Kapoor Book

38th
Edition
Elements of
MERCANTILE LAW
N. D. Kapoor
SULTAN CHAND & SONS

ELEMENTS OF
MERCANTILE LAW
Scheme of the Book
The Book has been divided into Three Volumes :
Volume One consists of Four Parts. Part One attempts to explain the general principles of the ‘Law of
Contract’ and provides a background against which the Special Contract dealt with in Part Two can
be seen in a clearer perspective. Part Two deals with some ‘Special Contracts’. Part Three is
concerned with ‘Law of Insolvency’. Part Four deals with ‘The Consumer Protection Act, 1986’;
‘The Foreign Exchange Management Act, 1999’; ‘The Information Technology Act, 2000’, ‘The
Competition Act, 2000’ and Amended in 2002 and a New Chapter on ‘Goods & Services Tax (GST)’.
Volume Two deals with Company Law as amended upto 2019.
Volume Three deals with Industrial Law and has Seven Parts. Part One deals with ‘Working Conditions’.
Part Two deals with ‘Social Security’. Part Three deals with ‘Disputes’. Part Four deals with
‘Standing Order’, Part Five deals with ‘Workers’ Organisations’, Part Six deals with ‘Bonus’ and
Part Seven deals with ‘Miscellaneous’.
Each Chapter in Volume One is followed by a summary of the important provisions, Test Questions
and Practical Problems (with Hints and Solutions). In Volumes Two and Three, only Test Questions and
Practical Problems (with Hints and Solutions) have been given at the end of each chapter.
Important (A Service to Students)

For students preparing for different examinations, the following special editions of Elements of Mercantile
Law have been prepared with the twin objective of (a) lowering the price, and (b) including in a special
edition of a book only the precise portions which are required for the particular course:
• Legal & Regulatory Framework of Business for M.B.A.
• Law, Ethics & Communication for Chartered Accountants, Professional Competence Course
• Business Law for Cost Accountants, Intermediate Course
• Business Law for B.Com. (Hons.) Course of University of Delhi
• Business Law and Industrial Law for B.Com. Programme of University of Delhi.
• Company Law and Compensation Laws for B.Com. Programme of University of Delhi.
• Business Law for B.Com. Course of Madras University.
• Business Law for Common Core Syllabus of B.Com. Course of A.P. State Universities.
• Business Law for B.Com. III Year Course of Bangalore University.
ELEMENTS OF
MERCANTILE LAW
Including Company Law and Industrial Law
[For B.Com. and B.B.M. Courses of all Indian Universities, M.B.A. and
I.A.S. Examinations and other Professional Courses]
N.D. KAPOOR
Formerly, Head of the Department of Commerce
Hans Raj College, University of Delhi, Delhi
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SULTAN CHAND & SONS

Educational Publishers
New Delhi
SULTAN CHAND & SONS
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ISBN : 978-93-5161-156-1 (TC-278)
Price : ` 695.00
Thirty-Seventh Edition : 2015; Reprint : 2016, 2017, 2018, 2019

Thirty-Eighth Revised Edition : 2020; Reprint : 2020
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Printed at : Sanjay Printers, UP

Preface
To the Thirty-eighth Edition

We have great pleasure in presenting the 38th Revised and Enlarged Edition of the book entitled “Elements
of Mercantile Law” to our esteemed readers. The new edition, like its predecessors, attempts to present
the basic principles of Mercantile Law, Company Law and Industrial Law in a way that makes the
subject easily intelligible even to a non-specialist. This object has been achieved by –
(a) explaining the subject with the help of 496 illustrative cases and they have been highlighted by using
different type face to make it more reader friendly and easily assimilated by the reader;
(b) showing how law is derived from Statutes and Decided Cases and how the Principles of Law are
applied to the problems which arise in day-to-day life and in the conduct of business;
(c) giving a summary of important provisions at the end of each chapter in Volume One so that the
reader can recapitulate what he has learnt; and
(d) giving 815 Test Questions and 779 Practical Problems (with Hints and Solutions) with the idea of
testing the depth of knowledge of the reader, basic understanding of concepts and his ability to
apply whatever he has learnt to a particular situation or problem.
The Book explodes the myth that law is a difficult and dry subject. Even a lay or general reader who
wishes to know the broad principles of Mercantile Law will find the discussion interesting and lively.
Care has been taken to see that the reader at the primary stage of his study does not find himself lost in
the quagmire of legal jargon and in the niceties of legal concepts and interpretations.
The salient features of the present edition are as follows:
1. A new chapter on ‘Goods and Services Tax (GST)’ has been included in this edition. In order to
bring uniformity in Tax rates and to simplify the tax mechanism, Central Government rolled out
Goods and Services Tax (GST) from 1st July, 2017. GST is considered to be a path breaking and
biggest tax reform since independence. It is a single indirect tax levied on the supply of goods and
services for the entire country, which has made India a unified common market, “One Nation-One
Market-One Tax”.
2. ‘The Insolvency and Bankruptcy Code, 2016’ is the Bankruptcy Law of India. The Insolvency and
Bankruptcy Code Bill, 2015 was introduced in Lok Sabha on 21st December, 2015 and by Rajya Sabha
on 11th May, 2016. The Code received the assent of the President of India on 28th May, 2016.
3. A chapter on ‘Limited Liability Partnership’ popularly known as LLP has been added in the present
edition. LLP combines the advantage of both the Company and Partnership into a single form of
vi Preface
organization. The Limited Liability Partnership Act, 2008 was published in Official Gazette of India
on 9th January, 2009 and has been notified with effect from 31st March, 2009.
4. Volume II of the book on Company Law with Schedules has been thoroughly updated and amended
upto 2019.
• Amendment of Section 2 in clause (41); 12 (Insertion of sub-section 9); 14 [sub-section (1)
and (2)]; 26 [in Sub-sections (4), (5) & (6)]; 29; 35 in sub-section (2) in clause (c); 53 for sub-
section (3); 64 for sub-section (2); 77 in sub-section (1), in clause (a) and clause (b); 86 sub-
section (1) & namely-sub-section (2); 90 sub-section (4), (4A), (9), (9A) and (11); 92 sub-
section (5); 105 sub-section (3); 117 for sub-section (2); 121 sub-section (3); 132 sub-section
(1) following sub-section is inserted namely (1A), (3), (3A), (3B) and (4) in clause (c) for sub-
clause (B); 135 sub-section (5), (6), (7) & (8); 137; 140 for sub-section (3); 157 for sub-
section (2); 164 sub-section (1), after clause (h); 165 sub-section (6); 191 sub-section (5);
197 sub-section (15); 203 in sub-section (5); 212 sub-sections (8), (9) and (10), after sub-
section (14) sub-section (14A) shall be inserted; 238 in sub-section (3); 241 in sub-section (2),
after sub-section (2), (3), (4) and (5) shall be inserted; 242 after sub-section (4) sub-section
(4A) shall be inserted; 243 sub-section (1) sub-sections (1A) and (1B) are inserted, (b) in sub-
section (2); 248 in sub-section (1) in clause (c) and after clause (c); 272 in sub-section (3); 398
in sub-section (1) in clause (f); 441 in sub-section (1), in clause (b), for sub-section (6); 446B;
447 in the provision, for the words “twenty lakh rupees”, the words “fifty lakh rupees” shall be
substituted; 454 in sub-sections (3), (4) and (8) in clause (i) in clause (ii) have been amended.
• Insertion of new Sections 10A; 454 A – (Penalty for repeated default) has been inserted.
• Substitution of new Section for Section 159 – (Penalty for default of certain provisions).
5. To improve the grasp and understanding of the subject-matter, more questions like – 526 Objective
Type (Multiple Choice, Fill in the Blank, True and False) have been updated.
6. New Typography of the book makes the book strain-free and reader friendly.
7. A comprehensive “Subject Index” adds to the value of book facilitating readers to easily search the
topic of his / her interest.
We acknowledge with gratitude the help received from scholars, friends and well-wishers at the
various stages of preparation of this Revised Edition. Suggestions are invited to further improve the
book. Kindly share your views at info@sultanchandandsons.com
Editorial Team
Sultan Chand & Sons
To the First Edition

The chief aim in writing this Book is to present the fundamental principles of Mercantile Law, Company
Law and Industrial Law in a simple and easily intelligible manner. The intricate points of law have been
illustrated by examples, and the subject has been dealt with by topics rather than in the strict order of
Sections in the various Acts. This has been done to avoid cross-referencing to enable the students to
grasp each aspect of the subject thoroughly.
The Book is unusual in simplicity with which the various topics have been dealt with. At the same
time, the treatment of the subject is both comprehensive and easy to follow.
The subject has been discussed in the light of Statute law and ratio decidendi. At places, reference
has also been made to English Law which is the most important source of Indian Mercantile Law.
February 13, 1967 N.D. KAPOOR

Brief Contents
Volume I – LAW OF CONTRACT

Introductory 1
Part One – General Principles of Law of Contract
1. Nature of Contract 5
2. Offer and Acceptance 16
3. Consideration 33
4. Capacity to Contract 45
5. Free Consent 54
6. Legality of Object 76
7. Void Agreements 91
8. Contingent Contracts 99
9. Performance of Contract 104
10. Discharge of Contract 119
11. Remedies for Breach of Contract 133
12. Quasi-Contracts 146
Part Two – Special Contracts
1. Indemnity and Guarantee 155
2. Bailment and Pledge 172
3. Contract of Agency 187
4.1. Sale of Goods 217
4.2. Conditions and Warranties 228
4.3. Transfer of Property 239
4.4. Performance of Contract 253
4.5. Rights of an Unpaid Seller 263
5.1. Nature of Partnership 275
viii Brief Contents
5.2. Relations of Partners 289

5.3. Dissolution of Firm 311
6. Limited Liability Partnership (LLP) 322
7.1. Negotiable Instruments 373
7.2. Notes, Bills and Cheques 377
7.3. Parties to a Negotiable Instrument 396
7.4. Negotiation 406
7.5. Presentment of a Negotiable Instrument 418
7.6. Dishonour of a Negotiable Instrument 427
7.7. Discharge of a Negotiable Instrument 436
7.8. Rules of Evidence Estoppel and International Law 442
7.9. Hundis 444
7.10. Banker and Customer 447
8.1. Arbitration 456
8.2. Conciliation 480
9.1. Law of Insurance 486
9.2. Life Insurance 498
9.3. Fire Insurance 506
9.4. Marine Insurance 514
10.1. Carriage of Goods 533
10.2. Carriage by Sea 544
10.3. Carriage by Air 551
Part Three – Law of Insolvency
1. The Insolvency and Bankruptcy Code, 2016 559
Part Four – Other Laws
1. The Consumer Protection Act, 1986 581
2. The Foreign Exchange Management Act, 1999 601
3. The Information Technology Act, 2000 617
4. The Competition Act, 2000 643
5. Goods and Services Tax (GST) 674
Volume II – COMPANY LAW

1. Nature of Company 1
2. Kinds of Companies 11
3. Formation of Company 26
4. Memorandum of Association 40
5. Articles of Association 49
Brief Contents ix
6. Prospectus 58
7. Share Capital and Debentures 81
8. Acceptance of Deposits by Companies 101
9. Registration of Charges 104
10. Management and Administration 109
11. Declaration and Payment of Dividend 125
12. Accounts of Companies 127
13. Audit and Auditors 136
14. Appointment of Directors 147
15. Meeting of Board and its Powers 161
16. Appointment and Remuneration of Managerial Personnel 179
17. Inspection, Inquiry and Investigation 188
18. Compromises, Arrangements and Amalgamations 201
19. Prevention of Oppression and Mismanagement 216
20. Registered Valuers 223
21. Removal of Names of Companies from the Register of Companies 224
22. Winding Up 227
23. Companies Authorised to Register under Companies Act 261
24. Companies Incorporated Outside India 265
25. Government Companies 271
26. Registration Offices and Fees 272
27. Companies to Furnish Information or Statistics 276
28. Nidhi 277
29. National Company Law Tribunal and Appellate Tribunal 278
30. Special Courts 281
31. Miscellaneous 283
32. The Companies Act, 2013 (Schedules) 291
Volume III – INDUSTRIAL LAW

Part One – Working Conditions
1. The Factories Act, 1948 1
Part Two – Social Security
2. The Employees’ Compensation Act, 1923 40
3. The Employees’ State Insurance Act, 1948 69
4. The Employees’ Provident Funds and Miscellaneous ProvisionsAct, 1952 112
5. The Payment of Gratuity Act, 1972 (as amended upto 29-3-2018) 140
6. The Maternity Benefit Act, 1961 155
x Brief Contents
7. The Payment of Wages Act, 1936 163

8. The Minimum Wages Act, 1948 178
Part Three – Disputes
9. The Industrial Disputes Act, 1947 194
Part Four – Standing Order
10. The Industrial Employment (Standing Orders) Act, 1946 246
Part Five – Workers’ Organisations
11. The Trade Unions Act, 1926 254
Part Six – Bonus
12. The Payment of Bonus Act, 1965 266
Part Seven – Miscellaneous
13. The Apprentices Act, 1961 287
14. The Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959 305
15. The Collection of Statistics Act, 2008 310
Subject Index I.i – I.lxiv
Contents
Volume I – LAW OF CONTRACT

Introductory 1-4
What is Law ? | Nature of Mercantile Law | Sources of Mercantile Law | Objective
Type Question | Test Questions
Part One – General Principles of Law of Contract

1. Nature of Contract 5-15
Object of the Law of Contract | The Indian Contract Act, 1872 | Definition of
Contract | Essential Elements of a Valid Contract | Classification of
Contracts | Classification of Contracts in English Law | Summary | Objective Type
Questions | Test Questions | Practical Problems
2. Offer and Acceptance 16-32

Offer | Legal Rules as to Offer | Acceptance | Legal Rules as to
Acceptance | Communication of Offer, Acceptance and Revocation |
Summary | Objective Type Questions | Test Questions | Practical Problems
3. Consideration 33-44
Definition of Consideration | Legal Rules as to Consideration | Stranger to
Contract | A Contract Without Consideration is Void – Exceptions | Summary |
Objective Test Questions | Test Questions | Practical Problems | Examination
Questions
4. Capacity to Contract 45-53

Minors | Persons of Unsound Mind | Other Persons | Summary | Objective Type
5. Free Consent 54-75

Coercion | Undue Influence | Misrepresentation and Fraud | Misrepresen-
tation | Fraud | Mistake | Summary | Objective Type Questions | Test
Questions | Practical Problems
xii Contents
6. Legality of Object 76-90

Unlawful and Illegal Agreements | Agreements Opposed to Public
Policy | Summary | Objective Type Questions | Test Questions | Practical
Problems
7. Void Agreements 91-98

Void Agreements | Void Contracts | Restitution | Summary | Objective Type
8. Contingent Contracts 99-103

Rules Regarding Contingent Contracts | Difference Between a Wagering Agreement
and a Contingent Contract | Summary | Objective Type Questions | Test
9. Performance of Contract 104-118

Offer To Perform (Sec. 38) | Contracts Which Need not be Performed | By Whom
Must Contracts be Performed ? | Devolution of Joint Liabilities and Rights | Who
can Demand Performance ? | Time and Place of Performance | Reciprocal
Promises | Time as the Essence of the Contract | Appropriation of
Payments | Assignment of Contracts | Summary | Objective Type Questions | Test
10. Discharge of Contract 119-132

Meaning | Discharge by Performance | Discharge by Agreement or
Consent | Discharge by Impossibility of Performance | Discharge by Lapse of
Time | Discharge by Operation of Law | Discharge by Breach of
Contract | Summary | Objective Type Questions | Test Questions | Practical
Problems
11. Remedies for Breach of Contract 133-145

Rescission | Damages | Quantum Meruit | Specific Performance |
Injunction | Summary | Objective Type Questions | Test Questions | Practical
Problems
12. Quasi-Contracts 146-153

Part Two – Special Contracts

1. Indemnity and Guarantee 155-171
Contract of Indemnity | Contract of Guarantee | Extent of Surety’s Liability | Kinds
of Guarantee | Rights of Surety | Discharge of Surety | Summary | Objective
Type Questions | Test Questions | Practical Problems
2. Bailment and Pledge 172-186
Bailment | Classification of Bailments | Duties and Rights of Bailor and Bailee | Law
Relating to Lien | Finder of Goods | Liability of Hotel-keepers, Inn-keepers,
Common Carriers | Termination of Bailment | Pledge | Rights and Duties of Pawnee
and Pawnor | Pledge by Non-owners | Summary | Objective Type Questions |
Test Questions | Practical Problems
Contents xiii
3. Contract of Agency 187-216

Definition of Agent and Principal | Creation of Agency | Classification of
Agents | Relations of Principal and Agent | Delegation of Authority | Relations of
Principal with Third Parties | Personal Liability of Agent | Termination of
Agency | Summary | Objective Type Questions | Test Questions | Practical
Problems
4.1. Sale of Goods 217-227
Formation of Contract of Sale | Subject-matter of Contract of Sale | The Price
(Secs. 9 and 10) | Stipulations as to Time (Sec. 11) | Summary | Objective Type
4.2. Conditions and Warranties 228-238

Conditions and Warranties | Express and Implied Conditions and
Warranties | Caveat Emptor | Summary | Objective Type Questions | Test
4.3. Transfer of Property 239-252

Property, Possession and Risk | Passing of Property | Contracts Involving Sea
Routes | Sale by Non-owners | Summary | Objective Type Questions | Test
4.4. Performance of Contract 253-262

Delivery of Goods | Rights and Duties of the Buyer | Summary | Objective Type
4.5. Rights of an Unpaid Seller 263-274

Who is an Unpaid Seller ? | Remedies for Breach of Contract of Sale | Auction
Sales | Summary | Objective Type Questions | Test Questions | Practical
Problems
5.1. Nature of Partnership 275-288

Definition of Partnership | Formation of Partnership | Partners, Firm, Firm
Name | Test of Partnership | Partnership and Other Associations | Duration of
Partnership | Registration of Firms | Summary | Objective Type Questions | Test
5.2. Relations of Partners 289-310

Relations of Partners to One Another | Property of the Firm (Sec. 14) | Relations
of Partners to Third Parties | Types of Partners | Reconstitution of a
Firm | Summary | Objective Type Questions | Test Questions | Practical
Problems
5.3. Dissolution of Firm 311-321

Dissolution Without the Order of Court | Dissolution by Court | Rights and Liabilities
of Partners on Dissolution | Settlement of Accounts | Public Notice (Sec.
72) | Summary | Objective Type Questions | Test Questions | Practical Problems
xiv Contents
6. Limited Liability Partnership (LLP) 322-372

Limited Liability Partnership and Salient Features of LLP | Nature of Limited Liability
Partnership (LLP) | Partners, Designated Partners, Liabilities, Changes in
Partners | Incorporation of Limited Liability Partnership and Matters Incidental
Thereto | Partners and Their Relations | First Schedule | Extent and Limitation
of Liability of Limited Liability Partnership and Partners | Contributions | Financial
Disclosures | Assignment and Transfer of Partnership Rights | Investigation |
Conversion to Limited Liability Partnership | The Second Schedule [See Section
55] | The Third Schedule [See Section 56] | The Fourth Schedule [See Section
57] | Foreign Limited Liability Partnerships | Alteration in Information | Translation
of Documents | Compromise, Arrangement or Reconstruction of Limited Liability
Partnerships | Winding up and Dissolution | Test Questions
7.1. Negotiable Instruments 373-376

Definition of Negotiable Instrument | Types of Negotiable Instruments |
Summary | Test Questions
7.2. Notes, Bills and Cheques 377-395

Promissory Note | Bill of Exchange | Cheque | Classification of Negotiable
Instruments | Bills in Sets | Maturity and Days of Grace | Payment in Due
Course | Interest on Bills and Notes | Summary | Test Questions | Practical
Problems
7.3. Parties to a Negotiable Instrument 396-405

Capacity of Parties | Parties to Negotiable Instruments | Holder and Holder in Due
Course | Liability of Parties | Summary | Test Questions | Practical Problems
7.4. Negotiation 406-417

Transfer by Negotiation | Transfer by Assignment | Indorsement | Instruments
Obtained by Unlawful Means | Summary | Test Questions | Practical Problems
7.5. Presentment of a Negotiable Instrument 418-426

Presentment for Acceptance | Presentment for Sight | Presentment for
Payment | Summary | Objective Type Questions | Test Questions | Practical
Problems
7.6. Dishonour of a Negotiable Instrument 427-435

Meaning | Notice of Dishonour | Noting and Protesting | Rules as to Compensation
(Sec. 117) | Penalties in Case of Dishonour of Certain Cheques for Insufficiency
of Funds (Secs. 138 to 142) | Summary | Objective Type Questions | Test
7.7. Discharge of a Negotiable Instrument 436-441

Discharge of an Instrument | Discharge of a Party or Parties | Summary |
Objective Type Questions | Test Questions | Practical Problems
7.8. Rules of Evidence Estoppel and International Law 442-443

Presumptions as to Negotiable Instruments | Estoppel | International
Law | Summary | Test Questions | Practical Problems
Contents xv
7.9. Hundis 444-446

Kinds of Hundis | General Terms | Summary | Objective Type Questions | Test
Questions
7.10. Banker and Customer 447-455

Definition of Banker and Customer | Legal Relationship Between Banker and
Customer | Protection of Paying Banker | Protection of Collecting Banker |
8.1. Arbitration 456-479

Meaning | Arbitration Agreement | Advantages and Disadvantages of
Arbitration | Power of Judicial Authority to Refer Parties to Arbitration (Sec.
8) | Matters Which Can Be Referred to Arbitration | Who Can
Refer ? | Composition of Arbitrate Tribunal | Jurisdiction of Arbitral
Tribunals | Conduct of Arbitral Proceedings | Award | Correction, Interpretation
and Setting Aside of an Award | Appeals | Miscellaneous | Objective Type
8.2. Conciliation 480-485

Commencement of Conciliation Proceedings (Sec. 62) | Settlement
Agreement | Termination of Conciliation Proceedings | Miscellaneous | Supplementary
Provisions | Objective Type Questions | Test Questions
9.1. Law of Insurance 486-497

Contract of Insurance | Fundamental Elements of Insurance |
Premium | Reinsurance and Double Insurance | Summary | Objection Type
9.2. Life Insurance 498-505

Life Insurance Contract | Insurable Interest | Right of Insurer to Avoid Life
Policy | Types of Policies | Suicide | Assignment and Nomination |
9.3. Fire Insurance 506-513

Contract of Fire Insurance | Average Clause in a Fire Policy | Insurable
Interest | Fire and Loss by Fire | Rights of Insurer | Types of Fire
Policies | Assignment | Summary | Objective Type Questions | Test
9.4. Marine Insurance 514-532

Contract of Marine Insurance | Insurable Interest | Disclosure and
Representations | Marine Policy | Warranties in a Contract of Marine Insurance |
Voyage | Premium | Losses | Rights of Insurer on Payment | Summary | Objective
10.1. Carriage of Goods 533-543

Carriage by Land | Classification of Carriers | Rights, Duties and Liabilities of
Common Carrier | Goods | Carriage by Rail | Responsibility of Railway
xvi Contents
Administration as Carriers (Chapter XI – Secs. 93 to 112) | Summary | Objective

10.2. Carriage by Sea 544-550

Contract of Affreightment | Charter Party | Bill of Lading | Summary | Objective
10.3. Carriage by Air 551-557

Definitions | Documents of Carriage | International Carriage by
Air | Summary | Objective Type Questions | Test Questions | Practical Problems
Part Three – Law of Insolvency

1. The Insolvency and Bankruptcy Code, 2016 559-579
Law Relating to Insolvency in India | Applicability of the
Code | Definitions | Objective of the Code | Corporate Insolvency Resolution
Process (Section 6 to Section 32) | Liquidation Process | Fast Track Corporate
Insolvency Resolution Process | Voluntary Liquidation of a Corporate Persons
(Section 59) | Offence and Penalties | Objective Type Questions | Test Questions
Part Four – Other Laws

1. The Consumer Protection Act, 1986 581-600
Definitions (Sec. 2) | Consumer Protection Council (Chapter II, Secs. 4 to
8) | Consumer Disputes Redressal Agencies (Chapter III, Secs. 9 to 27) | Consumer
Disputes Redressal Forum (The District Forum – (Secs. 10 to 15) | Consumer
Disputes Redressal Commission (The State Commission – Secs. 16 to 19) | National
Consumer Disputes Redressal Commission (National Commission – Secs. 20 to 23)
| Miscellaneous | Objective Type Questions | Test Questions
2. The Foreign Exchange Management Act, 1999 601-616

