Merger relief is a companies act relief from the creation of a share premium account on the issue of shares. Specific relief act 1963 complete act citation 515. The parliament enacted the act by repealing the specific relief act, 1877. The advantage of being granted merger relief is that it allows the distribution of preacquisition profits which would otherwise be locked up in. Broadly, it applies where a company issues equity shares in consideration for the shares of another company ie, a share for share exchange where, as part of the arrangement, it secures at least a 90% equity holding in the other company. In this act, unless the context otherwise requires. Be it enacted by parliament in the sixtyninth year of the republic of india as follows. Summary of papers written by judicial officers on the. The following kinds of remedies may be granted by a court under the provisions of the specific relief act. Presentation on specific relief act 1963 by keshav maheshwari. The bill of the new act was drafted on the basis of the 9 th report of the law commission of india. Presentation on specific relief act 1963 by keshav. Part 1 part 1 preliminarypreliminary contains contains fourfour sections.
Be it enacted by parliament in the fourteenth year of the republic of india as follow. The specific relief act 1963 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the specific relief act 1963 national security, others, procedural and administration, property related, public utilities, shipping laws, tax laws. The present case concerns the proposed acquisition by general electric capital corporation gecc, through its subsidiary ge. A merger is not likely to create or enhance market power or facilitate its exercise if the following circumstances are met. However, the views expressed are the authors alone. Section 38 of the specific relief act, 1963 provides that. The act has been extended to goa, daman and diu with modifications by reg. When such merger or consolidation has been effected. Malacca, penang, sabah and sarawak 1 july 1974, act a238 part i preliminary short title 1. Recent amendments to the specific relief act, 1963. Regulation eec no 406489 merger procedure article 61b. The need for a new statute suited for the new requirements lead to the enactment of the act of 1963.
The law relating to equity, in india today, is contained in the specific relief act, 1963 act 47 of 1963 act. Thus an inconsistency has historically existed which the act is now rectifying. Between a wrongdoer and the prior possessor prior possession of the plaintiff in an action for ejectment is sufficient title against all but the true owner and the wrongdoer cannot successfully resist the. Aug 22, 2014 the specific relief act, 1877 contained the principles of equity, justice and good conscience. These slides are summarized presentation to enable the students to understand t slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. It is called specific because under this procedure, the plaintiff gets his relief in specific, rather than a general relief or damages or compensation that is, the very thing which the other party was bound to perform or forbear. Restrictions on transferability of shares corporate. Discretion of court as to declaration of status or right. Specific relief act 1877 law test questions geek mcq. It has also introduced the concept of merger relief and group reconstruction relief which corresponds with the uk. Summary of papers written by judicial officers on the subject.
Whereas it is expedient to define and amend the law relating to certain kinds of specific relief obtainable in civil suits. Breach of contract damage indian contract act specific performance specific relief act 6. Short title, extent and commencement,1 this act may be called the specific relief act, 1963. Section4 specific relief to be granted only for enforcing individual civil rights and not for enforcing.
The ease of doing business rankings released annually by the world bank currently ranks india at 163 in enforcing contracts. Removal of certain deficiencies in the motor vehicle act, 1988 hindi. Merger relief is a relief given under section 612 of the companies act 2006 from the requirement to carry the premium on shares issued to acquire shares in another company in a share premium account. The union cabinet today approved amendments to the specific relief act, 1963.
Exceptional nature of specific performance in the indian law. Since contracts prior to incorporation were void and also could not be ratified, people hesitated to either supply any goods or. The act is a remedy which aims at the exact fulfilment of an obligation or specific performance of the contract rather than grant of a general relief or damages or compensation. Rules regulations notifications orders circulars statutory ordinance statutes.
Feb 03, 2016 specific performance of contract is subject matter of specific relief act 1963. An act further to amend the specific relief act, 1963. This article is within the scope of wikiproject law, an attempt at providing a comprehensive, standardised, panjurisdictional and uptodate resource for the legal field and the subjects encompassed by it. A guide to complex financial reporting problems accountingweb. Under the 1963 act, most equitable concepts were codified and made statutory rights, thereby ending the discretionary role of the courts to grant. Between a wrongdoer and the prior possessor prior possession of the plaintiff in an action for ejectment is sufficient title against all but the true owner and the wrongdoer cannot successfully resist the suit by showing that the title and right to possession are in a third person. Section 587, deals with special types of company reconstruction and amalgamation under schemes of arrangement under section 201 as extended by section 203 and section 202, companies act, 1963, which may not technically involve an exchange of shares and also. Section 8 partitionpossession, recovery ofproofland in question was jointly owned by both the parties and plaintiffs sought recovery of possession on the basis of partition of land between themjudgment and decree passed by trial court was set aside by lower appellate court and the suit was decreed in favour of plaintiffsvalidityplaintiffs. Defences respecting suits for relief based on contract. Act 7 specific relief act 1950 an act relating to specific relief. Short title, extent and commencement 1 this act may be called the specific relief act, 1963. Commentary on the specific relief act, 1963, th new 2 volumes, per set. The specific relief act, 1963 is an act of the parliament of india which provides remedies for persons whose civil or contractual rights have been violated. Lrs and others supreme court of india 06052020 specific relief act, 1963 section 34 civil procedure code, 1908 cpc order 23 rule 3a transfer of property act, 1882 section 52 bar to suit compromise decree merely because the appellant was not party to the compromise decree in the facts of the present case, will be of no avail.
