2003 CLC 53 (MAD) ::(2002) 3 Mad LJ 364

Madras High Court

Hon'ble Judge(s): C. Nagappan , J

(A) Foreign Exchange Management Act (42 of 1999) , S.3— Dealing in foreign exchange - Subscription to share of Company in India by person outside India - Amount paid to Company on express stipulation of Reserve Bank of India that no interest would be payable thereon - Subsequent memorandum of compromise by which Company agreeing to pay interest on subscription amount due to delay in refunding money but subject to approval of Reserve Bank of India - Reserve Bank of India in fact granting permission to applicant to receive interest subject to condition to credit same in NRO account of applicant - Compromise not void - Reserve Bank of India not prohibited from granting permission at a later date - Permission of Reserve Bank of India not required before entering into compromise. (Para 9) (B) Companies Act (1 of 1956) , S.433, S.443(1)— Winding up proceedings - Revival, of - Powers of Court, as to - Memorandum of compromise recorded - Company petition dismissed giving liberty to petitioner to revive Company Petition in event of Company failing to comply with one or more of its terms - Company cannot oppose revival of petition. Companies (Court) Rules (1959) , R.9— Civil P.C. (5 of 1908) , Ss.96, 151, O.23,R.3.EvidenceAct(1of1872),S.115— Wh....