Definitions (Sec. 2) | Regulation and Management of Foreign Exchange (Chapter
II, Secs. 3 to 9) | Authorised Person (Chapter III, Secs. 10 to 12) | Contravention
and Penalties (Chapter IV, Secs. 13 to 15) | Adjudication and Appeal (Chapter V,
Secs. 16 to 35) | Directorate of Enforcement (Chapter VI, Secs. 36 to
38) | Miscellaneous (Chapter VII, Secs. 39 to 49) | Test Questions
3. The Information Technology Act, 2000 617-642
Definitions (Section 2) | Digital Signature and Electronic Signature (Chapter II –
Section 3) | Electronic Governance (Chapter III – Sections 4 to 10) | Attribution,
Acknowledgement and Despatch of Electronic Records (Chapter IV – Sections
11 to 13) | Secure Electronic Records and Secure Digital Signatures (Chapter V –
Sections 14 to 16) | Regulation of Certifying Authorities (Chapter VI – Sections 17
to 34) | Electronic Signature Certificates (Chapter VII – Sections 35 to 39) | Duties
of Subscribers (Chapter VIII – Sections 40 to 42) | Penalties, Compensation and
Adjudication (Chapter IX – Sections 43 to 47) | The Cyber Appellate Tribunal (Chapter
X – Sections 48 to 64) | Offences (Chapter XI – Sections 65 to 78) | Intermediaries
not to be Liable (Chapter XI – Section 79) | Test Questions
Contents xvii
4. The Competition Act, 2000 643-673

Definitions (Section 2) | Prohibition of Certain Agreements, Abuse of Dominant
Position and Regulation of Combinations (Chapter II – Sections 3 to 6) | Prohibition
of Abuse of Dominant Position (Section 4) | Combinations | Competition
Commission of India (Chapter III – Sections 7 to 17) | Duties, Powers and Functions
of Commission | Finance, Accounts and Audit (Section 50-53) | Test Questions
5. Goods and Services Tax (GST) 674-723
Introduction | Applicability of GST and Types of Supply | Levy and Collection of
GST | Place of Supply | Time of Supply | Value of Supply | Input Tax
Credit | Documents and Records | Returns and Assessment | Miscellaneous
Provisions | Test Questions
Volume II – COMPANY LAW

1. Nature of Company 1-10
Definition of Company | Characteristics of a Company | Lifting or Piercing the
Corporate Veil | Company Distinguished from Partnership | Company Law in
India | Test Questions | Practical Problems
2. Kinds of Companies 11-25

Classification on the Basis of Incorporation | Classification on the Basis of
Liability | Classification on the Basis of Number of Members | Classification on
the Basis of Control | Classification on the Basis of Ownership | Associations Not
For Profit (Sec. 8 of Companies Act, 2013) | One-person Company [Sec. 2 (62)
Means a Company which has only One Person as a Member] | Prohibition of Large
Partnerships (Sec. 464 of Companies Act, 2013) | Test Questions | Practical
Problems
3. Formation of Company 26-39

MCA–21 – Electronic Filing of Forms form 15-9-2006 | Incorporation of
Company | Certificate of Incorporation | Commencement of Business |
Promoter | Pre-incorporation or Preliminary Contracts | Provisional
Contracts | Test Questions | Practical Problems
4. Memorandum of Association 40-48

Fundamental Document | Contents of Memorandum (Sec. 4, Companies Act,
2013) | Alteration of Memorandum | Doctrine of Ultra Vires | Test
5. Articles of Association 49-57

Contents of Articles | Alteration of Articles | Articles and Memorandum – Their
Relation | Legal Effect of Memorandum and Articles | Constructive Notice of
Memorandum and Articles | Doctrine of Indoor Management | Test
xviii Contents
6. Prospectus 58-80
SEBI (Issue of Capital and Disclosure Requirements) Regulations,
2009 | Definition | Contents of Prospectus/Disclosures in Prospectus | Concept
of Dematerialised Shares (Section 29 of the Companies Act, 2013) | Book
Building | Misstatements in Prospectus and their Consequences | Civil Liability
(Sec. 35, New Companies Act) | Sec. 34 (New Companies Act) | Test Questions |
Practical Problems
7. Share Capital and Debentures 81-100

8. Acceptance of Deposits by Companies 101-103

Test Questions
9. Registration of Charges 104-108
10. Management and Administration 109-124
11. Declaration and Payment of Dividend 125-126
12. Accounts of Companies 127-135
13. Audit and Auditors 136-146
14. Appointment of Directors 147-160

Appointment and Qualifications of Directors (Section 149) | Manner of Selection
of Independent Directors and Maintenance of Data Bank of Independent Directors
(Section 150) | Director Identification Number (DIN)
15. Meeting of Board and its Powers 161-178
16. Appointment and Remuneration of Managerial Personnel 179-187
17. Inspection, Inquiry and Investigation 188-200
18. Compromises, Arrangements and Amalgamations 201-215

Procedural Formalities in Respect of Compromise, Arrangement, Etc. (Section
230) | Order of the Tribunal Sanctioning the Amalgamation or Demerger – Sub-Section
(3) of Section 232 | Approval Under Sections 230 to 232 Covers a Wide Spectrum of
Company Reorganisation and Restructuring | Test Questions | Practical Problems
19. Prevention of Oppression and Mismanagement 216-222

20. Registered Valuers 223
21. Removal of Names of Companies from the Register of Companies 224-226
22. Winding Up 227-260

Meaning of Winding Up | Winding up by the Tribunal (Section 271-303) | Official
Liquidators | Test Questions | Practical Problems
Contents xix
23. Companies Authorised to Register under Companies Act 261-264

Companies Authorised to Register under Companies Act
24. Companies Incorporated Outside India 265-270
25. Government Companies 271
26. Registration Offices and Fees 272-275
27. Companies to Furnish Information or Statistics 276
28. Nidhi 277
29. National Company Law Tribunal and Appellate Tribunal 278-280
30. Special Courts 281-282
31. Miscellaneous 283-290
32. The Companies Act, 2013 (Schedules) 291-334
Volume III – INDUSTRIAL LAW

Part One – Working Conditions
1. The Factories Act, 1948 1-39

What is a Factory ? | Definitions | Approval, Licensing and Registration of
Factories | The Inspecting Staff | Health, Safety and Welfare |
Health | Safety | Provisions Relating to Hazardous Processes | Welfare | Working
Hours of Adults | Holidays | Employment of Young Persons | Employment of
Women | Annual Leave with Wages | Special Provisions | Penalties and
Procedure | Objective Type Questions | Test Questions | Practical Problems
Part Two – Social Security
2. The Employees Compensation Act, 1923 40-68

Defences Available to Employers Before Passing of the Act | Fatal Accidents Act,
1855 | The Employers’ Liability Act, 1938 | The Employees’ Compensation Act,
1923 | Scope and Coverage of the Act | Definitions | Rules Regarding Employees’
Compensation | Compensation | Distribution of Compensation | Notice and Claim
(Sec. 10) | Miscellaneous | Enforcement of the Act | Appeals (Sec.
30) | Rules | Test Questions | Practical Problems
3. The Employees’ State Insurance Act, 1948 69-111

Applicability of the Act (Sec. 1) | Definitions (Sec. 2) | Administration of the Scheme
(Chapter II, Secs. 3 to 25) | Finance and Audit (Chapter III, Secs. 26 to
37) | Contributions (Chapter IV, Secs. 38 to 45B) | Benefits (Chapter V, Secs. 46
xx Contents
to 73) | Scheme for Other Beneficiaries (Chapter VA, Secs. 73 A To 73

F) | Adjudication of Disputes and Claims (Chapter VI, Secs. 74 to 83) | Penalties
(Chapter VII, Secs. 84 to 86) | Miscellaneous (Chapter VIII, Secs. 87 to 100) | Test
Questions
4. The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 112-139
Application of the Act | Definitions | Employees’ Provident Fund Scheme
(1952) | Employees’ Pension Scheme and Fund (1995) | Employees’ Deposit-linked
Insurance Scheme and Fund (1976) | Clarification Pertaining to
Contributions | Administration of the Schemes | Determination of Moneys Due
from Employers, their Recovery and Employees’ Provident Funds Appellate
Tribunal | Inspectors | Penalties and Offences | Miscellaneous | Test Questions
5. The Payment of Gratuity Act, 1972 (as amended upto 29-3-2018) 140-154
Definitions | Payment and Forfeiture of Gratuity and Exemption (Secs. 4 and
5) | Compulsory Insurance and Protection of Gratuity (Secs. 4 A and
13) | Nomination (Sec. 6) | Determination and Recovery of Gratuity (Secs. 7 and
8) | Inspectors (Secs. 7 A and 7 B) | Penalties and Offences (Secs. 9 to
11) | Miscellaneous | Test Questions
6. The Maternity Benefit Act, 1961 155-162

Definitions | Prohibition of Employment | Maternity Benefit | Leave and Nursing
Breaks | Inspectors | Miscellaneous | Penalties and Offences | Test Questions
7. The Payment of Wages Act, 1936 163-177

Definitions | Rules for Payment of Wages (Secs. 3 to 6) | Deductions from Wages
(Secs. 7 to 13) | Maintenance of Registers and Records (Sec. 13A) | Enforcement
of the Act | Miscellaneous | Test Questions | Practical Problems
8. The Minimum Wages Act, 1948 178-193

Object of the Act | Definitions | The Schedule [See Secs. 2 (g) and 27] | Fixation
and Revision of Wages (Secs. 3 to 5) | Advisory Board and Central Advisory Board
(Secs. 7 to 9 and 29) | Safeguards in Payment of Minimum Wages (Secs. 11 to
18) | Enforcement of the Act (Secs. 19 to 21) | Offences and
Penalties | Miscellaneous (Secs. 22D to 30) | Test Questions
Part Three – Disputes

9. The Industrial Disputes Act, 1947 194-245
Definition of Industry | What is an Industrial Dispute ? [Sec. 2 (k)] | Definitions | The
First Schedule [See Sec. 2 (n) (vi)] | The Fifth Schedule [See Sec. 2
(ra)] | Reference of Certain Individual Disputes to Grievance Settlement Authorities
(Chapter II B, Sec. 9 C as Introduced by the Amendment Act of 1982) | Procedure
for Settlement of Industrial Disputes and Authorities Under the Act (Chapter II,
Secs. 3 to 9) | Conciliation Machinery | Adjudication Machinery | The Second
Schedule (See Sec. 7) | The Third Schedule (See Sec. 7A) | Procedure, Powers
and Duties of Authorities (Chapter IV, Secs. 11 to 21) | Notice of Change in Conditions
of Service (Chapter II-A, Secs. 9A and 9B) | The Fourth Schedule (See Sec.
Contents xxi
9A) | Reference of Disputes to Boards, Courts or Tribunals and Voluntary Reference

(Chapter III, Secs. 10 and 10A) | Voluntary Reference of Disputes to Arbitration
(Sec. 10A) Award and Settlement | Strikes and Lock-outs (Chapter V, Secs. 22 to
25) | Layoff and Retrenchment (Chapters V A and V B, Secs. 25A to
25S) | Layoff | Retrenchment | Transfer and Closing Down of
Undertakings | Special Provisions Relating to Layoff, Retrenchment and Closure
(Chapter V B, Secs. 25K to 25S) | Procedure for Closing Down an Under-
taking | Unfair Labour Practices (Chapter V C, Secs. 25T and 25U) | Penalties
(Chapter VI, Secs. 26 to 31) | Miscellaneous (Chapter VII, Secs. 32 to
40) | Objective Type Questions | Test Questions
Part Four – Standing Order
10. The Industrial Employment (Standing Orders) Act, 1946 246-253

Object of the Act | Scope and Application of the Act | Definitions (Sec. 2) | The
Schedule [See Secs. 2 (g) and 3 (2)] | Procedure for Submission of Draft Standing
Orders (Sec. 3) | Procedure for Certification of Standing Orders | Other Provisions
Relating to Standing Orders | Enforcement of the Act | Miscellaneous | Penalties
and Procedure | Test Questions
Part Five – Workers’ Organisations
11. The Trade Unions Act, 1926 254-265

Trade Unions | Definitions | Agreements Not Affected by the Act | Registration
of Trade Unions | Cancellation of Registration and Appeal | Rights and Privileges
of a Registered Trade Union | Duties and Liabilities of a Registered Trade
Union | Amalgamation of Trade Unions (Secs. 24 To 26) | Dissolution of a Trade
Union | Regulations | Penalties | Test Questions
Part Six – Bonus
12. The Payment of Bonus Act, 1965 266-286

Meaning of Bonus | Object of the Act | Application of the
Act | Definitions | Eligibility and Disqualification for Bonus | Determination of
Bonus | The First Schedule [See Sec. 4 (a)] | The Second Schedule [See Sec. 4
(b)] | The Third Schedule [See Sec. 6 (d)] | The Fourth Schedule (See Secs. 15
and 16) | Special Provisions With Respect To Certain Establishments (Sec.
16) | Inspectors (Sec. 27) | Penalties (Sec. 28) | Offences | Miscellaneous | Test
Questions
Part Seven – Miscellaneous
13. The Apprentices Act, 1961 287-304

Scope and Coverage of the Act | Who is an Apprentice ? | Definitions | Apprentices
and their Training | Obligations of Employers and Apprentices | Authorities Under
the Act | Penalties and Offences | Miscellaneous | Test Questions
xxii Contents
14. The Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959 305-309
Application and Scope of the Act | Definitions | Notification of Vacancies | Penalties
(Sec. 7) | Miscellaneous | Test Questions
15. The Collection of Statistics Act, 2008 310-319

Objects and Reasons | Definitions | Collection of Statistics | Disclosure of
Information in Certain Cases and Restrictions of their Use | Offences and
Penalties | Power in Respect of Core Statistics | Miscellaneous | Test Questions
Subject Index I.i – I.lxiv
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Subject Index
A.L. Underwood Ltd. v. Bank of Liverpool & Martius Accidents

arising out of and in course
I: 455
of employment III: 51-53
A.P. State Handloom Weavers’ Coop. Society v.
compensation for III: 50-53, 56-59
Authority under the Minimum Wages Act III: 188
cases related to III: 52-53
Abani Kanta Pal. In the matter of I: 284
claims for III: 62
Abbot v. Crump I: 313, 320
Abdul Aziz, v. Masum Ali I: 34, 42 fatal accident and III: 62
Abdul Ghaffar v. Prem Piare Lal I: 46 insurers’ liability III: 63-64
medical examination III: 62-63
Abhinash Chandra Gautam through his Legal
notice of accident and III: 61-62
Representatives v. Union Territory of Tripura
principal’s liability III: 63
III: 241
ESI benefits for III: 95-96
Abid Hussain v. Ganga Sahai I: 148
Acceptance I: 8, 17, 19, 21-29 meaning of III: 50
bill of exchange and I: 375, 381-382 Accommodating party I: 387
Accommodation bill I: 387-388
presentation for I: 419-421
Account and account books I: 344-347; II: 7,
communication of I: 24-28
127-135
express or implied I: 21-22
annual return filing I: 345, 346
mode of I: 25
for honour I: 420-421 punishment for false I: 346
legal rules I: 22-24, 28-29 financial statement II: 128-130
inspection of II: 127-128, 188-191
absolute and unqualified I: 22
search and seizure II: 190-191
communicated to the Offeror I: 22-23
keeping place II: 127
intention I: 23
punishment for contravenes II: 128
prescribed mode I: 23
time limit I: 23 Account settlement I: 344-346
modes of I: 419, 424 firm dissolution and
manners of I: 315-316
postal transit and I: 26
Accounting standards II: 128-129, 313
qualified I: 419-420
prescriptions II: 129-130
revocation I: 24-28
Accounting year III: 269-270
time of I: 25-26
validity I: 23-24 Acquisition I: 645
essentials I: 418-418 Act of God I: 536, 539
Acts of Parliament I: 3, 4
Acceptor I: 380, 418
Actual delivery I: 253
Access I: 618
I.ii Elements of Mercantile Law
Actual / ostensible partner I: 298, 305 delegation I: 202-203, 212

Adamson v. Jarvis I: 156 emergency I: 205
Addis v. Gramophone Co. Ltd. I: 137 extent of I: 204-206
Additional Directors ostensible I: 204-205
appointment II: 154 classification of I: 194-196
Address I: 323 definition of I: 188
Addressee I: 618 del credere I: 196
Adjudicating Authority I: 563, 565-568, 570-577, essential elements
602 agreement with principal I: 188
Adjudicating officers II: 285-286 intend to act on behalf of I: 188
appointment II: 285 independent contractor and I: 189
penality imposition power II: 285 mercantile I: 195-196
appeal against II: 285-286 misrepresentation of I: 206
Adolescent non-mercantile I: 196
definitions III: 5, 179 personal liability I: 207-209, 211, 213
employment of pretended liabilities I: 207
certificate of fitness III: 29-30 relationship with principal I: 196-207, 212
Adult workers modes of creation of I: 190
definitions III: 5, 179 relationship with third party I: 205-207, 212
notice of periods of work III: 27 rights and duties of I: 196-201, 212
register of III: 28 duties I: 196-199
working hours of III: 25-28 rights I: 199-201
Adultery I: 78 servant and I: 189
Advances Agreement
recovery of III: 34 alien enemy
Advertisement I: 18-19; II: 168 trading with I: 82
Advocate I: 324 anti-competitive I: 248-249
Advocates Act, 1961 I: 324 capacity to entered into I: 45-51
Affreightment alien I: 49, 51
see Carriage of goods, sea carriage minor person I: 45-48
Agency unsound mind person I: 48-49
creation of I: 189-194, 212 certainty I: 9
by estoppel I: 190-191, 206 consensus ad idem I: 7
by express agreement I: 190, 212 consent I: 9, 54-71
by implied agreement I: 190, 212 coercion I: 56-57, 60
of necessity I: 191-192 fraudulently obtained I: 62-66
by operation of law I: 194 misrepresentation I: 60-62, 66
by ratification I: 192-194 mistakes I: 66-70, 71
irrevocable I: 211-212, 213 undue influence I: 57-60
meanings of consideration and I: 8-9, 33-41
collection of Statistics Act III: 311 unlawful I: 76-78, 82
relationship definition I: 7, 645
essentials I: 188 enforceability by law I: 6-8
rules of I: 188, 212 essence I: 7-9
termination modes I: 209-212, 213 fraudulent purpose I: 77
by act of the parties I: 209-210 horizontal I: 645
by operation of law I: 210-211 immoral I: 77-78
Agent I: 187-188 inquiry into I: 658
appointee and I: 188 legal obligations I: 6, 7
authority of object
actual I: 204, 212 lawful I: 9
Subject Index I.iii
partnership I: 276, 279, 285, 294-295 limit of I: 555

prohibition of I: 648-649 registered luggage I: 55
adverse effect on competition I: 248-249 Warsaw Convention I: 551, 552
anti-competitive I: 248-249 Air Corporations Act, 1952 III: 199
public welfare policies and I: 80-87 Air India III: 199
registered I: 40 Ajanta Talkies, Allahabad v. Dy. Labour
to sell I: 218 Commissioner III: 188
service agreement I: 86-87 Akbar Hussein v. Payment of Gratuity Authority,
termination or modification of Ahmedabad III: 146
consequence II: 219 Aldborough Hotel Co. Re, Simpson’s Case II: 99
uncertain I: 92 Aldridge v. Johnson I: 219
unlawful and illegal I: 78-80, 82-87 Alexander v. Rayson I: 77
administration of justice I: 82-83 Alexander v. Sizer I: 397
criminal act I: 82 Alien enemy I: 49, 278
defraud creditors or revenue authorities I: 84 Alkinson, J. I: 509
effects of I: 79-80, 87 All India Council of Technical Education (AICTE) III:
interfering with marital duties I: 84 289, 291, 301
legal proceedings and I: 82 All India Federation III: 255
maintenance I: 82 All India Trade Union Congress (AITUC) III: 255
personal liberty and I: 84 Allahabad Bank Ltd. v. Kul Bhushan I: 392, 451
public duty and I: 83 Allen v. Gold Reefs of West Africa, Ltd. II: 57
in restraint of trade I: 84-85 Allen v. Rescous I: 79
severable I: 80 Allice Mary Hill v. William Clark I: 78
trafficking in Public Offices and Titles I: 83 Allocable surplus III: 270, 278-279
vague agreements I: 18 distribution rules III: 278-279
vertical I: 645 setting on and setting off of III: 279
void agreements I: 91-95, 96, 648 Allonge I: 408
definition I: 91 Alterations I: 438-439
uncertain meaning I: 92 material I: 438, 439
wagering I: 92-94 effects of I: 439
essentials I: 93-94 instances I: 439
Agreement to dissolve firm I: 312 Alternate Director II: 154
Agreement to sell I: 218 Amalgamation of companies II: 202-214
distinct from sale I: 219-220 books and papers of
Agricultural employees preservation of II: 214
minimum wages and III: 182 compensation II: 213
Ahmad Bhoy Habib Bhoy v. Bombay Fire & Marine dissenting shareholders and II: 210-211
Insurance Co. I: 509 legal formalities for II: 205-208
Air carrier I: 551-556 application for II: 205-206
documents issued for I: 552-554, 556 auditor’s certificate II: 207
air way bill I: 553-554, 556 certain companies II: 208-210
baggage check ticket I: 552-553, 556 completion certificate II: 207
passenger ticket I: 552, 556 employees transfer II: 207
domestic carriage I: 551 fees payable II: 207
High Contracting Party I: 551-552 punishment for contravention II: 207
international carriage I: 552, 554-556 shareholders and property II: 206-207, 210-
law regulating I: 551 213
liabilities I: 554-555, 556 solvency declaration II: 209
damage to luggage I: 554 majority shareholders and II: 212-213
death or bodily injury I: 554, 555 meaning II: 205
exceptions I: 555-556 minority shareholders and II: 211-212
I.iv Elements of Mercantile Law
objections and suggestions II: 209 meaning of III: 288

prudent business management test II: 208 records and returns
public interest II: 208, 213 maintenance of III: 298
registration of scheme II: 209-210 related instruction III: 296-297
effects of II: 210 rule-making powers III: 304
restructuring and reorganisations II: 208-214 as trainee and not worker III: 289, 295
share transfer and II: 210-214 training of III: 289, 291-299
registration of offer of schemes II: 214 appeal against III: 299
with foreign company II: 210 conditions III: 292
Ambiguous instrument I: 388-389 employers’ obligation III: 295-297, 299-300
Ambika Saw Mills v. Asstt. Lab. Commr III: 144 period of III: 293
Ambulance room III: 24 physical fitness III: 291
Amir Begum v. Badruddin I: 474 practical and basic III: 295-296
Amortisation II: 309 qualifications for III: 291
Anand Bihari Lal v. Dinshaw & Co. II: 56 reservation III: 291-292
Anand Parkash v. Asstt. Registrar II: 47 stipends III: 296
Anderson v. Marten I: 525 test and certificate III: 298
Andrews v. Ramsay & Co. I: 198, 214 working hours of III: 297
Annual general meeting (AGM) II: 114-115 overtime III: 297
notice for II: 115 Apprentices Act, 1961 III: 287-304
copies of documents attached with II: 133- apprentice obligations III: 300
134 authorities appointed for III: 300-303
material facts annexed to II: 116 definitions III: 289-291
quorum for meetings II: 116-117 employers’ obligations III: 295-297, 299-300
Annual report penalties and offences III: 303-304
Central Government II: 288 scope and coverage III: 288
Annuity deposit payable exceptions III: 288
bonus calculation and III: 277 technician/graduate apprentice III: 290
Anson, Sir William I: 2, 5, 7, 22, 36 obligations III: 300
Apeejay Pvt. Ltd. v. Union of India I: 612 training rules III: 291-299
Appellate authority Apprenticeship Advisers III: 289-299, 301-303
meaning III: 248 Apprenticeship Rules, 1962 III: 291, 297
Appellate Tribunal Appropriate Government
see National Company Law Appellate Tribunal definitions of I: 618-619; III: 72, 114, 142, 164,
Appleby v. Myers I: 240, 250 199-200, 248, 255, 270, 289-290, 306, 311
Appleson v. Littlewood Ltd. I: 15 Apthorp v. Neville & Co. I: 79
Apprentices III: 115, 141, 287-304 Arbitral award I: 458, 465, 468, 471-476
authorities appointed for III: 300-303 additional I: 473
contract of III: 292-295 appealable I: 476
essence III: 288-289 correction I: 472
minor and III: 292 enforcement of I: 475
novation of III: 292-293, 295 form and contents of I: 471-472
termination of III: 294-295 interim award I: 471
terms and conditions III: 292 interpretation of I: 472
designated trade III: 288, 290 meaning I: 471
number of III: 293-294 setting aside of I: 473-476
vocational course III: 290 grounds for I: 473-474
dispute settlement of III: 298-299 procedure for I: 475
employment offering III: 298 public policy and I: 473
health, safety and welfare of III: 297 validity of
leave and holidays III: 297-298 essentials I: 471
Subject Index I. v
void for uncertainty I: 471 Armstrong v. Jackson I: 199