Once the report is generated youll then have the option to download it. Dec 15, 2017 govt nod to amend specific relief act, 1963 the amendments propose that after two parties enter into an agreement and one of the parties breaks the contract, the affected party will have the freedom to get the contract executed by a third party. Ebook the specific relief act 1963 as pdf download portable. The act is based on the principle of equity and is used for granting specific relief for enforcing civil rights. Ebook the specific relief act 1963 as pdf download. The specific relief act, 1963 was came into force on 1 st march 1964. Specific relief act 1963 section 14 court supreme court of. After a plan of merger is approved by each party to the merger, the surviving business trust or other surviving business entity shall file with the commission articles of merger executed by each party to the merger setting forth. Specific relief act, 1963 national portal of india. This act may be called the specific relief act, 1877. Check the sections youd like to appear in the report, then use the create report button at the bottom of the page to generate your report. Such agreements are specifically enforceable under section 10 of the specific relief act, 1963, which corresponds to section 12 of the specific relief act, 1977.
Perpetual injunction when granted section 38 specific. Specific relief act, 1963specific relief act, 1963 the act contains the act contains threethree parts and parts and eighteight chapters. Be it enacted by parliament in the fourteenth year of the republic of india as follows. However, in 1963 the specific relief act was passed by the parliament of india following the recommendation of the law commission of india and repealing the earlier specific relief act of 1877. Maharashtra by maharashtra act 19 of 1971, mysore by mysore act 8. It has been developed with an objective to enable a single window access to information and services being provided by the various indian government entities. The specific relief act, 1963 was promulgated on the basis of these. Kuala lumpur, johore, kedah, kelantan, negeri sembilan, pahang, perak, perlis, selangor and terengganu4 july 1950. Specific relief act 1963 complete act citation 515 bare. Govt nod to amend specific relief act, 1963 the economic times. The term relief is only another word for remedy which a court is allowed by law to grant to suitors.
Section 34 in the specific relief act, 1963 indian kanoon. And it shall come into force on the first day of may, 1877. Until the passing of the specific relief act, 1963, in india the promoters found it very difficult to carry out the work of incorporation. The specific relief act 1963 indian bare acts india bare. Relief act deals with provision with regard to specific enforcement of the agreement of the contract whereas section 14 of the specific relief act would deal with contract which can not be specifically enforced. Recovery of possession of property section 5 of the specific relief act deals with the. This act may be cited as the specific relief act 1950. Specific relief act 1963 section 14 court supreme court. The law as to specific relief is contained in the specific relief act i of 1877. Exceptional nature of specific performance in the indian law nilima bhadbhade, phd, ils law college, pune 411004, india. An act to define and amend the law relating to certain kinds of specific relief. The specific relief act 1963 top results of your surfing the specific relief act 1963 start download portable document format pdf and ebooks electronic books free online rating news 20162017 is books that can provide inspiration, insight, knowledge to the reader.
Who are bars to the relief under the specific relief act. Who may obtain decree under the specific relief act. Summary of specific relief act linkedin slideshare. The author thanks nilima bhadbhade, and varun malik for their comments on the draft.
It aims fulfillment of an obligation and obtaining of the thing for which a person is entitled under a contract and of which he. Specific relief act, 1963 share this select rating give specific relief act, 1963 15 give specific relief act, 1963 25 give specific relief act, 1963 35 give specific relief act, 1963 45 give specific relief act, 1963 55 cancel rating. Subject to this restriction, a holder of shares in a private company may agree to sell his shares to a person of his choice. The specific relief act, 1963 maharashtra housing and. The specific relief act, 1963 addeddate 20150724 05. Suggesting some amendments to the code of civil procedure, 1908 hindi. Sarfaesi act securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 56. The competition act came into force on 1 may 2001 and was subsequently amended with the effectiveness as of 1 october 2002. This video introduces you to the specific relief act 1963 topic which talks about recovery of possession of property.
Topics the specific relief act, 1963 collection opensource language english. It provides for law relating to certain kind of specific relief. The conditions for applying merger accounting as set out in the act are no different to those set out in the 1992 group regulations. Part 190411 company reconstructions and amalgamations s587 author. The specific relief act 1963 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the specific relief act 1963 national security, others, procedural and administration, property related, public utilities, shipping laws, tax. Before the passing of the specific relief act the law as to specific relief was contained in sections 15 and 192 of the civil procedure code act viii of 1859. The committee recommended several substantive changes to the act, with one of.
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