholders in companies, the question of transparency in arrangements. Companies Act, with Amendments as per the Companies (Amendment) Act, , Insolvency and Bankruptcy Code, and the Finance Act, , Reference in each section to Exemption Notifications issued u/s till date, Amendments proposed by the Companies (Amendment) Bill, l Summary Trial Rebates and Relief's; Applicable Rates of Taxes and Tax Liability l The Legal Metrology Act, 5.
Taxation of Individuals including Non-Residents, Hindu Undivided l SEBI Act, l NCDs with or without Call and Put Features l Securities Contracts (Regulation) Act, (SCRA) l Bonds, Foreign Currency Convertible .
Summary of Key Recommendations of the Committee Summary of Recommendations of the Achuthan Committee and the Provisions in the Takeover SEBI was brought into existence by the Securities and Exchange Board of India Act, which came into effect on January 30, The preamble to the act describes the purpose of the Act .
In other words, the SEBI regulates the working of the financial markets in India, vis-à-vis investor protection and laying down of ethical standards for the working of the financial markets in India.
(1) This Act may be called the Securities and Exchange Board of India Act, (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 30th day of January,