Arbitral Tribunal Armugham v. Jawahar Mills III: 164, 176
arbitration place Arnhold Karberg & Co. v. Blythe I: 245
determination of I: 466, 469 Arrangement
composition of I: 462-465 meaning II: 202
evidence taking procedure to be followed II: 202-205
court’s assistance I: 467-468, 469 Tribunal power to enforce II: 205
jurisdiction I: 465, 469, 477 Article
proceedings I: 465-471 meaning III: 8
appointment of experts I: 467, 468 Articles of Association II: 49-56, 295-308
claims and defence I: 466 alteration in II: 51-52
communication I: 467 limitations II: 51-52
conduct rules I: 465-471 procedure II: 51
decision-making I: 468 application forms for II: 50-51
dispute settlement I: 468 constructive notice doctrine II: 54
hearings I: 466-467, 469 limitation to II: 55-56
languages to be used I: 466, 469 contents of II: 49-51
misconducted I: 474 indoor management doctrine II: 55-56
termination of I: 468, 469 exceptions II: 55-56
substantive law I: 468 legal implications II: 53-54
Arbitration I: 457-477 liability of members and II: 52
advantages I: 459-460 memorandum and II: 51, 52
agreement I: 458-459; III: 223-224 differences II: 53
death or insolvency of a party I: 464-465 notice of contents II: 54
essential elements I: 458-459 schedules for companies II: 295-308
meaning I: 458 Limited by Guarantee II: 305-308
referring of disputes to I: 461-462 Limited by shares II: 295-305
costs of I: 472 Unlimited companie II: 308
disadvantages I: 460 Tribunal’s powers II: 52
domestic I: 457-477 Arvind Mills Ltd. v. Gadgil III: 164
International Commercial Asfar & Co. v. Blundel I: 223, 525
Model Law on I: 457 Ashbury Rly. Carriage & Iron Co. Ltd. v. Riche
judicial authority’s power II: 40, 47
to refer parties I: 460-461 Ashrafi Lal v. Jagannath I: 470
matters which may be referred for I: 461 Assertions I: 63-64
Arbitration Act, 1940 III: 224 Assessments of tax
Arbitration and Conciliation Act, 1996 I: 339, 457- types of I: 716-717
477, 480-485 Assets of company
objectives I: 457-458, 480 balance sheet and II: 314
Arbitrator(s) I: 458, 462 classification of II: 317-318, 319, 320
appointment I: 462-463 current II: 320
challenge I: 463-464 non-current II: 319
mandate of I: 464, 468 useful lives of II: 309-312
presiding I: 462 Assignee II: 250
substitute I: 464 Assignment I: 113-115
duties of I: 470-471 of contractual right I: 114
expert arbitrator I: 476 by operation of law I: 114-115
personal knowledge of I: 475-476 rights I: 114-115
powers of I: 468-470 limitations I: 114
Ardeshir A. Bhiwandiwala v. State of Bombay Associated Cement Cos. Ltd. (Dwarka & Bombay) v.
III: 3 Their Workmen III: 267
I.vi Elements of Mercantile Law
Associated Hotels of India v. Excise & Taxation Officer electronic signature I: 621
I: 218 Authorised Officer III: 114
Associated Oil Carriers Ltd. v. Union Insurance Authorised person I: 602, 607-609
Society of Canton Ltd. I: 518 Authority I: 295-296
Associated Publishers (Madras) Ltd. v. Govt. of Tamil express or implied I: 295-296
Nadu III: 269 meaning I: 295
Association Authority Sabastian Almenda v. Taylor R.M. III: 172
illegal II: 24-25 Available surplus III: 270, 272
winding up of II: 25 determination of III: 275
non-profit II: 20-21 Average pay
Association of Engg. Workers v. Indian Hume Pipe definition III: 200
Co. Ltd. III: 237 Awards I: 458, 465, 468, 471-476; III: 214, 217,
Assumed risks doctrine III: 41 219, 224-228
Assurance I: 498-499 binding on parties III: 226
Asymmetric crypto system I: 619, 620 definitions III: 200, 224, 270
Attemptea performance see Valid tender enforcement of III: 225
Attorney I: 618 form of III: 224
Attorney of Austrailia v. Adelaid S.S. Co. I: 86 operation period III: 226-227
Attornment I: 254 publication of III: 224-225
Attwood v. Lamont I: 87 punishment for breach of III: 227
Atwood v. Maude I: 321 rejection or modification III: 225
Auction sale I: 269-270
procedure to I: 269
rules for I: 269-270
B. Chalapathi v. Official Assignee I: 535
B.M. & G. Engg. Factory v. Bahadur Singh III: 46
Auctioneer I: 195-196
B.M. Chatterjee v. State of Bengal III: 76
Audit Committee II: 163-164
Auditing standards II: 143 B.N. Murthy & Sons v. V.V. Suguna I: 293
Auditors B.N. Rail. v. Moola Sicka & Co. I: 540
Babasaheb v. Rajaram I: 93
appointment of II: 136-138
Babul v. R.A. Singh I: 61
conditions of II: 136-137
Babulal v. State Bank of Bikaner I: 451
eligibility for II: 139-140
Badli workman III: 231-232
Government company II: 137-138
qualifications for II: 140 Badridas v. Meghraj I: 94
rotation II: 137 Badri Prasad v. Nagarmal II: 25
Badri Prasad v. State of M.P. I: 222, 240
selection procedure II: 136
Bagel v. Miller I: 303
cost auditing II: 145-146
Bai Diva Kaluji v. Silver Cotton Mills Ltd.
disqualification II: 140
III: 52
powers and duties of II: 141-143
punishment for contravention II: 144-145 Bai Lakhsmi v. Jaswantlal I: 502
removal II: 138 Bai Malimabu v. State of Gujarat III: 85
Bailee
remuneration II: 140
duties of I: 175-177
resignation II: 138-139
rights of I: 177-178
services not to be rendered by II: 143-144
wrong-doer I: 179
Auditor’s certificate II: 207
Auditors’ report I: 678, 714; II: 130, 141-142 seealso Pawnee
auditor’s duty to sign II: 144 Bailment I: 172-178, 179, 183, 221
termination of I: 180-181
characteristics of I: 714
seealso Pledge
Government companies II: 271
Bailor
members’ right to copy II: 133-134
duties of I: 174-175
Austin v. Drewee I: 508
Authentication I: 620-621 rights of I: 177
wrong-doer I: 179
Subject Index I.vii
seealso Pawnor Banking Regulation Act, 1949 I: 447, 448; II: 84;
Baily v. De Crespigny I: 124 III: 270, 273, 276, 284
Bains v. Ewing I: 205 Banking Service Commission III: 200
Baivijli v. Nansa Nagar I: 78 Banking Service Commission Act, 1975 III: 200
Bal Mukand v. Munna Lal Ramji Lal I: 378 Bankrupt
Bala Debi v. S. Majumdar I: 55 meaning I: 560-561
Balakrishna Pillai & Others v. Anant Engg. Works undischarged I: 562
(Pvt.) Ltd. III: 247 Bankruptcy I: 559
Bakshi Hardatt v. The State of J.K. I: 108 commencement date I: 561
Balance Sheet II: 27, 313-320 committee of creditors I: 561
general instructions for II: 314-320 debt I: 561
preparation of schedule of II: 314 excluded I: 562
Baldry v. Marshal I: 231 partnership I: 562
Baldwin v. London Chatham & Dover Rail Co. qualifying I: 562
I: 536 repayment plan I: 562
Balfour v. Balfour I: 8, 15 discharge order I: 561
Balmokand v. Uttamchand I: 461 excluded assets I: 561-562
Bamfield v. Goole & Sheffield Transport Co. I: 535, meaning I: 561
538 process of I: 561
Banarsi Dass v. Cane Commissioner I: 459 trustee I: 561
Bangalore Water Supply v. A. Rajappa III: 196 types of I: 559
Bank Depository II: 66 Seealso Insolvency
Bank of Baroda v. Punjab National Bank Bankruptcy Order I: 561
I: 383 Bansraj v. The Secretary of State I: 56
Banker Banwari Lal v. Road Transport Corpn. I: 537
collecting banker’s protection I: 452-453 Bapanna Krishnayya v. Chaparala Baburao
crossed cheque and I: 452-453 I: 380
definition I: 447-448, 453 Barned’s Banking Co.; Re Peel’s Case II: 32
legal relationship of Barrow, Lane & Ballard Ltd. v. Philips & Co.
with customer I: 448-450, 453 I: 223
paying banker’s protection Barsi Light Rly. Co. Ltd. v. K.N. Jogleker III: 144
privilege of I: 450-452, 453 Basic wages
payment in due course I: 451 definition III: 114
rights and obligations of I: 448-450 Bastable v. North British Rail I: 540
abide by customer’s instructions I: 449 Bawden v. The London, etc. Insurance Co. I: 206
appropriation right I: 449 Beardsley v. Baldwin I: 379
customer’s account secrecy I: 449 Bearer instruments I: 386
dishonour of cheques I: 449-450 Beauford v. Saunders I: 500
honour of cheques I: 448 Bechevaise v. Lewis I: 162
incidental charges and interest I: 449 Beck, etc. v. Synzmanoski I: 255
keep transactions record I: 448-449 Behn v. Burness I: 229
Banking Belfast Ropework Co. Ltd. v. Bushell I: 534
definition I: 448 Belsize Motor Supply Co. v. Cox I: 247, 251
Banking company II: 166-167, 171 Beneficial interest II: 110-111
audited accounts of III: 285 Beneficial owners
definition of I: 448; III: 270 declaration as required II: 110-111
gross profits of punishable
computation of III: 272-274 register and index of II: 110
deducted items III: 273-274 significant II: 111-112
net profit of Beneficiary Owner Identification (BO ID) II: 67
amounts to be added III: 273 Benefit period III: 72
I.viii Elements of Mercantile Law
Bengal Motion Picture Employees’ Union v. Kohinoor Birkmyr v. Darnell I: 157

Pictures Pvt. Ltd. III: 184 Bisset v. Wilkinson I: 63
Bentley v. Craven I: 291 Blackburn Bobbin Co. v. Allen & Sons I: 132
Beveridge v. Burgis I: 429 Blackburn, J. I: 165, 516
Bevin v. London & South Western Bank Ltd. I: 395 Blackburn Lowe Co. v. Haslam I: 206
Bhabha Committee Blair v. Bromley I: 297
recommendations II: 8 Blest v. Brown I: 165
Bhabha, H.C. II: 8 Blower v. Great Western Rail Co. I: 537
Bhagwan Dass Kedia v. Girdhari Lal I: 22, 26 Board of Apprenticeship Training III: 291
Bharat Airways Ltd. v. S.R. Chakrabarti III: 176 Boards of Concilisation III: 200, 208, 210-212
Bharat Gold Mines Ltd. v. Regional Labour Commr appointments III: 210-211
III: 147 constitution of III: 210
Bhayabhai v. Central Rail III: 52 dispute reference III: 211
Bhikusa Yamasa Kshatriya v. Sangammer Akola duties assigned III: 211-212
Taluka, Bidi Kamgar Union III: 179 reporting to appropriate Government III: 211-
Bhodani v. Bank of Baroda II: 47 212
Bigos v. Boustead I: 80 settlement of dispute III: 211
Bikaner Cold Storage Co. v. R.P.F. Commr. III: 133 members of
Bills in Sets I: 389-390 as public servants III: 212
Bills of exchange I: 373, 376, 380-382, 393 powers of III: 212
acceptance of I: 375, 381-382 Civil Court’s powers III: 212
modes of I: 419 to enter premises III: 212
presentation I: 419-421 inquiry or investigation powers III: 212
cheque and reference of cases to III: 222-223
distinction between I: 383 strike or lock-out
definition I: 380 prohibition order III: 211, 223, 229
dishonour Board of Directors II: 113, 115, 117, 120, 122, 125,
of foreign I: 443 127, 143, 147-148, 161-178, 202, 302-303
by non-acceptance I: 427-428 accounts and other books
by non-payment I: 428 right to inspect II: 304
notice for I: 428-430 appointing powers II: 303
noting and protesting required I: 430-431 auditor remuneration
essential elements I: 381 power to fix II: 140
foreign instrument casting vote II: 302, 303
liability rules I: 443 charitable funds
interest on I: 392 contribute to II: 167
parties to the bill I: 380 Committees constituted by
payable on demand I: 387 Audit Committee II: 163-164
payable on maturity I: 390-391 Nomination and Remuneration II: 164-165
presentation of Stakeholders Relationship II: 165
for payment I: 421-424, 425 composition of II: 147-148
promissory note and independent director II: 147-150
distinction between I: 381-382 Corporate Social Responsibility Committee of
specimen of I: 380-381 II: 132-133
transferable as I: 406-408 Directors
by assignment I: 407-408 number of II: 302
by negotiation I: 406-407 remuneration of II: 302
unlawful means disclosure of Director’s interest II: 168-169
obtained by I: 411-414 punishment for contravention II: 169
seealso Negotiable instruments financial statement report and II: 130-131
Bills of Lading Act, 1856 I: 544, 548, 549 signing authority II: 131-132
Subject Index I.ix
key managerial personnels setting on and setting off of III: 279

appointments of II: 185-186 calculation formula III: 272, 278-281, 286
Chairperson of II: 302-303 banking companies III: 272-274
independent directors and II: 162 deductible sums III: 276-277, 281
loan and investment II: 170-172 other than banking companies III: 274-276
loan to Directors II: 169-170 proportionate reduction III: 281
means II: 161-162 entitlement of III: 272
meetings of II: 161-162 disqualification for III: 272
minutes of proceedings II: 122-123 reduction III: 272
notice of II: 162 foreign company employee III: 276
quorum II: 162 Inspectors for bonus purposes III: 283-284
resolution passing by circulation II: 163 powers and duties III: 283
shorter notice II: 162 meanings of III: 266-267
non-cash transactions dictionary meaning III: 266
restriction on II: 176 as ex gratia payment and III: 266
political contributions and II: 168 new establishment
power to appoint directors of company II: 154, accounting years for bonus payment III: 282-
179-180 283
proportional representation II: 154-155 offences committed under the Act III: 284
powers of II: 165-166, 302 by company III: 284
restrictions on II: 166-167 cognizance of III: 284
proceedings of II: 302-303 payment of bonus
profits agreement or settlement for III: 283
capitalisation of II: 300 dispute settlement III: 285
secretarial audit report and II: 186 penalty for non-payment III: 284
share capital and II: 298 recovery III: 281-282
forfeiture of II: 299 time limit for III: 281
transfer of II: 298 pubic sector establishments and III: 284
transmission of II: 298 quantum of III: 267
special resolution II: 167 register maintenance III: 286
transactions of companies rule-making power III: 286
with related party II: 173-174 social justice theory and III: 267
Board for Industrial and Financial Reconstruction working days
II: 330 computation of number of III: 281
Bodheshwar v. Jatindra Nath I: 282, 312 Bonus shares II: 91-92
Body corporate I: 324, 325, 333; II: 33; III: 271 Book building method II: 69-70
Director’concern or interest advantage of II: 70
disclosure II: 168-169 meaning II: 69
investigation procedure II: 197, 199 process of II: 69-70
loan to Directors II: 169-170 Borland’s Trustee v. Steel Bros. & Co. Ltd. II: 53
meetings of II: 120 Borrowings
trade union as III: 258, 259-260 classification
Bolton v. Madden I: 36 long-term II: 316
Bolton Partners v. Lambert I: 193, 214 short term II: 316-317
Bolton & Co. Ltd. v. Nicholson & Sons Ltd. I: 234 Bostock & Co. Ltd v. Nicholson & Son I: 262
Bombay Industrial Relations Act, 1946 III: 247 Boulton v. Jones I: 22, 69, 74
Bombay Province v. Western India Automobile Assn. Bowes v. Shand I: 230
III: 200 Brace v. Calder I: 137
Bonus III: 144, 165, 166, 266-286 Bradley v. Waterhouse I: 537
allocable surplus III: 270, 278-279 Brahamputra Tea Company v. Scarth I: 86
distribution rules III: 278-279 Breach of contract I: 127-129
I. x Elements of Mercantile Law
actual I: 127-128 bonus calculation and III: 273, 274

anticipatory I: 128-129 Capital Redemption Reserve Account II: 86, 95-96
damages caused by I: 134-140, 142 Carlill v. Carbolic Smoke Ball Co. I: 17, 23, 93
ordinary I: 135 Carmichael v. Evans I: 313
types of I: 135-140, 142 Carriage by Air Act, 1972 I: 551-556
remedies I: 133-142 Carriage of Goods by Sea Act, 1925 I: 172, 533, 544,
injunction I: 141, 142 545-549
‘quantum meruit’ doctrine I: 140, 142 Carrier of Goods
specific performance I: 140-141, 142 air carrier I: 551-556
rescission I: 133-134, 142 documents issued for I: 552-554, 556
Breach of trust II: 251 domestic carriage I: 551
Bridger v. Savage I: 94 High Contracting Party I: 551-552
Bristal Corpn. v. John Arid & Co. I: 478 international carriage I: 552, 554-556
British & Foreign Marine Ins. Co. v. Grant I: 491 law regulating I: 551
British Bank of Middle East v. Almal Bros. I: 385 liabilities I: 554-555, 556
Broach Municipality v. Raiben Chimanlal III: 53 Warsaw Convention I: 551, 552
Brogden v. Marriott I: 97 bailee I: 534
Brogden v. Metropolitan Rail Co. I: 23 common carrier I: 534-538, 542
Broker I: 196 rights of I: 535, 542
Brook’s Wharf Ltd. v. Goodman Bros. I: 147 damages I: 535-537
Brown v. British Abrasive Wheel Co. Ltd. II: 52, 57 act of God and I: 536
Buckley L.J. I: 157 defective packing I: 537
Budget v. Binnington I: 125 by enemies of State I: 536
Building fault or fraud of consignor I: 537
safety of III: 19 inherent vices in goods carried over I: 536-537
Bull v. Robinson I: 259 liability I: 535, 536-537
Bullough, Sir George I: 70 dangerous goods I: 538
Burn & Co. v. Their Workmen III: 260 expenses recovery I: 535
Burnand v. Rodocanachi I: 492 gratuitous carrier I: 534
Burrough, J. I: 80 insurer of goods I: 535-536
Business I: 276, 285, 324 land and inland waterways route I: 534-538
partners rights and duties I: 289-293 liability I: 535, 536-537
Butler v. Wildman I: 528, 531 lien on goods carried I: 535
Butterworth v. Kingsway Motors I: 230 non-scheduled goods I: 537
Byrant v. Richardson I: 48 private carrier I: 534, 542
Byrne v. Reid I: 301 railways carriage I: 538-541
Byrne & Co. v. Van Tienhoven I: 25 animals carrier I: 541
dangerous or offensive goods I: 538-539
delay or detention I: 539-540
C.I. Abraham v. K.A. Cheriyan I: 148 luggage carrier I: 541
C.I. & B. Syndicate v. Ramachandra I: 4
liability of I: 539-541; Exoneration from I: 541
Cairns, Lord I: 32
railway receipt I: 538
Calcutta Dock Labour Board v. Sandhya III: 148
rate-books maintenance I: 538
Calcutta Electric Supply Corpn. Ltd. v. Rampati Debi
risk rates I: 538, 540
III: 67 refusal rights I: 535
Calcutta Insurance Ltd. v. The Workmen III: 147 remuneration I: 535
Canara Bank v. Canara Sales Corpn I: 451
scheduled goods I: 537
Canteen facilities III: 24
sea carriage I: 545-549
Capacity I: 45-51
charter party I: 544, 545-546, 549
meaning of I: 45
contract of I: 544-545
Cape Breton Co., Re II: 35 lading bill I: 544, 547-549
Capital expenditure
Subject Index I.xi
strict liability I: 536-537 form for II: 107

