The action by LIC of issuing a requisition notice for the replacement of nine directors by nominating new Directors is not contrary to the provisions of section 284 of the Companies Act, 1956, nor was it ultra vires and the powers vested with LIC under section 6 of the Life Insurance Corporation was not arbitrary or violative of Article 14 of the Constitution of India.
In This case after reviewing the provisions of the Act, the Supreme Court concluded that the District forums, State Commission and the National Commission are not considered “courts” even though they are vested with some authorities of the Civil Court they are precisely “quasi-judicial” bodies for rendering speedy and inexpensive redressal of disputes to the consumers. The idea of these bodies or agencies is to provide justice and fair treatment to consumers in the matters of goods and services. The scheme of “business-to-consumer” disputes helped the court in interpreting that words like “consumer” and “commercial purposes”
This case dealt with the jurisprudence of defining ‘consumer’ under the Consumer Protection Act and also with the validity of the precedents decided before the Amendments in the Act.
This article discusses the role, power, and functions of Directors in a Company as per the provisions of the Companies Act 2013. It also elaborates the types and required qualification of a Director. The procedure and requirements of obtaining Directors Identification Number (DIN) is also discussed.
This article explains the meaning of various nomenclatures used by Companies in their names in India. It also deals with the classification of Companies on the basis of liability. In doing so it throws light on the essential features, process of incorporation and registration of Companies in India.