exceptions I: 536-537 notice II: 105-106
Carriers Act, 1865 I: 172, 533, 534-538 receiver’s appointment II: 106
Cartel I: 646 register of II: 106
Carter v. Boehm I: 487, 531 satisfaction of II: 105-106
Cash and cash equivalents Charity fund II: 167
classification of II: 320 Charles v. Blackwell I: 451, 454
Castellain v. Preston I: 490, 492, 497, 513 Charter party I: 545-546, 549
Causa proxima non-remota spectatur rule I: 490- bill of lading and
491, 508-509 comparison of I: 547
Cave v. Cave I: 206 clauses of I: 546
Caveat emptor doctrine I: 229, 235, 236, 488 kind of I: 546, 549
Central Apprenticeship Adviser III: 289-299, 302 Chartered accountant I: 324
powers of III: 302-303 Chartered Accountants Act, 1949 II: 130, 143
Central Apprenticeship Council III: 289-299, 304 Chemicals and toxic substances III: 22
constitution of III: 301 Cheque I: 373, 382-386, 393
Central Consumer Protection Council I: 587-588 bill of exchange and I: 382
membership I: 587 distinction between I: 383
objects of I: 587-588 crossed
Central Depository Services Limited (CDSL) II: 66 collecting banker and I: 452-453
Central Inland Water Transport Corpn. Ltd. v. Brojo payment of I: 451-452
Nath I: 81 dishonour of I: 428
Central Klondyke Gold Mining Co., Re, Savign’s Case of foreign cheque I: 443
II: 99 by non-payment I: 428
Central Provident Fund Commissioner III: 113, 124, notice for I: 428-430
126, 131 penalties for insufficiency of funds I: 432-434
Central Trade Union Regulations, 1938 III: 259 foreign
Central Warehousing Corporation III: 199 liability rules I: 443
Certificate of fitness III: 29-30 marking of I: 383-384
effect of III: 30 payable on demand I: 387
Certified Filing Centres (CFC) II: 29 payable to bearer I: 451
Certifying Officer payable to order I: 450-451
meaning III: 248 presentation of
Certifying surgeon for payment I: 421-424, 425
appointment of III: 10 transferable as I: 406-408
duties of III: 10 by assignment I: 407-408
Chagla, J. I: 157 by negotiation I: 406-407
Chakravarti, C.J. I: 245 truncated I: 382, 421
Champerty I: 82 types of I: 384-385
Chapleton v. Barry Urban District Council I: 21 crossed I: 384-386, 393
Chaplin v. Hicks I: 138 open I: 384
Chappel v. Cooper I: 48 unlawful means
Chaproniere v. Mason I: 234 obtained by I: 411-414
Charges seealso Negotiable instruments
contravenes any provision Cheshire & Co. v. Vaughan Bros. & Co. I: 94
punishment for II: 107 Chidantbaram Chettiar v. Steel Bros. I: 240, 251
rectification of Chief Executive Officer II: 185, 303
by Central Government II: 107-108 Chief Financial Officer II: 303
registration of II: 104-108 Chief Inspector of Factories III: 5, 6, 7, 9, 20-21
application of II: 105 assisting staff of III: 9
certificate of II: 105 notice by occupier to III: 7
I.xii Elements of Mercantile Law
role and powers of III: 9, 20-21, 36 Coles v. White City Greyhound Assn. Ltd. II: 75
working hours and III: 25-26 Collection of Statistics Act, 2008 III: 311
shifts system III: 26 collection of statistics III: 312-313
Chikham Amiraju v. Seshamma I: 57, 74 restriction III: 312-313, 314-315
Child workers coverage of III: 311
definitions III: 5, 179 definitions III: 311-312
period of work III: 30 disclosure of III: 313-314
register of III: 30-31 security III: 313, 314
working hours III: 30 objectives III: 311
young age child offences by Companies III: 316-317
prohibition of employment III: 29 cognizance of III: 317
Children care facilities III: 24-25 prosecution for III: 317
Chillingworth v. Esche I: 24 summarily trial III: 317
Chillu Kahar v. Burn & Co. Ltd. III: 50 penalties under III: 315-316
Chinnaya v. Ramayya I: 35 damage to information schedule III: 315
Chintaman Rao v. State of M.P. III: 3 false or misleading statement III: 315
Chitou Tanti v. Tata Iron Steel Co. III: 46 impersonation of employee III: 316
Chunilal v. Sheoprasad I: 257 rule making power III: 318
Ciampa v. British India Steam Navigation Co. I: 545 salient features III: 311
Citizens ‘Life Insurance Co. v. Brown I: 309 Collective bargaining III: 254
Claim Collen v. Wright I: 208
actionable I: 221-222 Colley v. Overseas Exporters I: 252
Clarke v. Army & Navy Co-operative Society Ltd. Collins v. Godefroy I: 38
I: 234 combinations of enterprises I: 650-653
Clean bill I: 388 exemption I: 651
Clean Ganga Fund II: 334 inquiry into I: 658-659
Cleanliness III: 11 investigation procedure I: 654
Clearing house I: 382 large enterprises I: 650-651
Closure of establishment III: 200, 202, 204 meaning of I: 650-651
compensation for III: 238 merger or amalgamation I: 651
consequences of illegal III: 239 regulation of I: 651
penalty for III: 239 Competition Commission’s orders I: 652-653
procedure for III: 238-239 Commission agent I: 196
Cloth keeping places III: 23 Commissioner for Employees III: 43
Club I: 282 Commissioner for Employee’s Compensation III: 54,
Clutton v. Attenborough I: 380 59, 60, 61, 62, 64, 65
Co-agent I: 203 Commr. of Income-Tax v. Jayalakshmi R & O, Mills
Code of Civil Procedure, 1908 I: 662; II: 190, 196, I: 283
241; III: 122, 126, 210, 212, 213, 217, 219 Commissioner of Taxation v. English, Scottish
Code of Criminal Procedure, 1973 II: 191, 193, 197, Australian Bank Ltd. I: 448
280, 282; III: 152, 251, 317 Commissioner of Wealth Tax v. Vijayaba I: 39
Code on Public Prosecutors II: 282 Commissioning mother III: 156, 158
Codley v. Perry I: 232 Common employment doctrine III: 41, 42
Coercion I: 54, 55, 56-57, 70, 149 Common law I: 3, 535
duress I: 57 Commonwealth country
effect of I: 56-57 establishment of company in
threat to commit suicide I: 57 rules for I: 364-365
undue influence Companies Act, 1956 I: 50, 275-276, 447, 647; II: 1,
difference I: 60 6, 7, 8-9, 26, 266; III: 270, 312
Cohen v. Kittell I: 94 Amendment Act, 2000 II: 45
Cohen v. Wilkie I: 86 Amendment Act, 2002 II: 8
Subject Index I.xiii
Amendment Act 2006 II: 27, 152 non-profit association II: 20-21
application of II: 8-9 number of members’ based II: 12-15
Bhabha Committee one person company II: 21-24
recommendations II: 8 ownership based II: 16-20
Companies Act, 2013 II: 9, 11-13, 20, 27-39, 65-79, registered II: 12
81-98, 101-214, 216-226, 228-259, 261-290 statutory companies II: 11
Amendment Act, 2017 II: 30, 84, 101-102, 105, common seal II: 3
111, 112, 114, 119, 130, 131, 132, 135, 152, conduct of affairs of
153, 155, 156, 157, 162, 164, 165, 182, 195 prejudicial manner II: 216-222
Amendment Act, 2019 II: 42 contract of service II: 175
amendments in II: 9-10, 30, 42, 104 Corporate Social Responsibility (CSR) policy
effective date II: 9 II: 132-133
formation of company II: 27-29 corporate veil of II: 3-6
MoU II: 40-48 lifting of II: 4-6
objectives II: 9 definition of I: 270, 275-276; II: 1-2
Company artificial person II: 1
account books maintenance II: 7, 127-135 deposits and II: 101-103
annual returns and balance sheets II: 27, 112- acceptance from Public II: 102-103
113, 114, 130 conditions II: 101-102
audit and auditors II: 136-146 repayment of II: 102
disposal of II: 253 Directors of II: 147-160, 302
liability for improper II: 249-250 appointment and remuneration of II: 179-185,
as agent for its shareholders II: 4 302
application form dissolution of company II: 242-243
electronic II: 27 dividend payment II: 83, 86, 125-126, 303-304
application money documents relating to
refund of II: 5 electronic filing II: 27-30
arrangement scheme II: 202-205 electronic filing of forms II: 26-30
Articles of Association II: 49-56, 305 facilitation centres II: 29
alteration in II: 51-52 enemy character of II: 4
application forms for II: 50-51 formation procedure II: 26-39
constructive notice doctrine II: 54 business commencement II: 33
contents of II: 49-51 charitable objects II: 37-39
indoor management doctrine II: 55-56 electronic filing of forms II: 26-30
legal implications II: 53-54 incorporation of company II: 30-33
liability of members and II: 52 pre-incorporation contracts II: 36-37
memorandum and II: 51, 52 promoters II: 30, 33-36
notice of contents II: 54 provisional contracts II: 37-39
schedules for II: 295-308 fraud II: 72, 250-251
Tribunal’s powers II: 52 holding and its subsidiaries II: 5-6
Board of Directors incorporation of II: 30-32
managerial appointments and II: 179-185, 303 certificate of incorporation II: 31, 32, 44
powers and duties II: 113, 115, 117, 120, 122, documents required for registration II: 30-31
125, 127, 143, 147-148, 161-178, 302- forming mode II: 30
304 members liability II: 30
business commence II: 33 Registrar power and functions II: 31-32
characteristics II: 2-3 registration of II: 30-32
classification of II: 11-25 Information or Statistics
control based II: 15-16 furnishing of II: 276
liability based II: 12 investment II: 170-172
national importance II: 11 legal status of II: 6
I.xiv Elements of Mercantile Law
legislation in India II: 7-10 powers and duties II: 188-199, 224-226
liability of II: 2-3, 6 registration of II: 261-264
loan and investment II: 170-172 charges II: 104-108
management and administration II: 6, 109-124 documents required for II: 30-31
governing bodies and records II: 114-124 incorporation II: 30-32
registers required II: 109-112 seal of II: 303
managerial personnel securities premium account II: 83-84
appointments of II: 185-186 application of II: 84
Managers separate legal entity of II: 2
appointment and remuneration of II: 179-185 sham company II: 4
meetings of II: 114-124 share capital II: 81-98
Memorandum of Association (MoU) II: 40-48, 52- acceptance of unpaid II: 83
54 Employees’ stock option scheme II: 90
schedules for II: 291-295 issue of further shares II: 90-91
misdescription of name II: 5 kinds of II: 81-82
notified as dissolved notice to Registrar for alteration II: 92
effects of II: 226 shares issuing II: 81-98
offences by III: 240 bonus shares II: 91-92
partnership and certificate of II: 82-83
difference between II: 6-7 discount at issue of, prohibition II: 84-85
perpetual succession II: 3, 7 equity shares II: 81, 82, 83, 85
meaning II: 3 nature of II: 82
profits computation II: 182-183 nomination II: 97-98
property of II: 3, 6 numbering II: 82
prospectus of II: 61-79 power to purchase of its own II: 93-96
advertisement and II: 61, 68 preference shares II: 82-83, 85-86
conditions II: 61 premium account utilization II: 84
contents of II: 61-65 sweat equity shares II: 85
definition II: 61-62 voting right to holder II: 83, 89
fraudulent statement II: 72, 74, 77 tax obligation of II: 4
misstatements in II: 64-77 termination or modification of agreements
red herring II: 61, 71 consequence II: 219
Registrar of Companies and II: 70 transferable shares II: 3
securities issue and transfer II: 60, 64-79 Ultra vires acts of II: 47-48
share holders II: 64-65 unfairly prejudicial affairs
shelf prospectus II: 70-71 Tribunal’s powers against II: 216-222
terms of a contract or objects II: 64 veil of incorporation principle II: 3
public policy and II: 5 welfare legislation
purpose II: 2 avoidance of II: 5
fraudulent purpose II: 4, 5 Whole-time Director
registered office II: 272 appointment and remuneration of II: 179-185
documents required II: 272-273 Winding up I: 314, 315, 352, 370; II: 7, 29, 228-
electronic form of documents required II: 273 259
inspection of documents kept by Registrar seealso MCA-21 project,
II: 273-274 Private company; Public company
payment of fee for II: 274-275 Company Law Board II: 14
registers maintenance II: 106, 109-112 Company Liquidator
power to close II: 112 advisory committee of II: 237
Registrar of companies appointment of II: 231-233
electronic registry security II: 29-30 terms and conditions of II: 232
functions of II: 27-28 auditing of account books of II: 240
Subject Index I.xv
delinquent Directors II: 251 monthly wages

prosecution of II: 251-252 calculating method III: 59-60
dissolution of company II: 242-243 notional extension theory III: 52
examination powers and II: 241-242 penalties for failures III: 64-65
fraudulent conduct of business and as preferential debt III: 64
liability for II: 250-251 retrenchment III: 233
money depositing II: 255 right to get III: 64
into Scheduled Bank II: 255 rule-making power III: 66
offences by officers of company and II: 248-249 publication of rules III: 66
onerous property for transfer and closing
disclaimer of II: 246-247 of undertakings III: 233-234
powers and duties of II: 237-239, 252-257 seealso Laid-off compensation
exercise and control of II: 239 Competency see Capacity
to keep proper books II: 239 Competent authority
sanctioning powers II: 252-253 definition of III: 179
Professional Assistance and II: 238-239 Competent Person
removal of meaning III: 5
grounds for II: 232 Competition Act, 2002 I: 644-671
submission of report II: 233-235 acquisition I: 645
particulars II: 234-235 agreement I: 645
Tribunal’s directions on II: 235 adverse effect on competition I: 248-249, 661
Company prosecutors II: 282 anti-competitive I: 248-249
Company Secretaries Act, 1980 II: 123, 187 inquiry into I: 658, 661
Company secretary I: 324; II: 113, 303 prohibition of I: 648-649
functions of II: 186-187 void I: 648
remuneration of II: 330 cartel I: 646
Compensation I: 134-138, 148, 151, 201; II: 244 Central government
powers of I: 666-671
amount payable III: 55-60
combinations I: 650-653
appeal against III: 65
Commission’s orders I: 652-653
depending factors III: 55
inquiry into I: 658-659, 661
notice of accident and III: 61-62
investigation procedure I: 654
paid when due provision III: 59
meaning of I: 650-651
calculating formulas III: 56-59
regulation of I: 651
for death results from injury III: 56-57
Competition Commission of India I: 654-667
for permanent disablement III: 56, 57-59 consumer I: 646
distribution rules III: 60-61 dominant position
deceased employee III: 60 abuse of I: 653
half-monthly payment III: 61 division of enterprise enjoying I: 653-654
to legal disability III: 61 inquiry into I: 658, 661
employees injuries meaning I: 649
defences raised by employers III: 41-42 prohibits the abuse of I: 649-650
injured employees III: 42 enterprise I: 646
negligence III: 42 goods I: 646-647
rules regarding III: 50-53 market I: 647
employer’s liability for III: 50-54 objectives I: 644
exceptions III: 55 person I: 647
for occupational diseases III: 53-55 Public Financial Institution I: 647
for personal injury by accident III: 50-53 services I: 647
half-monthly payment III: 60 Statutory Authority I: 648
commutation of III: 60, 64 trade I: 648
laid-off III: 231-232 turnover I: 648
I.xvi Elements of Mercantile Law
Competition (Amendment) Act, 2007 I: 656, 663, Competition Fund I: 665

664 Completed gifts I: 40
Competition (Amendment) Act, 2009 I: 671 Composition scheme I: 675, 677, 692
Competition advocacy I: 664-665 GST rates are charged under I: 692
Competition Appellate Tribunal (CAT) I: 644, 666 Compromise I: 36, 367-369
Competition Commission of India I: 645, 654-666 meaning II: 202
appearance before I: 661-662 procedure to be followed II: 202-204
appeal against award of I: 662-663 Tribunal power to enforce II: 205
appointment of staff I: 657-658 Comptroller and Auditor-General of India II: 137-138,
chairperson/members I: 655 142, 271
administrative powers I: 656 Compulsory payment III: 184
appointment I: 655 Computer
removal of I: 656 meaning of I: 619
restriction on employment of I: 656 offences related to I: 635-636
resignation of I: 656 penalty and compensation for
salary and allowances I: 657 damages caused to I: 629-632
terms and conditions of I: 657 resources I: 619
term of Office I: 655 Computer contaminant
companies meaning I: 630
contravention by I: 664 Computer crimes
compensation see Cyber Appellate Tribunal
power to grant I: 661 Computer database
compliance of orders I: 663 meaning I: 630
penalty for failure to I: 663 Computer network
compensation for I: 663 meaning I: 619
Director-General I: 657 penalty and compensation for
investigation by I: 660, 663 damages caused I: 629-632
power of penalty I: 663 Computer source code I: 630
duties of Commission I: 658 tampering with I: 635
establishment of I: 654-655 Computer system
finance management I: 665-666 meaning I: 619
accounts and audit I: 665-666 penalty and compensation for
returns furnishing I: 666 damages caused I: 629-632
inquiry by I: 658-659 Computer virus I: 630
procedure for I: 660 Conciliation I: 457, 480-487
interim relief power to make rules I: 484-485
power to grant I: 661 High Court power I: 484
meetings of I: 659 proceedings I: 480-483; III: 227-228
penalty for offences I: 663-664 communicate with parties I: 482
powers and obligations I: 658-663 conciliator(s) I: 481-483
inquiry into certain agreements I: 658, 661 conduct of I: 482
inquiry into combination I: 658-659, 661 confidentiality I: 482-483
inquiry into dominant position I: 658, 661 dispute settlement I: 482
monetary penalty imposition I: 662 invitation I: 481
procedure regulation I: 662 settlement agreement I: 483
rectification of orders I: 662 submission of statements I: 481
reference power I: 659 termination of I: 483-484
reviewing power I: 662 Conciliation officers III: 200, 207, 209-210, 227
proceeding of appointment of III: 209
validity I: 656, 657 duties of III: 209-210
supersession of I: 667 to investigate III: 210
Subject Index I.xvii
to prepare report of settlement III: 210 composition I: 594-595

proceedings holding III: 209 jurisdiction I: 595-596
powers of III: 210 Consumer Disputes Redressal Forum I: 589-594
to enter the premises III: 210 appointment procedure I: 589-590
to inspect documents III: 210 complaints
strike and lay-out and III: 228 admission procedure I: 591
Conciliation Rules (1980) I: 457 denies or disputes of I: 591
Conciliator(s) manners I: 590-591
appointment of I: 481 relating to goods I: 591
costs of I: 483-484 relating to services I: 592
rights and duties of I: 481-484 redressal procedure I: 591-592
role of I: 482, 484 composition I: 589
Conditions of service III: 240-241 finding of I: 593-594
alteration in III: 240 appeal against I: 594
notice required for III: 221 jurisdiction I: 590
meaning III: 220-222 powers of I: 593
Confinement III: 72 Consumer Protection Act, 1986 I: 581-599, 645
Connors v. Connors Ltd. II: 5 consumer disputes redressing
Consensus ad idem I: 7, 13 District Forum for I: 589-594
Consent National Commission I: 597-599, 645
free and genuine I: 9, 54-55 quasi-judicial machinery to redress I: 582
flaws I: 55-71 redressal agencies I: 589-599
meaning of I: 54 State Commission for I: 594-596
Consideration I: 8-9, 33-41, 168 Consumer Protection Councils I: 582, 587-589
definition of I: 33-34, 41, 684 Central Council I: 587-588
inadequacy of I: 59 District Councils I: 588-589
legal rules I: 35-38, 41 establishment of I: 587-589
forbearance I: 35 State Councils I: 588-589
nature of I: 36 definitions I: 582-586
real not illusory I: 37 appropriate laboratory I: 582
minority and I: 46 complaint I: 582-583
need for I: 35, 36-37 consumer I: 583, 646
adequacy I: 36 dispute I: 583
negotiable instrument I: 375 goods I: 584
principal debtor and I: 158 service I: 584
unlawful I: 76-78 spurious goods I: 584, 586
Consolidated Coffee Ltd. v. Coffee Board, Bangalore extent and application I: 582
I: 269 objects of I: 581-582
Consolidated Financial Statements restrictive trade practice I: 584
preparation of unfair trade practice I: 585-586
general instructions for II: 323-324 Consumer Protection (Amendment) Act, 2002
Consolidated Fund of India I: 664 I: 582, 586, 588, 589, 590, 591, 593, 594, 598
Constructive contracts see Quasi-contracts Consumers rights I: 581-582
Constructive delivery I: 254 Contingent contract I: 99-102
Consumer I: 583, 646 rules regarding I: 100-101, 102
Consumer association I: 590 wagering contract and I: 101
Consumer Disputes Redressal Commission I: 594-596 Continuous service
appeal filed before definition of III: 230-231
hearing of I: 596-597 Contract
complaint before absolute contract I: 99
institution of I: 596 agreement and I: 6-8
I.xviii Elements of Mercantile Law
consensus ad idem I: 7 identity of person I: 69-70

definition I: 7 implied I: 11
enforceability by law I: 6-9 insurance I: 94, 486-488
essence I: 7 minor and III: 292
legal obligations I: 6, 7 obligations I: 113-114
alteration in I: 122 limitations I: 114
arbitration clause in I: 459 pardanashin woman I: 60
assignment of I: 113-115, 116 performance I: 104, 253-259
rights I: 114-115 actual I: 120
bilateral I: 12 attemptea performance I: 104-105, 115
breach of contract I: 127-129 attempted I: 120
actual I: 127-128 meaning I: 119
anticipatory I: 128-129 offer to I: 104-106
remedies I: 133-142 refusal to perform I: 106
capacity to I: 45-51 who must perform I: 106, 115
alien I: 49, 51 pre-incorporation II: 36-37
minor person I: 45-48 Privity doctrine I: 38-39
unsound mind person I: 48-49 consequences I: 38-39
classification I: 10-12, 13-14 provisional contracts and II: 37-39
formation based I: 11-12 sale of goods I: 217-225
performance based I: 12 conditions and warranties of I: 228-238
validity based I: 10-11 meaning I: 218
consent I: 9, 54-71 property I: 239-249
consideration I: 8-9, 33-41 sea routes and I: 243-246
unlawful I: 76-78 special terms I: 20-21
contingent contract I: 99-102 spoken or written I: 9, 11
definition I: 99 stranger to I: 38-39
essential characteristics of I: 99-100 by telephone or telex I: 26, 28
wagering contract and I: 101 time and place rules I: 111-112, 115
definition I: 6-8, 13 uberrimae fidei contracts I: 488
discharge of contract I: 119-129 unilateral I: 12
by agreement/consent of parties I: 120-122 validity
breach of contract I: 127-129 illegal I: 11
lapse of time I: 126, 129 lawful object I: 76-78
meaning I: 119 unenforceable I: 11
operation of law I: 126-127, 129 void I: 10-11, 39-40, 45-51, 95-96,
performance base I: 119-126, 129 voidable I: 10
e-commerce I: 12 wagering I: 92-94
English law I: 12-13 Contract law
contracts of record I: 13 agreements and I: 6
formal contract I: 12-13 objective I: 5
simple contracts I: 13 Contribution period III: 73
under seal I: 13 Contributions I: 344; III: 72, 114
essential elements I: 8-9, 13 Contributory negligence III: 41
competency I: 9 Controlled industry III: 114, 200
consideration I: 8-9 Controlling authority
free and genuine consent I: 9 meaning of III: 143
intention I: 8 Convicts I: 50, 51
executed I: 12 Cook v. Catehpole I: 479
executory I: 12 Cooper v. Phibbs I: 68
express I: 11 Co-operative Hindustan Bank v. Bholanath I: 469
Subject Index I.xix
Co-operative Societies Act, 1912 III: 132, 270, 312 Cox v. Prentic I: 68
Co-op. Store Ltd. v. Industrial Tribunal III: 243 Cranes and lifting machines
Co-op.Textile Mill Ltd. v. Labour Court, Ghaziabad safety provisions for III: 16
III: 230 Craven-Ellis v. Cannon Ltd. I: 150, 153
Co-ownership I: 281-282 Crawford v. Toogwood I: 112
Copyright I: 649 Creches III: 24-25
Copyright Act, 1957 I: 649 Credit note I: 711-712
Cornwal v. Wilson I: 192 Credit utilization I: 677-678
Corporate I: 50, 51, 278 Creditor I: 157
insolvency and bankruptcy I: 559-573 Criminal act I: 82
liquidation process I: 565, 573-576 Critical Information Infrastructure Protection I: 639
resolution process I: 564-573 Crossed cheques I: 384
resolution process (fast track) I: 576 types of I: 384-386
Corporate applicant general I: 384
corporate insolvency resolution not negotiable I: 385-386
process by I: 567 restrictive I: 385-386
Corporate debtor I: 565 special crossing I: 384-385
dissolution of I: 576 who may cross I: 386
corporate person Crossman v. West I: 525
voluntary liquidation I: 576-577 Crut well v. Lye I: 294
seealso Firm Cundy v. Lindsay I: 69, 74, 247
Corporate Social Responsibility Committee Cunliffe v. Harrison I: 256
II: 132-133 Currency I: 602
Corporate Social Responsibility (CSR) policy Currency notes I: 602
II: 132-133 Currie v. Misa I: 33
activities relating to II: 132-133, 334 Customary bonus III: 281
Corporate veil II: 3-6 Customary instruments I: 375-376
lifting of II: 4-6 Customer
Corporation III: 73, 271 definition I: 448, 453
Cost accountant I: 324; II: 145-146 legal relationship of
meaning I: 661 with banker I: 448-450, 453
Cost and Works Accountants Act, 1959 I: 324, 661; Customs and usages I: 3, 4
II: 145 Cutter v. Powell I: 151
Cost of decree I: 138 Cyber Appellate Tribunal I: 632-635
Cost of living index number III: 179, 183 appeal in I: 634
Co-sureties to the High Court I: 635
liabilities of I: 163-164, 168 composition I: 632
Cotman v. Brougham II: 40 appointments I: 632-633
Cottenham, Lord L.C. I: 26 service conditions I: 633
Court I: 324 contraventions I: 635
Courts of Inquiry III: 208, 212-213 judicial proceeding I: 635
appointments of III: 212 legal representation right I: 635
constitution of III: 212 powers of I: 633-634
duties of Court Cyber terrorism
inquiry and reporting III: 213 punishment of I: 636
powers of III: 213
Civil court’s powers III: 213
to enter the premises III: 213
D.C. Upreti v. B.D. Kamatak I: 284
D’Costa, A.V., G.I.P. Rly. v. B.C. Patel III: 163
reference of dispute cases to III: 212, 222-223
D.N. Banerji v. P.R. Mukherjee III: 198
Couturier v. Hastie I: 67, 191, 222
Cox v. Hickman I: 277, 279 D.V. Jakati v. Regional Director, E.S.I. Corpn.,
Bangalore III: 74
I.xx Elements of Mercantile Law
Daimler Co. Ltd. v. Continental Tyre & Rubber Co. Delinquent Directors II: 251
Ltd. II: 4, 42 prosecution of II: 251-252
Dakin (H) & Co. Ltd. v. Lee I: 151 Delivery I: 373
Dalby v. India & London Life Ass.Co. I: 499, 505 Delivery challan I: 710-711
Dalmia Cement Ltd. v. Narain Das III: 260 components of I: 711
Dalmia Magnesite Corpn., Salem v. R.L. Commr., Delivery of goods I: 253-259
Madras III: 142 acceptance of I: 257-258
Damages I: 134-140, 142 buyer’s liability
assessment of I: 138 for rejecting, refusing and neglecting
types of I: 135-140, 142 I: 257-258
Damodar Mudaliar v. Secretary of State for India buyer’s rights and duties I: 258-259
I: 148 by instalments I: 256-257
Dan Kuer v. Sarla Dev I: 43 meaning of I: 253
Danckwerts, L J. I: 81 rules governing I: 254-257
Dangerous goods I: 538 types of I: 253-254
Dangerous operations III: 32, 35 to wharfinger I: 257
Daropti v. Jaspat Rai I: 39 withholding rights I: 267
Darshan Engg. Works v. Controlling Authority wrong quantity I: 255
III: 145 Demat Request Form (DRM) II: 67
Data Demby Hamilton & Co. Ltd. v. Barden I: 240, 261
meaning of I: 619 Dennant v. Skinner I: 269
protection I: 630-631 Dennis v. White III: 51
security I: 625, 631 Dependant
Daulat Singh v. Ratna I: 476 categories of III: 43
Davey, Lord I: 80 definition III: 43, 73
Dawsons Ltd. v. Bonnin I: 497, 513 ESI benefits for III: 98-99
Daya Ram v. Murli Dhar I: 97 review of III: 99
De Bernady v. Harding I: 150 Deposit Insurance and Credit Guarantee Corporation
De Mottos v. Benjamin I: 94 III: 199
Dearness allowance III: 114, 117, 127 Deposit Insurance and Credit Guarantee Corporation
Debenture trustees II: 96-97 Act, 1961 III: 199
Debentures II: 82, 91, 96-97, 316 Depositories Act, 1996 II: 65, 87, 110
holders register II: 110 Depository II: 66
power to close II: 112 Depository Participant (DP) II: 66-67
right to inspect documents II: 134 account opening with II: 66-67
Debi Radha Rani v. Ram Dass I: 36 Depository receipts II: 78, 210, 269
Debit note I: 711-712 Deposits and II: 101-103
Debt or intimation I: 112-113 acceptance from Public II: 102-103
Debt Recovery Tribunal I: 563 repayment of II: 102
seealso Adjudicating Authority Depreciation II: 125, 309-312; III: 273, 274, 275
Debts settlement I: 314; II: 229 computation of II: 309-312
Default Deputy Commr. of Sales Tax (Law) v. K. Kelukutty
punishment for repeated II: 284 I: 279
Delay condonation II: 287-288 Derry v. Peek I: 61
Delegated Legislation Provisions (Amendment) Act, Design I: 649
1985 III: 119 Designated partner I: 324, 331-332
Delegation of powers I: 202-203; II: 287 changes in I: 332
Delhi Identification Number (DPIN) I: 331-332
Pehchan project in III: 70 liabilities of I: 332
Delhi Cloth & General Mills Co. Ltd. v. Workmen Designs Act, 2000 I: 649-650
III: 146 Devaynes v. Noble I: 298
Subject Index I.xxi
Development rebate reserve III: 273, 274, 275 Directorships

Devendra v. Sonubai I: 112 limit of II: 155-156
Devolution I: 107 Disablement III: 44-46
of joint liabilities I: 107-108 compensation payable
Dhani jog hundi I: 445 for permanent III: 56
Dhanoomal Parsaram v. P. Kuppura I: 438 for permanent partial III: 58
Dharampal v. Ram Chander Rao I: 258 for permanent total III: 57-58
Dharamsey v. Ahmedbhai I: 96, 132 for temporary III: 58-59
Dhiraj Kaur v. Bikramjit Singh I: 78 definition III: 75-76, 145
Digital signatures I: 618, 619, 621 permanent partial III: 75-76
affixing of I: 618 permanent total III: 76
asymmetric crypto system of I: 619, 620 temporary III: 76
Central Government power ESI benefits for III: 95-98
to make rules I: 623 rates of III: 97
Certificates I: 619, 626-629; II: 29 medical board for determination of III: 98
acceptance of I: 629 types of injuries III: 44
Certifying Authorities I: 625-626 permanent partial III: 45
subscriber’s duties I: 629 total III: 44, 46
suspension or revocation of I: 628-629 Disablement question III: 97-98
legal recognition of I: 622 Disaster control measures III: 20-21
Direct Tax III: 271 Discharge
payable by employer of instrument I: 436
calculation of III: 277-278 modes of I: 436-437
Director (T&M) D.N.K. Project v. D. Buchitalli of party or parties I: 437-439
III: 68 ways of I: 437-438
Director of company Discharge of contract I: 119-129
appointment of II: 179-185 damages I: 128-129
Board of Directors power II: 154-155 meaning I: 119
disqualifications II: 155 various modes of
eligible for II: 153 breach of contract I: 127-129
contracts or arrangements registers lapse of time I: 126, 129
for Board’s meeting II: 174-175 by mutual agreement of parties I: 120-122
disclosure of interest by II: 168-169 operation of law I: 126-127, 129
duties of II: 156-157 performance base I: 119-126, 129
Identification Number (DIN) of II: 29, 151, Disclosure of interest II: 168-169
152-153 punishment for contravention II: 169
allotment of II: 152 Dishonour I: 427-434
information to Registrar II: 153 alterations I: 438-439
punishment for contravention II: 153 material I: 438, 439
loan to II: 169-170 compensation for
registers of II: 159-160 rules for determining I: 431
members’ right to inspect II: 160 meaning I: 427-428
removal of II: 158-159 by non-acceptance
remuneration of II: 179-185 ways of I: 427-428
resignation II: 158 by non-payment I: 428
of small shareholders notice of I: 428-430
election procedure II: 150-151 form of I: 429
vocation of office of II: 157 object I: 430
seealso Additional Director; Alternative Director; reasonable time of I: 429
Independent director; Nominee director rules for giving I: 429-430
Directors’ Responsibility Statement II: 130, 131 by whom I: 428
I.xxii Elements of Mercantile Law
to whom I: 428-429 Drinking water supply III: 13

noting and protesting required I: 430-431 Drummond v. Van Ingen I: 234, 238
as offence I: 432-434 Duli Chand etc. v. Commr. of Income-Tax I: 276
Dissolution of firm Dunlop v. Higgins I: 26
Limited Liability Partnership Act, 2009 Dunlop Pneumatic Tyre Co. Ltd. v. Selfridge & Co.
application of I: 318 Ltd. I: 38, 43, 139
meanings of I: 311 Duress I: 57
methods of I: 311-314 Durga Prasad v. Baldeo I: 35
by agreement I: 312 Dust and fumes III: 12
compulsory I: 312
by court order I: 312-314
by notice of partnership-at-will I: 312
E. B.M. & Co. Ltd. v. Dominion Bank II: 21
E.S.I. Corpn., Indore v. Babulal III: 106
public notice I: 317
E.S.I.. Corpn. v. Tata Engg. & Locomotive Co.
premature
return of premium on I: 314 III: 289
rights & liabilities e-commerce I: 617-618
contract I: 12
fraud or misrepresentation I: 314-315
model law (1996) on I: 617
of partners I: 314-315
E-Commerce Operators (ECO)
settlement of accounts I: 315-316
TCS collection by I: 718
District Consumer Protection Council I: 588-589
Dividends GST on I: 691
declaration of II: 125-126, 303-304 Eastern Bank Ltd. v. Parts Services of India Ltd.
I: 161
payable III: 270, 276
Eccles v. Bryant I: 24
payment of II: 83, 86, 126, 304
Edmunds v. Bushell & Jones I: 204
punishment for failure II: 126
Education promotion II: 334
Divisional Rail Manager, Western Rail. Kota v. Smt.
Shamsadi III: 53 Edwards Mills Co. Ltd., Marwar v. State of Ajmer
Dixon v. Sadler I: 509, 513 III: 184
Egerton v. Brownlow I: 80
Dock Labour Board III: 197, 199
Egyptian Salt & Soda Co.Ltd., v. Port Said Salt Assn.
Dock Workers (Regulation of Employment) Act, 1948
Ltd. II: 43
III: 197, 199
Electronic Clearing Service (ECS) facility II: 67
Documentary bill I: 388
Dominant position Electronic commerce see e-Commerce
abuse of I: 653 Electronic governance I: 621-623
audit of documents I: 623
prohibition I: 649-650
Electronic Gazette
division of enterprise enjoying I: 653-654
meaning I: 623
inquiry into I: 658
published in I: 623
meaning I: 649
Donation II: 168; III: 273, 274 service provider I: 622
Dorabji v. Lance I: 93 Electronic record I: 619-622
acknowledgment
Dormant Companies II: 24, 286
of receipt I: 624
Board of Directors
attribution to I: 623
meeting of II: 162
dispatch and receipt of
financial statement and II: 128
Double employment III: 27 time and place I: 624
Double insurance I: 494, 496 legal recognition of I: 621-622
originator I: 624
Dr. Baretto v. T.R. Price I: 233
stipulation I: 624
Drainage system III: 11
retention of I: 622-623
Drawee I: 380
security of I: 625
in case of need I: 380
Drawer I: 380, 381-382 Electronic signature I: 619, 621
authentication I: 621
Subject Index I.xxiii
Certificate I: 619, 640 powers and duties III:128-129

security I: 625 inquiry officer for determination
E-Way Bill (EWB) I: 714 appeal against order III: 122-123
Eley v. Positive Govt. Security Life Ass. Co. II: 54 powers of III: 122
Ellerman & Bucknall Steamship Co. Ltd. v. Sha object of III: 113
Misrimal Bheraji I: 547 penal provisions III: 129-131
Elphick v. Barnes I: 242, 252 scope of III: 113-114
Emblems and Names (Prevention of Improper Use) Act, wage reduction and III: 128
1950 II: 42 Employees’ Provident Funds Appellate Tribunal
Emperor v. Jamshedji Nuservanji Modi III: 6 III: 113-114, 116, 123-125, 131, 137
Employed person III: 164 Employees’ Provident Funds Scheme III: 113, 116-
Employee 117
definitions of III: 73-74, 115, 143, 181, 271, 306 seealso Provident Fund Scheme
list of persons included III: 47-50 Employees’ State Insurance Act, 1948 II: 244;
Employees’ Compensation Act, 1923 III: 40, 42-66, III: 43, 62, 70-111, 155, 158, 159, 199
70, 71 administration III: 77- 84
Amendment Act of 1984 III: 53 Amendment Act of 1984 III: 74
Amendment Act of 1995 III: 40 Amendment Act of 1989 III: 72, 73, 74, 75, 83,
Employees’ Deposit-linked Insurance Fund III: 119 87, 95, 100, 109
Employees’ Deposit-linked Insurance Scheme III: 118, main aims III: 72
119-138 applicability of III: 71-72
Employees’ Insurance Court III: 105-107 exemption III: 71
appeal against III: 106-107 definitions III: 72-77
constitution of III: 105 disputes and claims
matters to be adjudicated adjudication of III: 105-107
claims III: 105 punishments III: 107-108
contribution due and III: 106 false statement or representation III: 107
disablement issue III: 106 fails to pay any contribution III: 107
disputes III: 105 scope of coverage III: 70-71
powers of III: 106 disablement benefit III: 71
Employees’ Pension Fund III: 118 Employees’ State Insurance (Central) Rules, 1950
Amendment Act, 1973 III: 128 III: 71
Employees’ Pension Scheme, 1995 III: 117, 118 Employees State Insurance Corporation (ESIC)
seealso Family Pension Scheme III: 70, 199
Employees’ Provident Funds and Miscellaneous administration III: 77-84
Provisions Act, 1952 III: 113-138, 199 appointing powers III: 77, 79, 82-84
amending Act, 1956 III: 113 assets and liabilities
amendment Act of 1988 III: 114, 115, 122, 125, valuation of III: 86
131, 132, 133, 137, 138 audit of account III: 86
amendment Ordinance, 1995 III: 117 authorised officer III: 91
Appellate Tribunal III: 113-114, 116, 123-125, benefits of III: 93-104
131, 137 dependants III: 98-99
application of III: 113-114 disablement III: 95-98, 102
establishments and factories III: 113-114 enhancement of III: 104
Central Government’s powers III: 114, 119 funeral expenses III: 101
definitions III: 114-116 maternity III: 94-95, 102
employers’ contribution III: 119 medical III: 100-101
determination of due III: 122-123 misuse of III: 109
enforcement of III: 113 occupational disease III: 96-97
Inspectors of sickness III: 94, 102-103
appointment of III: 128 superannuation III: 100
I.xxiv Elements of Mercantile Law
budget estimate to recover damages III: 108

approval III: 86 Standing Committee of III: 79-83
Central Government’s powers ESI Fund and III: 84, 85
to give directions III: 109-110 members and term of office III: 79-80, 82
rule making III: 110 powers and duties of III: 80
Chief Executive Officer III: 82 State government
constitution of III: 78 powers III: 110
defect in III: 82 super-session of III: 81-82
contributions III: 87 transfer of establishment
average daily wages III: 88 contribution payment liability III: 110
calculation method III: 87 Employees’ State Insurance Fund (E.S.I. Fund)
determination of III: 90-91 III: 84-86
employee as a unit III: 88-89 expenditure of
machinery for recovery of arrears administrative III: 85
III: 91-93 property holding III: 85-86
payment rules amd method III: 90 purposes III: 84-85
principal employer and III: 89-90, 102 user charges III: 105
Recovery Officer III: 91-93 Employees’ stock option scheme II: 90, 91
rules regarding III: 88-91 Employer
standard benefit rate III: 88 definitions III: 44, 115, 143-144, 156, 164, 179,
creation of III: 78 200, 248, 271, 290, 306
Director General III: 82, 91, 93 immediate III: 75
appointment of III: 82 Employers’ and Workmen’s (Disputes) Act. 1860
duties III: 83 III: 195
removal of III: 82-83 Employers’ Assn. of Northern India v. Secretary of
duties of III: 79 Labour III: 25
exemptions III: 108-109 Employers’ Liability Act, 1938 III: 41-42
finance and audit III: 84-86 Employment
Financial Commissioner III: 82 casual nature of III: 46
appointment of III: 82 contract of III: 47
duties III: 83 insurable III: 75
removal of III: 82-83 Employment exchange
health care facilities of III: 70 meaning of III: 306
hospitals management III: 70, 101 punishment to employer III: 308
Inspectors III: 83-84 Employment Exchanges (Compulsory Notification of
appointment of III: 83 Vacancies) Act, 1959 III: 305-308
powers and duties of III: 83-84 application of III:305-306
IT Roll Out Plan of III: 70 exceptions III: 305-306
Medical Benefit Council III: 77, 80-83 purposes of III: 305
constitution of III: 80 penalties III: 308
members III: 80 vacancies to
powers and duties III: 80 notification of III: 307-308
term of office III: 80 rule making powers III: 308
medical education and III: 70 Employment rules
members III: 78 fitness certificate III: 29-30
term of office III: 78 medical examination III: 31
officers and staff of III: 82-84 power to make rules III: 31
other beneficiaries III: 104 for women III: 31-32
powers of III: 78-79 for young persons III: 29-31
delegation of III: 110 safety provisions for III: 31
to make regulations III: 111
Subject Index I.xxv
Enderby Town Football Club Ltd. v. Football Assn. Evidence

Ltd. I: 81 punishment for false II: 284
Enemies of State I: 536 Exall v. Partridge I: 147, 153
Enemy company II: 4 Excise duty I: 675, 679, 683
English & Colonial Produce Co. Ltd. Re II: 36 Excluded employee III: 115
English Common Law I: 533, 534, 536 Executed contract I: 12
English Companies Acts II: 7-8 Executive III: 255
English mercantile law I: 3 Executive Engineer, Sundargarh v. Mohan Prasad
common law I: 3 Sahu I: 18
equity I: 3 Executory contract I: 12
statute law I: 3 Exempted employee III: 74, 115
English Hop Growers v. Derring I: 86 Ex-gratia payment and III: 266
English Sale of Goods Act I: 48, 232 Explosive or inflammable
Enterprises I: 646 precautions against III: 18
combination of Export Credit and Guarantee Corporation Limited
Competition Commission’s orders and I: 652- III: 200
653 Express Engg. Works Ltd., Re II: 48
exemption I: 651 Express Newspapers (Pvt.) Ltd. v. First Labour Court
large enterprises I: 650-651 III: 198
merger or amalgamation I: 651 Extraordinary general meeting II: 115
regulation of I: 651 calling procedure II: 115
dominant position Eyes protection III: 17
abuse of I: 653
division of enterprise enjoying I: 653-654
meaning I: 649
F. W.D. & Co. v. Hiralal I: 460
Factories Act, 1948 III: 1-38, 76, 115, 171, 230, 248,
prohibits the abuse of I: 649-650
Entity I: 324 267, 297
Entores v. Miles Far East Corporation I: 26 Amendment Act of 1987 III: 2, 5, 6, 7, 23, 30, 34
Factory
Environmental sustainability II: 334
accident or disease and III: 36
Equity law I: 3, 146-147
bonus Act application III: 267
Equity share capital II: 81, 82; III: 276
definitions of III: 2, 74, 156, 164, 230, 271
sweat equity shares II: 85
voting right to holder II: 83 employees III: 47-50
Erlanger v. New Sombrero Phosphate Co. II: 34, employment rules III: 29-31
for women III: 31-32
35
holidays rules III: 28-29
Establishments III: 3
leave with wages III: 32-34
definitions of
licensing of III: 6-8
Apprentice Act and III: 290
bonus act and III: 268 meaning of III: 2-5, 115
Employment Exchange act III: 306-307 establishment and III: 3
exemptions III: 4-5
gratuity act and III: 141
public emergency and III: 4-5
industrial and other III: 164-165
separate or single unit III: 4
maternity benefit and III: 155
number of workers III: 2
private sector III: 271
provident fund schemes computation III: 2
accounts maintenance III: 133 Occupier III: 6, 115
general duties of III: 7-8
exempted from III: 115, 132-136
offences and procedural matters
Estoppel I: 190-191, 299, 442
penalties for III: 36-38
rules of I: 442
permission for III: 6-7
European Central Rly. Co., Re II: 99
Evans v. Chapma II: 52 appeal against refuses to grant III: 7
application for III: 6
I.xxvi Elements of Mercantile Law
notice by occupier to Chief Inspector III: 7 contravention of the provisions

presumption of III: 6-7 punishment for failure II: 129
registration of III: 6-8, 77 copy to be filed with Registrar II: 134-135
rule making powers III: 25, 28 complying responsibility II: 135
State Government powers III: 35-38 penalty for not filing II: 135
women workers III: 31-32 default in filing with the Registrar II: 229
workers of definition of II: 128
health and safety III: 7-8, 10-19 document required
welfare provisions III: 23-25 to be annexed or attached II: 133
working hours III: 25-28 signing authorities II: 130-131
Fairplay and justice principle III: 213 attachments II: 130-131
Faiz Ali v. Ashraf Khatun I: 461 Financial year I: 324
False evidence Financing II: 68
punishment for II: 284 Finch v. Miller I: 105
False statement Finder of goods I: 148-149, 179-180
punishment for II: 284 obligations I: 180
Falsehood I: 63-64 rights of I: 179-180
Family lien over the goods I: 179-180
meaning III: 74, 144 selling rights I: 180, 247
Family pension schemes III: 113, 116, 117 to sue for reward I: 180
framing of III: 117 Fire insurance I: 498-499, 506-512
Fatal Accidents Act, 1855 I: 555; III: 41 assignment of I: 511
Featherstonhaugh v. Fenwick I: 292, 309 average clause I: 507, 511
Federation of Labour Co-operatives Ltd. v. Balayan causa proxima I: 508-509, 511-512
III: 68 contract of I: 498-499
Felthouse v. Bindley I: 23 characteristics I: 506-507, 511
Fender v. Mildmay I:81 duration of I: 499
Fenton v. Dublin Steam Packet Co. I: 545 formation of I: 507
Fenton v. Thorley III: 50 indemnity I: 506
Ferozepur Central Co-op. Bank v. Labour Court uberrimae fidei I: 506
III: 207 fire’s explanation I: 508
Fertilizer Corpn. of India v. Bharat Painters I: 474, indemnity I: 499
475 insurable interest I: 499, 506, 507-508, 511
Fictitious bill I: 388 insurer’s rights I: 510, 512
Fidelity Guarantee Bonds III: 170 nationalisation of I: 498
Finance records I: 344-347 policies I: 512
annual return filing I: 345, 346 main types of I: 510-511
punishment for false I: 346 risk covered by I: 507
Statement of Account and Solvency I: 344-346 subject-matter I: 507
Financial creditor I: 565 subrogation right I: 510
corporate insolvency resolution uncertainty I: 498-499
process by I: 565 Fire outbreak
Financial statements II: 128-129, 313 preventive measures III: 18
accounting standards II: 128-129 Firm I: 275-276, 278-279, 285, 562; II: 137
prescriptions II: 129-130 conversion into LLP
audit report II: 130 requirement and manner I: 354-357
members’ right to copy II: 133-134 dissolution of
circulation of Limited Liability Partnership Act, 2009 I: 318
manner II: 134 methods of I: 311-314
consolidated public notice I: 317
instructions for preparation II: 323-324 rights and liabilities of partners I: 314-315
Subject Index I.xxvii
legal status of I: 278 contracts’ validity and II: 270

liability of punishment for contravention II: 20, 269-270
for misapplication I: 297-298 registration of
for wrongful acts of a partner I: 297 documents to be delivered to Registrar II: 265-
partnership and 266
difference I: 278-279, 285 rules relating to I: 364-367
property of I: 293-295 securities subscription II:
private I: 293 service on II: 19, 267
reconstitution of I: 301-304, 306, 311 translation of documents in English I: 366-367
registration of I: 283-285, 286 Foreign exchange I: 603
effects of non-registration I: 284-285, 286 dealings in
procedure I: 283, 286 prohibition of I: 605
time of I: 283-284 regulation and management of I: 605-607
seealso Corporate Foreign Exchange Management Act (FEMA), 1999
Firm name I: 278, 285 I: 601-616
firman jog hundi I: 445 adjudicating authorities I: 602, 611-614
First-aid appliances III: 23-24 appointment of I: 611
First director enquiry conducted by I: 612
appointment of II: 151-152 jurisdictions I: 611
Fitch v. Snedaker I: 19, 31 orders enforcement powers I: 610-611
Fitzmaurice v. Bayley I: 193 powers of I: 612
Floating marine insurance policies I: 519 appeal I: 612-614
Fokes v. King I: 195 to High Court I: 614
Foley v. Classique, Coaches Ltd. I: 24 Appellant
Folkes v. King I: 246, 252 right to take assistance I: 614
Food Corporation Act, 1964 III: 199 Appellate Tribunal I: 612-614
Food Corporation of India III: 199 appeal to I: 612-613
Food Corpn. of India v. Joginderpal Mohinderpal composition of I: 613-614
I: 460, 474 establishment of I: 612
Foreign bills I: 386-387 jurisdiction I: 613
protest of I: 431 arrest and detention I: 610
Foreign companies I: 364-367; II: 17-20, 265-270 authorised person I: 602, 607-609
account and solvency statement I: 366; II: 18, declaration by I: 608
266 revocation I: 608
amalgamation schemes civil imprisonment I: 610
legal procedure II: 210 contraventions I: 609
Commonwealth country and I: 364-365 and penalties I: 609-611
display of name II: 18-19, 266-267 currency I: 602
documents notes I: 602
to be delivered to Registrar II: 17-18 Directorate of Enforcement I: 603, 615
inspection of II: 267 establishment I: 615
registration of II: 267 powers and discharge of duties I: 611, 615
Hague Apostile Convention, 1961 I: 365 documents
Indian Depository Receipts rules and II: 269 presumption as to I: 615
information alteration I: 365-366 export of goods and services I: 606-607
meaning of II: 210 declaration I: 606-607
prospectus foreign exchange I: 603
issuing of II: 267-268 authorised person I: 607-609
offering subscription of securities II: 268-269 declaration required I: 608
registration of II: 20, 269 realisation and repatriation of I: 607
provisions of Act application II: 19-20, 265-270 regulation and management of I: 605-607
I.xxviii Elements of Mercantile Law
foreign security I: 603, 606 Galloway v. Galloway I: 67

foreign staff I: 50, 51 Gandy v. Gandy I: 38
objective I: 601-602 Ganga Saran v. Ram Charan I: 125, 132
person I: 603 Ganpat Lal v. F.C., Judge III: 46
residing in India I: 603-604, 606 Garment Cleaning Works v. Their Workmen III: 147
person Garner v. Murray I: 316
repatriate to India I: 604 Gateway Auto Services v. Regional Director III: 3
Special Directors (Appeals) I: 612-614 Gay v. Landal I: 379
qualifications of I: 613-614 Gemini Studio v. State III: 3
transactions Gender equality promotion II: 334
capital account I: 602 General Manager, G.I.P. Rail. v. Shanker III: 46
current account I: 602-603 General Steams Navigation Co. v. Rolt I: 165
warrant of arrest I: 610 General Traders Ltd. v. Pierce Leslie (India) Ltd.
Foreign limited liability partnership I: 536
Foreign register II: 110, 302 Genn v. Winke I: 243, 251
Foreign subsidiary II: 134 Genuine trade bill I: 387
Forged signature I: 412 Gherulal Parakh v. Mahadeo Dass I: 77, 81
Forgery I: 411-412; II: 56 Gilford Motor Co. Ltd. v. Horne II: 4
Former partner I: 340 Global Depository Receipt II: 78
Forster & Sons Ltd. v. Suggett I: 87, 89 Glyn Mills & Co. v. East & West India Docks I: 549
Forward v. Pithard I: 536 Godavari Sugar Mills Ltd. v. Shakuntala III: 46
Foster v. London Chatham & Dover Co. II: 47 Godsall v. Boldero I: 500
Foster v. Mackinnon I: 70, 74 Good faith II: 286
Fraud I: 55, 60, 62-66, 77, 206, 291, 343-344, 375; Goodman v. Harvey I: 399
II: 191-194, 229, 241, 249, 284 Goods
essential elements I: 63-64 buyer’s rights and duties I: 258-259
assertion I: 63-64 carriage of
indemnify for I: 291 by air I: 551-556
meaning of I: 62 by land I: 534-541
misrepresentation and by sea route I: 545-549
distinction between I: 66 seealso Carriers of goods
punishment for II: 283-284 classification of I: 222, 681
Registrar’s powers conditions and warranties of I: 228-236
to investigate II: 189 dangerous goods I: 538
Serious Fraud Investigation Office and II: 191- definition of I: 677, 684
194 delivery of I: 253-259, 260
establishment II: 191 rules relating to I: 254-258
silence and I: 65 document of title to I: 223-224
statutory exceptions I: 65 meaning of I: 221-222, 225, 646-647
winding up of company and II: 229, 250-251 non-scheduled goods I: 537
Free consent I: 54-55 possession of I: 239
Free Wheel (India) Ltd. v. Ved Mitra, supra II: 6 property sale I: 239-249
Fumes and gases scheduled goods I: 537
precautions against dangerous III: 17 specific I: 222-223, 240-241
Funeral expenses III: 101 supply of
Frustration activities considered as I: 685
doctrine of I: 126 categories I: 537-538
composite I: 682
cross-border transactions I: 691, 696-697
G. I.P. Rail Co. v. Kashi Nath III: 53
definitions of I: 684
G. Krishna v. S. Mukhi I: 292 determination of taxability I: 681-682
Gajanan Moreshwar v. Moreshwar Madan I: 156, 157
Subject Index I.xxix
domestic transactions I: 693-695 services I: 690

elements of I: 683-684 features of I: 677-678
exclusions from I: 686 GST practitioner I: 722-723
exempt of tax I: 682, 689-690 history of I: 676
exports and imports I: 691 indirect taxes
forms of I: 683 subsumed under I: 676-677
import I: 684 input goods or services I: 704
invoices I: 698, 699 Input Tax Credit (ITC) I: 677, 682, 704-708
Involving Movement of Goods I: 692 apportionment of I: 705-706
meaning I: 683 eligibility to avail I: 705
mixed I: 682-683 meaning of I: 704, 705
OIDAR service I: 696-697 order and manner of taking I: 707-708
place of supply I: 692-697 ledgers I: 712
special instances of I: 684-685 legislature introduced in I: 677
“Time of Supply” (TOS) I: 697-699 money changing services I: 703
type I: 681, 682-683 offences under I: 718-719
value of I: 700-704 cognizable I: 718-719
vouchers and I: 698, 699 non-cognizable I: 719
without consideration I: 685 organizational structure I: 678
seealso Finder of goods; Sale of goods penalties under I: 719-721
Goods & Services Tax (GST) I: 675-723 guiding principles I: 719
accommodation facilities I: 691 offences invite penalty I: 719-721
Accounts and records details I: 712-713 registration for I: 686-688
electronic I: 712 documents required I: 688
advantages of I: 679-680 taxable persons I: 686-688
anti-profiteering clause I: 678 registration threshold I: 679
applicability I: 677 return filing I: 678, 708, 715-716
essential determination factors I: 681-682 assessment of non-filers of I: 716-717
audit I: 678, 714 online compliance I: 679, 682
bill of supply I: 710 scrutiny of I: 716
E-Way Bill (EWB) I: 714 types of I: 715-716
cascading effect of I: 675, 679, 704-705 Reverse Charge Tax Invoice I: 709
removal of I: 679 seamless input credit I: 679
cash ledger I: 712 self-assessment system I: 678
characteristics I: 675 supplier location
as consumption based tax I: 675, 677, 692 inter-state I: 681
rates are charged under I: 692 intra-state I: 681
credit flow under I: 677 supply of goods or services
credit ledger I: 712 activities considered as I: 685
credit note I: 711-712 blocked credits I: 706-707
credit utilization I: 677-678 composite I: 682
debit note I: 711-712 composition dealers and I: 705
definition of I: 675 cross-border transactions I: 691, 696-697
delivery challan I: 710-711 definitions of I: 684
components of I: 711 determination of taxability I: 681-682
dual GST Model I: 677 domestic transactions I: 693-695
E-Commerce Operators (ECO) elements of I: 683-684
exemption of I: 681, 689-690 exclusions from I: 686
common threshold I: 678 exempt of tax I: 682, 689-690, 706
compounding option I: 678 exports and imports I: 691
goods I: 689 forms of I: 683
I.xxx Elements of Mercantile Law
import I: 684 transaction value I: 700

Involving Movement of Goods I: 692 vouchers I: 698, 710
meaning I: 683 zero rated supply I: 691
mixed I: 682-683 Goods & Services Tax Council I: 680
OIDAR service I: 696-697 functions of I: 680
place of supply I: 692-697 Goods and Services Tax Network (GSTN) I: 680-681
related persons I: 701 salient features I: 681
special instances of I: 684-685 GST Suvidha Provider I: 715
taxable supplies I: 706 Goods pledged I: 181-182
“Time of Supply” (TOS) I: 697-699 Goodwill I: 294
type I: 681, 682-683 meaning I: 294
value of I: 700-704 sale of I: 85
vouchers and I: 698, 699 Gopalan v. Angamali Chit Fund III: 272
without consideration I: 685 Gopirai v. Baijnath I: 461
Tax assessments I: 716 Gould v. Gould I: 18
non-filers of of return I: 716-717 Gould v. South Eastern & Chatham Rail I: 537
summary I: 717 Goulston Discount Co. Ltd. v. Clark I: 156
types of I: 716-717 Gousmohoddin v. Appasahib I: 34
unregistered persons I: 717 Government company II: 16-17
Tax Collection at Source (TCS) I: 718 annual reports on II: 16, 271
Tax Deduction at Source (TDS) I: 717-718 auditor’s appointment II: 17, 137-138
Tax invoices I: 698, 699, 708-710 audit reports II: 17, 142, 271
components I: 708-709 cost auditing II: 145-146
consolidated I: 710 membership II: 16
number of copies of I: 709 Companies Act provisions
purpose of I: 708 application of II: 17
revised I: 710 Govind Nair v. Maga I: 279
time limit for issuing I: 709 Grant v. Norway I: 548
tax liability I: 681, 688-689 Gratuity II: 331; III: 140-154, 181, 273, 274
E-commerce operators I: 689 application of III: 141, 149
forward charge mechanism I: 688 Appropriate Government III: 142, 147-148
reverse charge mechanism I: 689 appeal to III: 151
tax payment I: 682 better terms of III: 146
modes I: 678 compulsory insurance III: 147-148
refund process I: 721-722 exemptions III: 147
tax rate I: 681 continuous service
tax self-assessment I: 712, 716 amendment in definition III: 143
taxable event I: 681 determination of III: 142-143
taxable value I: 681, 701 meaning of III: 142
Time of Supply (TOS) I: 697-699 controlling authority
transportation of passengers I: 691 disputes and III: 150
types of taxes I: 677, 691 meaning of III: 143
cess I: 691 powers of III: 145, 150, 151
integrated I: 691 determination of amount III: 149
Unjust enrichment doctrine I: 722 employer’s notice III: 149
valuation principles I: 701 rules relating to III: 149
value added tax disablement and III: 145
multiple stages I: 677 employee
value of supply I: 700-704 meaning of III: 143
calculating methods I: 700-704 employer
discount value I: 700-701 definition of III: 143-144
Subject Index I.xxxi
family III: 144 prospective I: 161

forfeiture of III: 141, 146-147 retrospective I: 161
general principle III: 140 specific I: 161
Inspectors for III: 151-152 uberrimae fidei I: 158-159
nomination III: 148-149 seealso Surety
Parliament’s powers III: 153 Guildford Trust v. Gloss I: 405
payment of III: 145-146 Gujarat I: 94, 95
compulsory payment III: 141 Guru Nanak Foundation v. Rattan Singh & Sons
exemptions III: 146 I: 459, 460
interests III: 149
on termination of services III: 145
piece-rated employee III: 146
H.D. Singh v. Reserve Bank of India III: 206
Hadley v. Baxendale I: 134, 143, 144
penalty and offences for default III: 152-153
Hague Apostile Convention, 1961 I: 365
exemptions III: 152-153
good faith III: 153 Hague Protocol of 1955 I: 551
protection of III: 148, 153 Haigh v. Brooks I: 37
Hall v. Cazenoue I: 37
rate of III: 145-146
Halsbury I: 58
recovery of
Hamandrai Fulchand v. Pragdas I: 125
rules relating to III: 151
Hamilton Fraser & Co. v. Pandrof I: 491, 515, 532
rules-making powers III: 153
superannuation III: 145 Hamlyn v. Houston & Co. I: 297
meaning III: 144 Hammond v. Anderson I: 254
Hampden v. Walsh I: 92
wages III: 144
Hands v. Simpson, Fawcett & Co. Ltd. I: 65
Gray v. Milner I: 394
Hanson, L.J. III: 254
Great Northern Rail v. Witham I: 20, 191,
Hanuman Prasad Gupta v. Hiralal II: 53
Great Northern Rail. Co. v. Swaffield I: 535
Great Western Rail. Co. v. Sutton I: 535 Hari Chand Madan Gopal v. State of Punjab I: 122
Greenock S.S. Co. v. Maritime Insurance Co. Ltd. Haridas Mundra v. National & Grindlays Bank
Ltd. I: 182
I: 522
Hari Krishan & Another v. State III: 3
Greenwich Mean Time III: 6
Harmonized System of Nomenclature (HSN) Codes
Gregson v. Gilberst I: 515
I: 682
Grievance Settlement Authority III: 207-208
Griffith v. Brymer I: 68 Harris v. Nickerson I: 18, 32
Griffiths v. Peter Conway Ltd. I: 231, 238 Harris v. Poland I: 509, 512, 513
Harruk Chand v. Govind Lal I: 309
Grime v. Fletcher III: 50
Harvey v. Facey I: 19, 24, 31
Gross profits III: 271-275
Harvey v. Gibbons I: 37
computation of III: 272-275
Hash function I: 621
banking companies III: 272-274
deducted items III: 273-275 Hatherley, Lord II: 54
other establishments III: 274-276 Hazardous processes III: 5, 19-22, 35-36
definition of III: 5
sums deductible from III: 275
disclosure by Occupier III: 20-21
Guardianship rights I: 83
emergency standards for III: 22
Guarantee I: 157-159, 168
Occupier’s responsibility III: 21
essential features I: 157-158
liability of I: 158 provisions related to III: 19-23
oral or written I: 158 Site Appraisal Committee for III: 19-20
Head v. Diggon I: 27
indemnity and
Health care scheme
distinction between I: 159
Inspectors of ESI
kinds of I: 160-162, 168
appointment of III: 79
continuing I: 161-162
fidelity I: 159, 161 provisions II: 334; III: 7-8, 10-14
administration of III: 77-84
I.xxxii Elements of Mercantile Law
Heath v. Sansom I: 298 Hyde v. Wrench I: 27, 28

Hebden v. West I: 499
Helper Girdharbhai v. Saiyed M.M. Kadri I: 279
Henderson v. Stevenson I: 21 Idiocy I: 49
Henkel v. Pape I: 67 Ignorance of law I: 2, 4
Herbert Morris, Ltd. v. Saxelby I: 87, 89 Immediate employer
Herne Bay Steamboat Co. v. Hutton I: 125 meaning III: 75
Hewison v. Rickets I: 167 Immorality I: 77-78
Hickman v. Kent or Romney Marsh Sheep Breeders’ Imperial Tobacco Co. (India) Ltd. v. Salona Bibi
Assn. II: 57 III: 53
Higgins v. Beauchamp I: 309 Import and export
Higgins Ltd. v. Northampton Corpn. I: 74 GST on I: 691
Hill v. Begg III: 46 Inactive Company II: 24, 286
Hind Construction Contractors v. State of Incapacity I: 313
Maharashtra I: 112 Inche Noriah v. Shaikh Allie Bin Omar I: 58
Hindu Undivided family see Joint Hindu Family Inchoate instrument I: 389
Hindustan Aeronautics Ltd. v. Bone John III: 46 Income-tax Act, 1961 I: 662; III: 93, 270, 274,
Hindustan Lever Employees’ Union v. Hindustan 277, 278
Lever Ltd. II: 208 Inconvenience and discomfort
Hindustan Steel Ltd. v. State of Orissa III: 213 damages of physical I: 137
Hindustan Times Ltd. v. Their Workmen III: 147 Incorporated companies II: 30-32
Hiralal Pannalal v. Dalhousi Jute Mfg. Co. Ltd. certificate of incorporation II: 31, 32, 274
I: 459 as conclusive evidence II: 32-33
Hire-purchase I: 220-221, 247 consequences of II: 33
Hivac Ltd. v. Park Royal I: 87 documents required for registration II: 30-31
Hobbs v. London & S.W. Rail. Co. I: 137 forming mode II: 30
Hochster v. De La Tour I: 128 members liability II: 30
Holder I: 380 Peel’s Case rules II: 32
Holding companies II: 15 Registrar power and functions II: 31-32
Holidays III: 28-29 registration of II: 30-33
annual leave Indar Singh v. Secretary of State III: 3
with wages III: 32-34 Indemnification rights I: 200, 315
compensatory III: 28-29 Indemnifier I: 155
Hooghly Chinsurah Municipality v. Spence Ltd. liabilities of
I: 243 commencement time I: 156-157
Horsefull v. Thomas I: 64 rights of I: 156
Horwood v. Millar’s Timber & Trading Co. I: 84 Indemnity I: 155-157, 168, 290, 291, 292, 305
Hotel-keeper definition of I: 156
liability of I: 180 guarantee and
House-rent allowance III: 114 distinction between I: 159
Howard v. Patent Ivory Co. II: 55, 56 insurance contract and I: 489-490, 506
Howard v. Refugee Friendly Society I: 499 Indemnity-holder I: 155; II: 87
Howell v.Coupland I: 131, 223 rights of I: 156
Hukumchand Insurance Co. v. Bank of Baroda I: 192 Independent director II: 148-150, 325-327
Hukmi Chand v. Jaipur Ice & Oil Mills Co. I: 85 appointment process of II: 150, 326
Humidification III: 12 duties of II: 325
Hundis I: 373, 375, 376, 444-445 performance evaluation of II: 327
kinds of I: 444-445 professional conduct of
seealso Bills of exchange guidelines of II: 325
Hutti Gold Mines Kamgar Sangh v. Government of resignation or removal of II: 326
India III: 267 right to call meeting II: 326-327
Subject Index I.xxxiii
role and functions of II: 325 conditional or qualified I: 410

selection of II: 150 facultative I: 410
small shareholders’ Director and II: 151 full or special I: 409
Independent person partial I: 409-410
meaning III: 201, 212 restrictive I: 409
Inderjit Singh v. Sunder Singh I: 96 Sans frais I: 410
Indian Aircraft Act, 1934 III: 49 liability I: 410
Indian Airlines III: 199 validity
Indian Airlines Corpn. v. Akhileshwar Prasad I: 555 essentials I: 408
Indian Carriage by Air Act, 1934 I: 551 Indorser I: 380, 408
Indian Companies Act, 1882 II: 261 Indran Ramaswamy v. Anthiappa Chettiar I: 46, 52
Indian Companies Act of 1913 II: 8, 261 Industrial disputes
Indian Computer Emergency Response Team I: 639- adjudication machinery III: 208-209, 213-220
640 Industrial Tribunals III: 215-217
Indian Contract Act, 1872 I: 412, 447, 449, 540; Labour Courts III: 208, 213-215
III: 292 National Industrial Tribunals III: 217-220
Indian Depository Receipts II: 78, 210, 269 awards/settlements III: 214, 217, 219, 224-228
Indian Evidence Act, 1872 II: 198 closure of establishment
Indian Hardware Industries Ltd. v. S.K. Gupta compensation for III: 238
II: 205 consequences of illegal III: 239
Indian Hume Pipe Co. Ltd. v. Its Workmen III: 140 penalty for III: 239
Indian Lighthouse Act, 1927 III: 49 procedure for III: 238-239
Indian Majority Act, 1875 I: 45 conciliation machinery III: 208, 209-213
Indian Metal & Metallurgical Corpn. v. Industrial Board of Conciliation III: 208, 210-212
Tribunal, Madras III: 202 Conciliation Officers III: 209-210
Indian Mines Act, 1952 III: 2, 145, 156, 165, 230, Court of Inquiry III: 212-213
297 Works Committee III: 208, 209
Indian News Chronicle Ltd. v. Mrs. Lazarus III: 50 conciliation proceeding III: 227-228
Indian Partnership Act, 1932 I: 194, 324; service conditions and III: 240-241
II: 6; III: 311 individual dispute
Indian Penal Code, 1860 I: 56, 57, 78; III: 75, 122, Grievance Settlement Authority for III: 207-
151, 152, 156, 161, 173, 209, 213, 215, 216, 217, 208
218, 219, 283, 317 ingredients III: 198
Indian Ports Act, 1908 III: 145 layoff and retrenchment rules III: 230-233
Indian Posts and Telegraphs Department III: 48 limitations III: 198
Indian Railways Act, 1890 III: 145 meaning of III: 197-199
Indian Succession Act, 1925 I: 618 penalties for offences III: 239-240
Indian Trade & General Insurance Co. v. Bhailal recovery of money from employer III: 241-242
I: 488 reference of cases of III: 222-223
Indian Trusts Act, 1882 I: 618 by arbitration agreement III: 223-224
Indirect tax I: 675 non-public utility services III: 222
subsumed under GST I: 676-677 public utility service case III: 222
Indoor management doctrine II: 55-56 representation of parties III: 242-243
exceptions II: 55-56 retrenchment III: 203-204, 232-233
Indorsee I: 380, 408 compensation in III: 238
Indorsement I: 373, 374, 375, 376, 380, 407, consequences of illegal III: 237, 238
408-411 service conditions III: 240-241
cancellation of I: 410 meaning III: 220-221
meaning I: 408 notice required for change III: 221
kinds of I: 408-410 settlement authorities III: 208-220
blank or general I: 408-409 discharge or dismissal cases III: 220
I.xxxiv Elements of Mercantile Law
settlement procedure III: 208-220 certification of III: 249-250

conciliation proceedings III: 227-228 display by employer III: 250
strike and lock-out III: 228-229 enforcement of III: 251-252
tests of III: 198 exemption power III: 252
transfer and closing of undertakings model standing orders III: 252
compensation for III: 233-234 modification rules III: 250-251
Undertakings operation date of III: 250
transfer and closing of III: 233-234 registration of III: 250
unfair labour practices III: 204-207, 239 trade union role III: 249-251
seealso Trade dispute subsistence allowance
Industrial Disputes Act, 1947 II: 279; III: 36, 142, for suspended workman III: 251
195-244, 252, 281, 285 Industrial Employment (Standing Orders) Act, 1946
Amendment Act, 1976 III: 234 III: 94, 142, 231, 246-253, 281
Amendment Act of 1982 III: 196, 223, 239 Amendment Act, 1982 III: 247
awards under III: 214, 217, 219, 224-228 application of III: 247
closure of establishment apprentices and III: 287
penalty for III: 239 certification of III: 249-250
procedure for III: 238-239 conditions III: 250
cognizance of offences III: 242 Certifying Officer
definitions of III: 196-197, 199-207 deemed as Civil Court III: 251
disputes settlement III: 208-220 powers and duties of III: 249-252
adjudication machinery III: 208-209, 213-220 definitions III: 248
by arbitration agreement III: 223-224 enforcement of III: 251-252
conciliation machinery III: 208, 209-213 exemption power III: 252
dismissal or discharge cases III: 220 matters to be provided in III: 248-249
procedure for III: 208-209, 220 modification rules III: 250-251
reference by appropriate authority III: 222- object of III: 246-247
223 rules-making powers III: 252
extension of III: 196 scope III: 247
Grievance Settlement Authority III: 207-208 Industrial establishment III: 234-235
history of III: 195 definitions of III: 164-164, 201, 230, 235, 248
lay-off rules III: 230-232, 234-236 disputes settlement III: 208-220
objects of III: 196 adjudication machinery III: 208-209, 213-220
protections given III: 242-243 awards/settlements III: 214, 217, 219, 224-
representation of parties III: 242-243 228
retrenchment rules III: 144, 203-204, 232-233, closure of establishment III: 238-239
236-238 conciliation machinery III: 208, 209-213
rules-making powers III: 244 conciliation proceeding III: 227-228
settlement authorities III: 208-220 individual dispute settlement Authority
strike and lock-out III: 228-229 III: 207-208
Industrial employment ingredients III: 198
Certifying Officer layoff and retrenchment rules III: 230-233
functions III: 249-251 limitations III: 198
powers of III: 251-252 meaning of III: 197-199
draft standing orders reference of cases of III: 222-224
penalty for for not submitting III: 253 employment in
submission by employer III: 249 standing orders of III: 246-253
workmen particulars in III: 249 penalties for offences III: 239-240
standing orders for III: 246-253 recovery of money from employer III: 241-242
appeal to the appellate authority III: 250 representation of parties III: 242-243
application of III: 252 retrenchment III: 203-204, 232-233
Subject Index I.xxxv
compensation in III: 238 non-disclosure of II: 287

consequences of illegal III: 237, 238 security of III: 313
service conditions III: 240-241 Information memorandum II: 68, 71
meaning III: 220-221 Information Technology Act, 2000 I: 618-642;
notice required for change III: 221 II: 27, 28, 273, 274
settlement authorities III: 208-220 adjudication I: 631-632
discharge or dismissal cases III: 220 Amendment 2008 I: 618
settlement procedure III: 208-220 applications of
conciliation proceedings III: 227-228 exceptions I: 618
Standing Orders III: 246-253 on company law II: 27, 28
meaning III: 248 definitions I: 618-620
strike and lock-out III: 228-229 Controller of Certifying Authorities I: 625-627
tests of III: 198 appointment of I: 625
transfer and closing of undertakings functions of I: 625-626
compensation for III: 233-234 misrepresentation before I: 640
Undertakings Cyber Appellate Tribunal I: 632-635
transfer and closing of III: 233-234 appeal in I: 634
unfair labour practices III: 204-207, 239 appeal to the High Court I: 635
Industrial Finance Corporation of India II: 11; appointments I: 632-633
III: 199 composition I: 632
Industrial Finance Corporation Act, 1948 III: 199 contraventions I: 635
Industrial Reconstruction Bank of India III: 200 judicial proceeding I: 635
Industrial Training Institute III: 295 legal representation right I: 635
Industrial Tribunals III: 204, 209, 215-217 powers of I: 633-634
appointment conditions III: 216 service conditions I: 633
award of III: 217, 224-227 cyber terrorism
submission period III: 223 punishment of I: 636
constitution of III: 215 intermediary liability I: 641-642
jurisdiction of matters III: 215-216, 223 national nodal agency I: 639
powers and duties III: 216-217 offences and punishments I: 635-641
appointment of assessors to advise III: 217 cheating I: 636
Civil court’s powers III: 217 compounding of I: 641
costs of award III: 217 depicting children in sexually explicit act I: 638
dismissal or discharge of workman cases identity theft I: 636
III: 220 obscene material for I: 637
to enter premises of industry III: 217 offensive messages I: 636
to inquire or investigate III: 217 privacy violation I: 636-637
reference of disputes/matters to III: 216, 222, 223 sexually explicit act or conduct I: 637
voluntary reference III: 223-224 stolen computer resource I: 636
strike or lock-out penalty and compensation I: 629-632
prohibition of III: 216, 223, 229 information furnishing I: 631
Industries (Development and Regulation) Act, 1951 Infosys I: 681
III: 114 Infrastructure projects II: 86, 333
Industry Ingram v. Little I: 69
meaning of III: 196-197, 290 Ingham v. Primrose I: 441
scope III: 196-197 Injunction I: 141, 142
Informant III: 311-312 Injury I: 77
duties of III: 313 meaning of III: 50, 73
Information Inland bills I: 386
electronic form I: 619 Input Tax Credit (ITC) I: 677, 682
meaning I: 620 Insanity I: 312
I.xxxvi Elements of Mercantile Law
Internal auditor II: 135 Inspector of investigation

Insider II: 178 appointed of inspector II: 195, 197
Insolvency I: 50, 51, 219-220, 240, 265, 303, 465 of company’s affairs I: 348-354; II: 191-200
adjudicating authority I: 563, 565-568, 570-577 costs and expenses of I: 353; II: 194-195,
moratorium declaration I: 564 199-200
corporate security for payment II: 194-195
liquidation process I: 565, 573-576 inspector’s report II: 191, 198-199
resolution process I: 564-573 powers of inspector I: 349-351, 353-354;
resolution process (fast track) I: 576 II: 195-197
corporate person documents seizing power II: 198
voluntary liquidation I: 576-577 ownership of company II: 195
credit committee I: 564-565, 569-570 related companies and II: 197-198
approval of I: 571 by Serious Fraud Investigation Office II: 192-194
meeting I: 570 establishment of II: 191
information by creditor Institute of Chartered Accountants of India II: 143
punishment for false I: 577-578 Institute of Company Secretaries of India II: 123,
information utility I: 564 129, 187
insolvency professional I: 563 Insurable employee III: 77
appointment of I: 564 Insurable employment
interim resolution professional definition of III: 75
appointment of I: 568 Insurable interest I: 490, 499-500, 506-507,
duties I: 568-569 516-517
law relating to I: 560 Insurable property I: 515
liquidation assets Insurance I: 94, 486-495
sale of I: 575-576 assurance and
liquidation estate distinction between I: 498-499
formation of I: 574-575 contract of I: 486-488
liquidation process and I: 565, 573-577 Causa proxima rule I: 490-491
liquidator cover note and I: 488
appointment of I: 573 indemnity I: 489-490, 495
powers and duties I: 574-575 material fact I: 488-489
meaning of I: 559 nature I: 487
minor and I: 47 subrogation doctrine I: 492, 495
resolution plan I: 572-573 double insurance I: 494, 496
resolution professional I: 569-570, 572, 573 Employees’ Deposit-linked III: 118, 119
meaning I: 562 employees state III: 70-111
seealso Bankruptcy fundamental elements of I: 488-493
Insolvency and Bankruptcy Board of India I: 562, insured I: 486
563, 570 insurer I: 486
Insolvency and Bankruptcy Code, 2016 I: 560-578 kinds of I: 487
applicability of I: 560 meaning I: 487
objective of I: 562-564 main principle I: 486
purpose of I: 560 nationalisation of I: 487
Insolvency professional I: 563 perils insured against I: 487
appointment of I: 564 policy I: 486
Insolvent I: 559 premium I: 486, 493, 495
Inspector of Factories reinsurance I: 494, 496
appointed of III: 9 subject-matter of I: 487, 488-489
powers and duties III: 9-10, 23, 35-36 wager and I: 487-488
additional III: 10 seealso Life insurance; State insurance
penalty for obstructing III: 10 Insurance Act, 1938 I: 498, 500-503; II: 128
Subject Index I.xxxvii
seealso Employees’ State Insurance Act, 1948 Jai Prakash Singh v. Central Apprenticeship Council
Insurance Co. v. Tweed I: 513 III: 299
Insurance Fund III: 119 Jai Ram v. Kahna Ram I: 86
Insurance Scheme III: 118, 119 Jain & Son v. Cameron I: 180, 185
Insurance Regulatory and Development Authority Act, Jalan Trading Co. (Pvt.) v. Mills Mazdoor Union
1999 II: 128 III: 267
Insured person III: 75 James v. Le Ray, Johns III: 288
Intention I: 8, 17, 23, 66, 240 Jamshed J. Irani Expert Committee II: 21-22
declaration of I: 18 Janson v. Driefontein Consolidated Mines Ltd.
fraud and I: 62-63 I: 80
Interests payment I: 139-140, 392-393 Jaunpur Sugar Factory, Re I: 101
Intermittent employment III: 186 Jawabee hundi I: 445
International Airports Authority of India III: 199 Jay Engineering Works v. Workmen III: 260
InternationalAirportsAuthority of IndiaAct, 1971 III: 199 Jhunjhunwala v. B.K. Pathak III: 30
International Labour Organisation (ILO) III: 2, 255 Joint Hindu Family
Intoxicated person I: 49 partnership and I: 280-281
Inventories Joint Stock Companies Acts II: 7-8
classification of II: 319 Jokhami hundi I: 445
Investigation of company’s affairs I: 348-354; Jones v. Barkley I: 110
II: 191-200 Jones v. Just I: 232
costs and expenses of I: 353; II: 194-195, 199- Jones v. Lipman II: 4
200 Jones v. Lloyd I: 282, 312
security for payment of II: 194-195 Jones v. Padgett I: 232
inspector’s powers I: 349-351, 353-354; Jones v. Vemon’s Pools. Ltd. I: 8
II: 195-197 Jordon v. Norton I: 28
appointed of inspector II: 195 Joseph Pyke & Son v. Kedarnath I: 245
documents seizing II: 198 Jubilee Cotton Mills Ltd. v. Lewis II: 32
ownership of company II: 195 Judicature Acts of 1873 and 1875 I: 3
related companies against II: 197-198 Judicial administration I: 82-83
inspector’s report II: 198-199 Judicial decisions I: 3, 4
by Serious Fraud Investigation Office II: 192-194 Jugaldas v. Harilal I: 203
establishment of II: 191 Juggilal v. Commr. of Income-tax II: 4
receipt of investigation report II: 194 Juggilal Kamlapat v. General Fibre Dealers Ltd.
Investments II: 170-172, 318-319 I: 469
classification of Jus in personam I: 6
current II: 319 Jus in rem I: 6
non-current II: 318
Investment company II: 170, 172
Invitation I: 17-19 K.P. Subbarama Sastri v. K.S. Raghavan I: 139
Ionides v. Pacific Fire & Marine Ins. Co. I: 516 K.S.R.T. Employees’ Assn. v. General Manager
III: 168
Irregularity II: 55
K.V. Garg v. Secretary to Govt. Water & Power Dep.,
Irvine v. Union Bank of Australia II: 54
Trivandrum I: 474
Ismail Mussajee v. Hafiz Boo I: 60
K/9 Meat Supplies (Guildford) Ltd., Re II: 3
Iyer, Ramaswamy I: 2
Kairbetta Estate v. Rajamanickam III: 201
Kalabati v. Prabhu Dayal I: 461
J.K. Hosiery Factory v. Labour Appellate Tribunal Kaliaperumal v. Visalakhsmi I: 186
III: 202 Kalyan Sahai v. Firm Lachminarain I: 285
J. & K. Bank v. Tek Chand I: 181 Kanhaiyalal v. Dineshwara Chandra I: 26
Jackson v. Rotax Motor & Cycle Co. I: 232 Kanta Press v. Prescribed Authority III: 175
Jackson v. Watson & Sons I: 232 Kanwarani Madna Wati v. Raghunath Singh I: 59
Jacobs v. Credit Lyonnais I: 125 Karl Ettlinger v. Chagandas & Co. I: 125
I.xxxviii Elements of Mercantile Law
Karnataka subsistence allowance

Pehchan project in III: 70 disputes regarding III: 251
Kashiba v. Shripat I: 158, 160 Labour Provident Fund Laws (Amendment) Act, 1972
Kay v. Groves I: 161 III: 117
Keates v. Lord Cadogan I: 65 Ladbroke v. Todd I: 448
Kedar Nath v. Gauri Mohamed I: 34, 40, 43 Ladha Singh v. Bhag Singh I: 461
Keighley, Maxsted & Co. v. Durant I: 193 Lading bill I: 547-549
Kelkar, Vijay I: 66 kinds of I: 547-548
Kelly v. Solari I: 149 clean bill I: 547
Kelly, C.B. I: 509 dirty or claused I: 547
Kelner v. Baxter I: 193, 215; II: 36 received and ‘on board’ I: 548
Kerala through bill I: 548
gratuity act III: 140 as prime facie evidence I: 547
Key pair I: 620, 629 Ladli Parshad v. Karnal Distillery Co. Ltd. I: 59
Khushal Khemgar v. Khorshed Banu I: 294 Lagunas Nitrate Co. v. Lagunas Syndicate I: 74
Khwaja Mohd. Khan v. Hussani Begum I: 39 Laid-off compensation III: 231-232
Kimber v. Barber I: 198 exceptions III: 232
Kindersley, V.C. II: 61 Lake v. Duke of Argyll I: 299
King’s Norton Metal Co. Ltd. v. Edridge Merrett & Lakshminarayan Ram Gopal & Sons v. Hyderabad
Co., Ltd. I: 70 Government I: 189
Kirkham v. Attenborough I: 242, 251 Lalappa Lingappa v. Laxmi Vishnu Mills III: 143
Knights v. Wiffen I: 265, 273 Lalman v. Gauri Dutt I: 19
Koch v. Dicks I: 441 Lancashire & Yorkshire Rail Co. v. Highley III: 51
Kores Mfg. Co. Ltd., v. Kores Mfg. Co. Ltd. I: 86 Lancaster v. Walsh I: 17
Kreditbank Cassel v. Schenkers Ltd. II: 56 Latrines and urinals III: 13
Krell v. Henry I: 123 Laveroni v. Drury I: 515
Krishan Lal Sadhu v. Promila Bala I: 39 Law
Krishna Wanti v. L.I.C. I: 500 definitions I: 1-2
Krishnamachariar v. Sankara I: 289, 292 different connotations I: 1
Kunta Malla Reddy v. Soma Srinivas I: 460 living phenomenon of I: 2
knowledge of I: 2, 4
object I: 2
Labour Courts III: 201, 209, 213-215 social change and I: 2
award of III: 214, 224-227 Law Commission of India I: 457
submission period III: 223
Law of Evidence I: 617
constitution of III: 213
Law merchant I: 3
jurisdiction of matters III: 213, 215, 223
Lawley Sen & Co. v. R.P.F. Commr., Bihar III: 136
powers and duties III: 214-215
Lawrence v. Hodgson I: 471
Civil court’s powers III: 214-215 Lawrence, J. I: 47
costs of proceedings III: 215 Laxmibai Atma Ram v. Bombay Port Trust III: 52
dismissal or discharge of workman cases III: 220
Layoff III: 201, 202
to enter premises of industry III: 214
essentials of III: 201
to inquire or investigate III: 215
meaning III: 201
presiding officer of
Layout-design I: 650
appointment conditions III: 214 Leask v. Scott Bros I: 267, 274
recovery of money and III: 241-242 Leave rules
reference of disputes/matters to III: 214, 222, 223
types of leaves III: 32-34
voluntary reference III: 223-224
annual leaves III: 32-33
standing orders
leave with wages III: 32-34
interpretation III: 525
seealso Holidays
strike or lock-out Lee v. Butler I: 247
prohibition of III: 215, 223, 229
Subject Index I.xxxix
Lee v. Griffin I: 221, 226 seealso Employees’ Deposit-linked Insurance

Legal misconduct I: 474 Scheme
Legal practitioner I: 662 Life Insurance Corporation Act, 1956 I: 498;
Legal representatives I: 107, 464-465 III: 137, 199
Leslie v. Shiell I: 47 Life Insurance Corporation of India I: 448, 498;
Liability I: 158-160, 180, 277, 418 II: 11; III: 147, 148, 170, 199
classification of II: 315-317 L.I.C. of India v. Bharathi I: 500
foreign negotiable instrument and I: 442-443 Life Insurance Corpn. of India v. Parvathavardhini
guarantee I: 158 I: 500
limitations I: 160 Life Insurance Corpn. of India v. Vasireddy I: 488
of surety I: 159-160 Lighting system III: 12-13
meaning I: 158 glare prevention III: 13
partners I: 290, 297-298 Lilley v. Doubleday I: 197
incoming partner I: 301 Limitation Act, 1963 I: 50, 77, 83, 113, 126, 158,
retirement I: 301-302 477; II: 257; III: 106
types of partners and I; 298-300 Limited companies II: 12, 20, 38
personal I: 84, 207-209, 342; II: 194 Articles of Association II: 50
of agent I: 207-209 share capital of
unlimited I: 343-344 power to alter its memorandum II: 89-90
seealso Limited Liability Partnership (LLP) Limited liability companies II: 12, 55
Liability companies II: 12 Limited Liability Partnership (LLP) I: 318, 323-370,
Lien I: 178-179, 200, 264-265; II: 296-297 560
on the surplus assets I: 314 amalgamation provision I: 368-369
Life insurance I: 498-504 auditor’s appointment
age proof I: 502 disqualifications II: 140
annuity policy I: 501 as body corporate I: 325, 333
anticipated policy I: 501 compromise or arrangement I: 367-369
assignment rules I: 502, 503, 504 features of I: 318
contract of I: 498-499 finance records I: 344-347
duration of I: 499 annual return filing I: 345, 346
insurable interest I: 499-500 punishment for false I: 346
endowment policy I: 500 Statement of Account and Solvency I: 344-
indemnity I: 499, 504 346
insurable interest I: 499, 504 firm’s conversion into
janta policy I: 501 requirement and manner I: 354-357
life policies foreign companies establishments I: 364-367
joint policy I: 501 account and solvency statement I: 366
limited-payment I: 501 Commonwealth country and I: 364-365
loan on policies I: 501 Hague Apostile Convention, 1961 I: 365
material facts information alteration I: 365-366
mis-statement or concealment of I: 500 rules relating to I: 364-367
nationalisation of I: 498 translation of documents in English I: 366-
nomination rules I: 502-503, 504 367
policies of fraud and I: 343-344
types of I: 500-501, 504 incorporation documents of I: 333-335
sinking fund policy I: 501 investigation of affairs I: 348-354
suicide and I: 502, 504 expenses of I: 353
surrender value I: 501, 504 inspector’s powers I: 349-351, 353-354
uncertainty I: 498-499 meaning I: 323, 324
whole-life policy I: 501 name of LLP I: 335-336
convertible I: 501 procedure to change I: 336-337
I.xl Elements of Mercantile Law
reservation of of I: 336 investments and II: 170-172

nature and concept I: 325-338 raising of II: 91
partnership I: 330-370 Local Government v. Nauserwanji III: 39
as agents I: 341 Loch v. Lynam I: 292
cessation of I: 339-340 Lock-out III: 201-202, 228-229
contributions I: 344 as employer’s weapon III: 201-202
designated I: 331-333 conciliation proceedings
eligibility for I: 338 pendency of III: 228-229
liability of I: 341-342 essentials of III: 201
mutual rights and duties of I: 338-354 notice of III: 228
obligations of I: 341 instigating or inciting for
registration of changes I: 340-341 punishment III: 229
relationship I: 338 legality of III: 229
rights transfer and I: 347-348 financial aid and III: 229
private company’s conversion into penalty for illegal III: 229
requirement and manner I: 357-360 public utility service and III: 228
prosecution I: 351-352 retrenchment and III: 204
punishments I: 332-333, 341, 343, 345, 346-347 Loftus v. Roberts I: 24
registered office I: 335 London & North Eastern Rail Co. Brentnaill
registration of I: 334-335 III: 67
change in number of I: 337 London General Omnibus Co. v. Holloway I: 159
Registrar’s power I: 346-347 London Insurance Co. v. Mansel I: 489, 505
unlimited liability I: 343-344 London Plywood Ltd. v. Nasik Oak Ltd. I: 256
unlisted public company’s Lone Tree Estate v. Industrial Tribunal III: 232
conversion into I: 360-364 Long v. Lloyd I: 62
winding up of I: 352, 370 Looker v. Law Union & Rock Insurance Co. Ltd.
recovery of damages I: 352-353 I: 489
Limited Liability Partnership Act, 2008; II: 264 Loonkaran Sethia v. Juan E. John I: 284
Lindley J. I: 25, 313; II: 2 Lord Campbell in Croft v. Lumiley I: 112
Liquidated damages I: 138-139 Loss sharing I: 108
Liquidation assets Love and affection I: 40
sale of I: 575-576 Lovelock v. Franklyn I: 128, 132
Liquidation estate Lucena v. Craufurd I: 490
formation of I: 574-575 Luda Ram Ved Parkash v. M/s Maharani of India
Liquidation process and I: 565, 573-577; I: 296
II: 257-259 Luizina Cyril Vaz v. Caltex (India) Ltd. III: 46
Liquidators Lunacy I: 49
appointment of I: 573; II: 228, 231-232, Lunch room III: 24
257-258 Lydney & Wigpool Iron Ore Co. v. Bird II: 34
powers and duties I: 574-575; II: 258-259, 304 Lyell v. Kennedy I: 192
summary procedure II: 258
Lister v. Lancashire & Yorkshire Rail I: 537
Little v. Slackford I: 381 M.K. Rapai v. John I: 38
Liverpool Bank v. Walker I: 397 M.L. Kantarao v. Azam Jahi Mills Ltd. III: 94
Liverpool Insurance Co.’s Case I: 157 M. Lachia Setty & Sons Ltd. v. Coffee Board
Lloyd v. Grace Smith & Co. I: 215 I: 137-138
Lloyds Bank Ltd v. Cooke I: 395, 405 M.M. Abbas v. Chetandas I: 397
Lloyd’s policy I: 516 M.M. Pulimood v. Registrar of Firms I: 276, 283
Loans M. Manicka Mudaliar v. Labour Court III: 241
advances and M.S.M. Syed Mohammad Bokhari v. Directorate of
classification of II: 318, 320 Enforcement I: 604
Subject Index I.xli
Macaura v. Northern Ass. Co. I: 508, 513 seealso Occupiers

Macclesfield Corporation v. Great Central Rail Managing agent
I: 147 meaning of III: 44, 75
Machinery Managing director
safety measure of III: 14-16 appointment of II: 179-180
examination of III: 14 age of II: 179
fencing of III: 14 conditions for II: 179-180, 328
revolving machine III: 16 term of II: 179
Mackinnon Macknezie & Co. (Pvt.) Ltd. v. Smt. loss of office of
Habiba Eusoof III: 68 compensation for II: 184-185
Macnaghten, Lord I: 234 remuneration payable II: 180-183, 329-332
Madhav v. Raj Coomar I: 85 fixation of II: 184
Madhu Trading Co. v. Union of India & Others premium paid on insurance and II: 182
I: 38 recovery of II: 184
Madhya Pradesh Industrial Employment (Standing Mandate I: 464
Orders) Act, 1961 III: 247 Manilal v. Chandulal I: 153
Madras Rail. Co. v. Govind Rau I: 136 Mannu Singh v. Umadat Pandey I: 58
Mafatlal Industries Ltd., In re II: 205 Mansfield, Lord I: 110, 487
Mahabir Kishore v. State of M.P. I: 146 Manufacturing process III: 3-4, 75, 115
Mahadeo v. Bindeshwari I: 461 Marcel v. Furriers Tapper I: 221
Mahanth Singh v. U.Ba I: 160 Marid Hajee Mohd. Ismail v. Chinnathayi Amal
Maharashtra I: 94, 95 III: 47
Maheswar Das v. Sakhi Dei I: 84 Marine adventure I: 514-515
Mahinder v. Mohan I: 202 Marine insurance I: 514-530
Mahony v. East Holyford Mining Co. II: 54 contract of I: 514-516
Maintenance agreements I: 82 duration I: 499
Major Port Trusts Act, 1963 III: 48 indemnity I: 499
Maker I: 380, 381-382 insurable interest I: 499, 516-517, 529
Malabar Fisheries Co. v. Commr. of Income-tax, insurable value I: 517
Kerala I: 278 ‘loss or not lost’ I: 516, 520
Malhotra & Co. v. Ramesh Mistri I: 283 mode of I: 515-516
Malka v. Sardar I: 461 uberrimae fidei I: 517
Management of All Tea Estates in Assam v. Indian uncertainty I: 498-499
National Trade Union Congress III: 184 warranty in I: 521-523
Managerial personnel disclosure I: 517-518
appointments of by agent effecting insurance I: 518
conditions for II: 328 duty I: 517
remuneration of II: 180-184, 329-332 insurer on payment
Whole-time II: 185-186 rights I: 529
Managers losses I: 514-515, 525-529, 530
appointment of II: 179-180, 303 abandonment I: 526-527
age of II: 179 general average I: 527-528, 530
conditions for II: 179-180, 328 liabilities I: 525-529
term of II: 179 partial loss I: 527-528, 530
loss of office of particular average I: 527, 528, 530
compensation for II: 184-185 maritime perils I: 515
remuneration of II: 180-184, 329-332 losses are covered by I: 515, 525
fixation of II: 184 material circumstance I: 517-518
payable II: 180-183 material representation I: 518
premium paid on insurance and II: 182 premium I: 524
recovery of II: 184 returnable cases I: 524
I.xlii Elements of Mercantile Law
risk duration I: 520, 523 definitions III: 156-157

subrogation rights I: 529 purpose and objects of III: 155
under-insurance scope and coverage III: 155
rights I: 529 Maternity Benefit (Mines and Circus) Rules, 1963
underwriters I: 516 III: 159
Marine policy I: 518-521, 529 Maternity leave III: 143, 158, 160
assignment I: 521 Mayfair Property Co., Re II: 100
construction rules I: 520-521 MCA-21 project II: 26-27
inchmaree clause I: 520 matters covered under II: 27
types I: 518-520, 529 salient features of II: 29-30
voyage I: 523-524, 527, 529-530 McManus v. Fortescue I: 196
deviation of I: 523-524 Mediation and Conciliation Panel II: 281
three interests risked I: 527 Medical Benefit Council III: 77, 80-83
warranty in I: 522-523, 529 constitution of III: 80
Maritime Usages see Law merchant members III: 80
Marriage and married status I: 84 term of office III: 80
Marital duties powers and duties III: 80
interfering with I: 84 Medical benefits III: 100-101
Market over I: 248 ESI benefits and
Marshall, C. J. II: 2 eligibility for III: 100
Martin v. Gale I: 48 medical board III: 97-98
Martin, B. I: 48 scale of III: 101
Marute M. Mullik v. Polson Ltd. III: 172 Medical board III: 106
Maternity benefit III: 94-95, 155-162 Medical bonus III: 159
adopted child and III: 158 Medical practitioner
discharge or dismiss and III: 159 appointment III: 10
forfeiture of III: 159 duties III: 10
gross misconduct acts III: 159 qualified
Inspectors III: 160-161 meaning III: 46
appeal against decisions of III: 161 Mediterranean Co. v. Fortress Fabrics I: 476
appointment III: 160 Meenakshi v. Chettiar I: 379
powers and duties of III: 160-161 Meetings of companies II: 114-124
leaves entitled III: 160 Chairman election II: 117, 301
nursing breaks III: 160 Corporations and creditors
crèche facilities III: 160 representation of II: 120-121
payment right III: 157-159 general meeting II: 300-302
advance payment III: 158 adjournment of II: 301
average daily wage III: 157 annual II: 114-115
conditions III: 157 Appointment of Directors II: 180
nomination III: 158 auditor’s right to attend II: 144
notice of claim for III: 158 Chairman’s election II: 301
penalties and offence III: 162 extraordinary II: 115
period of benefit III: 143, 158 minute-books’ inspection II: 123
on death of woman III: 158 minutes of proceedings II: 122-123
works and employment proceedings II: 301
prohibited period III: 157 report of meeting II: 124
Maternity Benefit Act, 1961 III: 155-162
voting rights II: 118, 301
application of III: 155, 156
proxy member II: 117-118, 301
benefits given III: 157-159
instrument appointing II: 118
contravention of Act
quorum of II: 116-117
penalties for III: 162
Subject Index I.xliii
resolution or statements for Company Limited by shares II: 291-292

circulation to members II: 119-120 For Unlimited Companies II: 294-295
filing with Registrar II: 121-122 subscribers signatures II: 44
ordinary resolution II: 121 Ultra vires acts II: 47-4
passed at adjourned meeting II: 121 Mercantile agent I: 181-182
special notice required for II: 121 Mercantile law
special resolution II: 121 nature I: 3
time and place of II: 114 sources I: 3-4
voting rights II: 118 Merger see Amalgamation
methods of voting II: 118-120 Metro Electric Co. v. Delhi Development
poll’s demand II: 119 Authority I: 479
postal ballot II: 119, 122-123 Metropolitan Electric Supply Co. v. Ginder I: 141
Mehta Teja Singh & Co. v. Union of India I: 474, 475 Midland Insurance Co. v. Smith I: 492
Mellors v. Shaw I: 297 Midland Motor Showrooms, Ltd. v. Newman I: 166
Members of company II: 5, 7 Mighell v. Sultan of Johore I: 50
register of II: 109-110 Miheer Mafatlal v. Mafatlal Industries Ltd.
power to close II: 112 II: 202
rectification II: 89 Milkhi Ram v. State of Punjab III: 164
Memorandum of Association (MoU) II: 40-48, 52- Miller v. Schloss I: 146
53, 291-295 Mine
alteration procedure definition III: 165, 230
conditions for II: 44-47 Minerals and Metals Trading Corporation of India Ltd.
name of company II: 44 II: 16
objects clause II: 45-47 Minimum Wages Act, 1948 III: 178-192
registered office address II: 45 Advisory Board III: 183-184
articles of association and II: 52-53 composition of III: 184
differences II: 53 application of III: 179, 180-181
compulsory clauses of II: 41-43 bar of suits III: 191
association clause II: 43 to scheduled employments III: 180-181
members liability II: 43 Appropriate Government
registered/share capital II: 43 fixation of minimum rate of wages III: 182-
objects clause II: 43, 46 184
constructive notice II: 54 intermittent employment and III: 186
limitation to II: 55-56 power to add to schedule III: 191-192
forms prescribed for II: 41, 291-295 rule-making power III: 192
indoor management doctrine II: 55-56 assets attachment of
exceptions II: 55-56 protection of employer III: 190
legal implications II: 53-54 Authority III: 187-189
names of company powers of III: 189
Limited or Private Limited II: 41, 42 Central Advisory Board
restrictions imposed on II: 42 composition of III: 184-185
prohibited names II: 42 Central Government powers
necessary information of II: 41-42 directions giving III: 192
notice of contents II: 54 rule making III: 192
printing and signatures II: 40-41 claims hearing authority III: 187-188
purpose and objects of II: 40 compensation III: 188
registered office contracting out III: 191
verification of II: 42-43 definitions III: 179-180, 181
schedules of II: 291-295 enforcement staff III: 187-189
for Company Limited by Guarartee Authority III: 187-189
II: 292-293 Inspectors III: 187
I.xliv Elements of Mercantile Law
exemptions and exceptions III: 191 unilateral I: 55, 66

fixation and Revision of III: 181-184 mistake of law I: 55, 66, 149
errors correction III: 184 foreign country I: 55, 66
minimum rates III: 181-183 native country I: 55, 66
number of employees III: 182 performance mistakes I: 68
procedure for III: 183-184 unilateral I: 68-69
liability of employer exceptions I: 69-70
exemption of III: 191 Mitchell Reid Co. v. Baldev Dass I: 254
object of III: 178-179 Mithoolal Nayak v. Life Insurance Corpn. of India
offences and penalties III: 189-190 I: 489, 500
cognizance of complaint III: 189 Mixed marine insurance policy I: 519
company and III: 190 Mizar Govinda Annappa Pai & Sons v. State of
maintenance of III: 186-187 Karnatata III: 183
overtime rate III: 186 Mody v. Gregson I: 234
piece work Mohan Bros. v. State III: 183
minimum time rate wages for III: 186 Mohan Exports India Ltd. v. Tarun Overseas (P) Ltd.
safeguards in III: 185-187 II: 205
hours of work III: 185 Mohanlal Prabhuram v. Fine Knitting Mills Co.
intermittent employment III: 186 III: 53
minimum rate payment III: 185 Mohiri Bibi, v. Dharmodas Ghose I: 46, 52, 53;
overtime rate III: 186 III: 292
undisbursed amounts III: 190 Mollow March & Co. v. The Court of Wards
Ministry of Corporate Affairs (MCA) II: 26, 29, 30 I: 280
seealso MCA-21 project Monarch Insurance Co., Gorrisen’s Case II: 99
Minor partnership I: 47, 277, 306 Monopolies and Restrictive Trade Practices (MRTP)
liabilities of 299-300 Act, 1969 I: 644-646, 670-671
Minority interests II: 323-324 seealso Competition Act, 2002
Minor person I: 45-48; III: 44, 292 Monopolies and Restrictive Trade Practices
Minors’ agreements I: 45-47 Commission I: 670
rules governing I: 45-46 Montreal Gas Co. v. Vasey I: 9, 24
Minors’ liability Moore & Co. v. Landauer & Co. I: 231, 238
for necessaries I: 47-48 Moral turpitude I: 474
Miscarriage III: 75, 95, 156, 157 Morelli v. Fitch & Gibbons I: 233, 238
Misconduct I: 313; II: 229 Moss v. Elphick I: 321
proceedings I: 474 Mosseley v. Simpson I: 474
Misrepresentation I: 55, 60-62, 71, 206 Motor & Machinery Mfrs. Ltd. v. Industrial Tribunal
consequences I: 62 III: 198
definition I: 61 Moulton, Fletcher L.J. I: 228
fraud and I: 71 Mulamchand v. State of M.P. I: 194
fraudulent or wilful I: 55 Mumbai Kamgar Sabha v. Abdulbhai Faizullabhai
guarantee by I: 167 III: 281
innocent or unintentional I: 55 Municipal Board, Gangapur v. Controlling Authority
requirements I: 61 under POG Act III: 141
Mistake I: 55, 66-70, 71, 149 Munshi Abdul Latif v. Gopeshwar I: 280
definition I: 66 Munshi Ram v. Chhehrata Municipality I: 278
mistake of fact I: 55, 66-68, 149 Muster roll III: 232
bilateral I: 55, 66-68 Muthta v. Muthu Karuppa I: 56
conditions I: 66-67 Mutual Benefit Society II: 277
material fact I: 67 Mutual Life Insurance Co. of New York v. Ontario
mutual mistake I: 67 Metal Products Co. I: 489
subject-matter I: 67-68 Myers & Co. v. Brent Cross Services Co. I: 221
Subject Index I.xlv
N.B. Mills, India v. E.S.I. Corpn. III: 39 submission period III: 223
constitution of III: 217-218
N.V.P. – Pandian v. M.M. Roy I: 83
jurisdiction of matters III: 218, 219, 223
Nagle v. Fielden I: 81
powers and duties III: 219-220
Naithati Jute Mills v. Khyaliram I: 459
appointment of assessors III: 219
Nam jog hundi I: 444
Civil court’s powers III: 219
Nandlal v. Thomas I: 77
Napier v. National Business Agency Ltd. I: 77 costs of award III: 219
Narayan Jetha v. Commr. & Corpn. of Bombay III: 41 dismissal or discharge of workman cases III: 220
to enter premises of industry III: 219
Narsimhamurthi (M.C.) v. Director of Collegiate
to inquire or investigate III: 219
Education III: 307
reference of disputes/matters to III: 218, 223
Nash v. Inman I: 48
by Central Government III: 222-223
Natal Land & Colonisation Co. Ltd. v. Pauline
Colliery & Development Syndicate Ltd. II: 36 strike or lock-out
National Anti-Profiteering Authority(NAPA) I: 722 prohibition of III: 218, 223, 229
National Iron & Steel Co. v. Manorama Dassi
National Bldgs. Construction Corpn. Ltd., New Delhi
III: 53
v. M.K. Jain III: 200
National Iron & Steel Co. v. The State of West Bengal
National Capital Region (NCR) I: 563
III: 233
National Company Law Appellate Tribunal I: 324
appointment and qualifications of II: 279-280 National Provincial Bank of England v. Brackenbury
Chairperson II: 279 I: 167
National Provincial Bank of England v. Glanusk
members selection procedure II: 279
I: 159
technical member II: 279
National Securities Depository Limited (NSDL)
constitute II: 279
II: 66
Mediation and Conciliation Panel II: 281
term of office II: 280 National Telephone Co. v. St. Peter Port Constables
National Company Law Tribunal II: 88-89, 90, 97, II: 47, 48
Natural justice rules I: 470
102, 112, 135, 139, 191, 194, 195, 199, 202, 205,
Nautamal v. Shri Vivekanand Co-op. Housing Society
208-214, 226, 228-257, 278-280, 287, 330
Ltd. I: 302
appointment and qualifications
Nazir Ahmed v. Jiwan Dass I: 46
members II: 279
President II: 278-279 Necessaries
Technical Member II: 279 definition I: 48
minors’ liabilities I: 47-48
constitution of II: 278
services rendered to I: 48
mediation and Conciliation Panel II: 281
supply of I: 147
relief granting powers II: 288
Necessary goods I: 48
term of office II: 280
National Consumer Disputes Redressal Commission Negative effective capital II: 331
I: 597-599 Negligence II: 56
Negotiable instruments I: 373-376, 393, 618
appeal before/against I: 598
accommodation bill I: 387-388, 393
composition of I: 597-598
ambiguous instrument I: 388-389, 394
jurisdiction I: 598
characteristics of I: 374-375, 376
National Council for Training in Vocational
Trades III: 291, 293, 295, 296, 298, 300, 301 recovery of the amount I: 375
National Electronic Funds Transfer (NEFT) I: 678 transferable I: 374
classification of I: 386-389, 393-394
National Financial Reporting Authority II: 130, 143,
bearer I: 386, 393
279
foreign bills I: 386-387, 393
National Holiday II: 114-115
inland bills I: 386, 393
National Industrial Tribunal III: 202, 209, 217-220
appointment conditions III: 218 order I: 386, 393
qualifications III: 218 clean bill I: 388
consideration and I: 413
award of III: 219, 224-227
I.xlvi Elements of Mercantile Law
definition I: 374, 376 undated I: 389

discharge of I: 436-439 usance I: 387
dishonour of I: 427-434 validity question
compensation for I: 431 estoppel against I: 442
foreign I: 443 Negotiable Instruments Act, (1881) I: 373-376, 407,
notice of I: 428-430 408, 447, 448, 618
noting and protesting required I: 430-431 Negotiable Instruments (Amendment and
as offence I: 432-434 Miscellaneous Provisions) Act, 2002 I: 421, 453
documentary bill I: 388 Negotiated back I: 410-411
endorsement I: 407, 408-411 New Brunswick & Canada Rly. & Land Co. v.
forged I: 412 Muggeridge II: 61
as escrow I: 388 New GujaratCotton Mills Ltd. v. Appellate Tribunal
estoppel rules I: 442 I: 294
fictitious bill I: 388 New India Motors (Pvt.) Ltd. v. Smt. S.P. Duggal
foreign instruments I: 107
international law rules I: 442-443 New Taj Mahal Hotel v. Inspector of Factories III: 3
free consent I: 411 Niblett Ltd. v. Confectioners’ Materials Co. I: 230
Hundis I: 373, 375, 376, 444-445 Nichol v. Godts I: 231
kinds of I: 444-445 Nicholls v. Diamond I: 405
inchoate instrument I: 389, 394 Nicholson & Venn v. Smith Marriot I: 68, 230
principal behind I: 389 Nidhi see Mutual Benefit Society
interest on I: 392 Niko Devi v. Kripa I: 58
lost of instrument I: 413-414 Niranjan Shankar v. Century Spinning & Mfg. Co.
maturity I: 390-391, 394 Ld. I: 85, 86
meaning I: 373 Nirmalabai v. Girjabai I: 469
negotiation I: 406-408 Nodal Officer III: 312
by delivery I: 406-407 Nominal damages I: 137
by endorsement I: 407, 408-411 Nominal partner I: 298, 305
obtained by unlawful means I: 411-414 Nomination and Remuneration Committee II: 153,
by coercion or fraud I: 411 164-165, 181, 331
by forgery I: 411-412 Nominee director II: 149, 154
by theft I: 411 Non-gratuitous Acts I: 148
for an unlawful consideration I: 411 Non-profit associations II: 20-21
payment grant of licence to
days of grace and I: 391, 394 conditions for II: 20-21
on demand I: 387, 393 revocation of licence II: 21
in due course I: 392, 394 Nordenfelt v. Maxim Nordenfelt Gun Co. I: 85, 141
payable on maturity I: 390-391 North Western Salt Co. v. Electrolytic Co. I: 86
presentment of I: 418-424 Northern India Assurance Co. Ltd. v. Kanhaya Lal
for acceptance I: 419-421, 424 I: 502
meaning I: 418, 424 Norwich etc., Society Ltd. v. Price (W.H.) Ltd. I: 149
for payment I: 421-424, 425 Notes to accounts II: 313
for sight I: 421, 424 Notice I: 206
presumptions I: 375, 376, 442-443 Notional extension theory III: 52
time instrument I: 387, 393-394 Novation I: 121, 164-165
transferable as I: 406-408 Nowell v. Nowell I: 316
by assignment I: 407-408 Nugent v. Smith I: 536
by negotiation I: 406-407
types of I: 375-376
customary I: 375-376
Obligations I: 6, 7, 147
quasi-contractual I: 147-149
statutory I: 375
Occuptional diseases III: 53-55
Subject Index I.xlvii
ESI benefits for III: 96-97 contract by II: 176, 178

list of III: 54 conversion rules II: 23
Occupiers entitlement to incorporate II: 22
definition of III: 6, 75, 116 financial statement and II: 128, 131
deemed to be III: 6 copy to be filed with Registrar II: 135
general duties of III: 7-8 general meetings of II: 301
health and safety of workers III: 7-8, 10-19 history of II: 21-22
hazardous processes and III: 19-21 Irani Committee
responsibility for III: 21 recommendations II: 22
obligations of III: 10-19 obligations II: 22-23
Offences II: 280 penalty for default II: 282
Offer salient features of II: 22-23
acceptance and I: 8, 17, 19, 21-28, 29 share transmission and II: 299
advertisement and I: 18-19 Online information and database access or retrieval
communication of I: 19, 24-28 (OIDAR) I: 696-697
mode of I: 25 corporate insolvency resolution
when completed I: 25 process by I: 565-567
cross offer I: 21 Operating cycle II: 315
definite I: 20 Oppression II: 216-222
express I: 16 complains of II: 216
general I: 17 right to apply against II: 219-222
implied I: 17 Ordinary diligence I: 65, 66
intention I: 17 Orissa Cement Ltd. v. Union of India I: 108
invitation and I: 17-19 Orissa Mining Corpn. v. P.V. Rawlley I: 475
tenders I: 20 Osman Jamal & Sons v. Gopal I: 157
legal relations I: 17-18, 28 Overcrowding III: 12
lapse of I: 27, 28 Overtime allowance III: 114
price statement and I: 19 Overtime rules III: 26-27
as proposal I: 16 Oxford v. Davies I: 161
rejection of I: 28
revocation I: 24-28
time of I: 25-26
P. F. Inspector v. Ram Kumar III: 117
specific I: 17 P. Gangadharan v. State III: 183
standing I: 20 PMP Auto Industries Ltd., In re. II: 201-202
P.N. Dubey v. State of U.P. III: 187
vague I: 18
P. Saraswathi v. Lakshmi Kantam I: 59
Offeree I: 16
Paid-up equity share capital III: 276
Offeror I: 16
Paid-up share capital II: 89, 90
Official Liquidators II: 209, 231, 250, 251, 254,
257-259 Palaniappa Mudaliar v. Official Liquidator,
appointment of II: 257-258 Pasupathi Bank Ltd. II: 99
Panchdeep Project III: 70
powers and duties II: 258-259
Pannalal Jankidas v. Mohanlal I: 197
Official Receiver I: 50
pardanashin woman I: 60, 292
Oil and Natural Gas Commission III: 199
Parker v. S.E. Rail. Co. I: 20
Oil and Natural Gas Commission Act, 1959 III: 199
Olley v. Marlborough Court Ltd. I: 20 Parkinson v. College of Ambulance, Ltd. I: 83
Omnium Electric Palaces Ltd. v. Baines II: 35 Parol contracts I: 13
Partiality I: 474
On-site emergency plan III: 20
Partner in profits I: 298
One-person company (OPC) II: 21-24, 124
Partners
advantages of II: 22-23
as agent I: 290
Board of Directors
meeting of II: 162, 303 authority of I: 295-296, 305
express or implied I: 295-296, 305
I.xlviii Elements of Mercantile Law
emergency I: 296, 305 liability of I: 341-342; II: 6, 7

third parties and I: 296-298, 305 mutual rights and duties of I: 338-354
duties of I: 291-293, 304 obligations of I: 341
by estoppel I: 299 registration of changes I: 340-341
expulsion of I: 303 relationship I: 338
insolvency I: 303 rights transfer and I: 347-348
interest transfer by I: 313 limitations I: 85-86
liability I: 290, 297-298 management of II: 6
of incoming partner I: 301 minor and I: 47, 277, 278
retirement I: 301-302 liability of I: 299-300
types of partners I: 298-300, 305-306 number of partners in I: 275-256 II: 7
relations with third party I: 295-298, 304-305 partners
rights of I: 289-291, 304 death of I: 303-304
retirement I: 302-303 expulsion of I: 303
types of I: 298-300 insolvency I: 303
Partnership interest transfer I: 304
agreement I: 276, 277, 285, 294-295 relations with third party I: 295-298, 305
persistent breach of I: 313 retirement I: 301-303
business and I: 276, 285 rights/duties of I: 289-293, 304, 305
characteristics of I: 275-276, 285 share transfer II: 6-7
clubs and I: 282 personal liability I: 342
company and persons I: 275-276, 278-279
differences II: 6-7 profit/loss sharing I: 276, 280, 290, 292
competent person for I: 277-278 property rights I: 290, 292; II: 6
co-ownership and I: 281-282 private property I: 293
definition I: 275, 285 real relationship
essential characteristics I: 275-276 determinants of I: 279
dissolution of I: 311-320; II: 7 relations of partners I: 289-293
account settlement I: 315-316 third party I: 295-298
partners’ rights & liabilities I: 314-315 restraint of trade I: 294-295
public notice of I: 317 tests of I: 279-280, 286
voluntary I: 311-312 types of I: 298-300, 305-306
with court order I: 312-314 unlawful business and I: 312
duration of I: 282-283, 285-286 Partnership Act, 1932 I: 4, 85, 275, 276, 283
at-will I: 282 Partnership deed I: 277
fixed term I: 282 Pasupathi Bank Ltd.
particular I: 282-283 Patents I: 649
fiduciary relation I: 291 Patents Act, 1970 I: 649
formation of I: 277-278, 285 Paterson v. Harris I: 515
goodwill I: 294 Patterson, Justice I: 34
insolvency II: 7 Pawnor
intention I: 279 rights of I: 182
Joint Hindu Family I: 280-281 Pawnee
law of I: 276-277 rights of I: 181-182, 247
legal status of II: 6 Payee I: 380
limited liability I: 330-370 Payment of Bonus Act, 1965 III: 266-286
as agents I: 341 allocable surplus III: 270, 278-279
cessation of I: 339-340 distribution rules III: 278-279
contributions I: 344 setting on and setting off of III: 279
designated I: 331-333 application of III: 267-269
eligibility for I: 338 categories of persons excluded from III: 268-269
Subject Index I.xlix
conditions for III: 267-268 powers of III: 151-152

calculation formula III: 272, 278-281, 286 needs for III: 141-142
banking companies III: 272-274 nomination III: 148-149
deductible sums III: 276-277, 281 payment of III: 145-146
other than banking companies III: 274-276 compulsory payment III: 141
proportionate reduction III: 281 penalty and offences for default III: 152-153
definitions III: 269-272 protection of III: 148, 153
entitlement of III: 272 recovery of III: 151
disqualification for III: 272 rules-making powers III: 153
reduction III: 272 Payment of Wages Act, 1936 III: 34, 163-176, 248
foreign company employee III: 276 Amendment Act, 2005 III: 164
Inspectors for bonus purposes III: 283-284 application of III: 164
powers and duties III: 283 definitions III: 164-166
meanings of III: 266-267 deductions from wages III: 167-170
dictionary meaning III: 266 enforcement machinery III: 171-175
as ex gratia payment and III: 266 appeal against III: 174
new establishment Authority appointed for III: 171-174, 175
accounting years for bonus payment III: 282- Inspector of Factories III: 171
283 payment rules III: 166-167
object of III: 267 penalty for offences III: 174-175
dimensions III: 267 purpose of III: 163-164
quantum of III: 267 rule making powers III: 176
offences committed under the Act III: 284 seealso Minimum Wages Act, 1948
by company III: 284 Payment voucher I: 710
cognizance of III: 284 Payments
payment of bonus appropriation of I: 112-113, 115-116
agreement or settlement for III: 283 for honour I: 423
dispute settlement III: 285 interests I: 139-140
penalty for non-payment III: 284 presentment for I: 421-424
recovery III: 281-282 rules for I: 422-423
time limit for III: 281 reimbursed I: 147-148
pubic sector establishments and III: 284 Payne v. Cave I: 269
quantum of III: 267 Payne & Routh v. Lillico & Sons I: 216
register maintenance III: 286 Pearce v. Brooks I: 78, 89
rule-making power III: 286 Peek v. Gurney I: 63; II: 75
social justice theory and III: 267 Pehchan Project III: 70
working days Penalty I: 138-139
computation of number of III: 281 adjudication of II: 285-286
Payment of Gratuity Act, 1972 III: 140-154 appeal against II: 285-286
amendments in III: 140, 143, 144, 145, 146, 147, Pension fund III: 116, 118, 136, 137, 181
149, 151 Pension scheme III: 116-117, 118, 128-138
application of III: 141 Performance I: 104-106
compulsory insurance III: 147-148 impossibility of
definitions III: 141-145 absolute I: 122
determination of amount III: 149 arising subsequent I: 123
dispute raising III: 150 categories I: 122-123
controlling authority’s role III: 150 change of law I: 124
exemptions III: 146 commercial I: 125
forfeiture of III: 146-147 not an excuse I: 124-125
Inspectors for III: 151-152 pre-contractual or initial I: 122-123
appointment of III: 151 supervening I: 123-129
I. l Elements of Mercantile Law
third person’s fault I: 125 prime mover III: 6

of joint promises Powers of Attorney Act, 1882 I: 618
three rules for I: 107-108 Pramatha Nath Sanyal v. Kali Kumar Dutt II: 61
meaning of I: 120 Precincts III: 2
must required I: 106-107 Preference shares II: 82
need not required I: 106 issue and redemption of II: 85-86
period of I: 111-112 unredeemed II: 86
promisee and I: 106-108 voting right to holder II: 83
can demand I: 108-109 Premises III: 2
by promisor I: 106-107 deemed to be a factory III: 5
joint promisors I: 107-108 Premium II: 83-84, 86
reciprocal promises I: 110-111, 115 Presentment I: 419-425
three stages of I: 239-240 Pressure plants
time and place rules I: 109 saftey measures of III: 16
Perils of the sea I: 545, 515 Presumption I: 8, 375, 376, 442-443
Perkins v. Bell I: 257, 258, 261 Price sensitive information II: 178
perpetual succession II: 3, 7 Priest v. Last I: 233, 237
Person I: 647; II: 170 Prime Minister’s National Relief Fund III: 170
Person residing in India I: 603-604 Prime mover III: 6
Personal injury III: 50, 73 Principal I: 187
ESI benefits for III: 95-98 agent’s relationship I: 196-202, 205-207, 277
seealso Accident authority of I: 204
Personal liability I: 84, 207-209, 342; II: 194 rights and duties I: 201-202
of agent I: 207-209 definition I: 188
Personal liberty I: 84, 207-209, 211, 213, 342 position of I: 025-027
Pharmaceutical Society of Great Britain v. Boots Cash named I: 205-206, 213
Chemists I: 19, 32 undisclosed I: 206, 207, 213, 213
Phillips v. Brooks I: 62, 70 unnamed I: 206, 213
Pickard v. Sears I: 190 third party and
Pickering v. Busk I: 195 relationship I: 204-207
Pignataro v. Gilroy I: 215 Principal debtor I: 157-158, 162-163, 165-166
Pink v. Fleming I: 491, 532 Principal employer III: 75
Pinnock Bros. v. Lewis & Peat Ltd. I: 136 definition III: 76
Planche v. Colburn I: 150, 153 Private company II: 12
Plantations Articles of Association II: 50
meanings of III: 145, 156, 165, 230 conversion of
Plantations Labour Act, 1951 III: 145, 156, 165, 197, into Public company II: 14, 52
230 legal position of II: 14
Pledge I: 181-183, 184, 266-267 meetings of
by mercantile agent I: 182-183 quorum II: 117
Pledger see Pawnor members required for II: 5
Pledgee see Pawnee name of II: 20
Polak v. Everett I: 165 paid-up share capital of II: 12, 13
Political contributions II: 168 public company and
Political party II: 168 distinction between II: 13
Pollock I: 33 security transfer and II: 88
Ports Act, 1908 III: 48 special privileges of II: 13-14
Post Office Saving Bank III: 170 Private placement II: 78, 79
Powel v. Lee I: 24 Private property I: 293
Power Privity of contract doctrine I:38-39
meaning III: 4, 75 consequences I: 38-39
Subject Index I.li
Prize competitions I: 93-94 payable I: 380

Profit and lost maturity I: 390-391
statement preparation presentment and
general instructions for II: 322-323 for payment I: 421-424, 425
schedule of II: 321 for sight I: 421
Profits specimen of I: 378
capitalisation of II: 300 transferable as I: 406-408
computation of II: 182-183 by assignment I: 407-408
current relevant II: 331-332 by negotiation I: 406-407
definition I: 276 unlawful means
sharing of I: 280, 290 obtained by I: 411-414
Promise I: 21, 34 seealso Negotiable instruments
alternative I: 80 Promoters of company II: 30, 33-36
definition I: 7 definition II: 33-34
reciprocal I: 80, 110-111, 115 duties of II: 35
Promisee I: 35 functions of II: 34
minor as I: 46 legal status of II: 34
neglect by fiduciary position II: 34-35
effects of I: 136 personal liability II: 36
performance and I: 104, 106 pre-incorporation contract II: 36-37
death of I: 109 ratification of II: 36-37
put and end to I: 106 remuneration II: 35-36
Promisor(s) Property I: 218, 219, 290, 292
desire of I: 35 firm I: 293-295
joint liability I: 107-108 passing to the buyer
release of I: 108 deliverable state I: 241
joint rights I: 108 primary rules for ascertaining I: 240-243
Promissory notes I: 373-374, 377-380, 393 unascertained goods I: 241-242
bill of exchange and sale contract of I: 239-249
distinction between I: 381-382 risk in I: 239-240
definition I: 377-378 types of I: 219
maker I: 377, 381, 382 wrongful withholding of
payee I: 377 punishment for II: 285
dishonour of I: 428 Property in goods I: 239
of foreign I: 443 Proposor I: 16
by non-payment I: 428 Prosecution I: 82, 351-352
notice for I: 428-430 Prospectus II: 61-79
noting and protesting required I: 430-431 advertisement and II: 61, 68
essential elements I: 378-380 conditions II: 61
certainty I: 379 invitation to the public II: 61
certainty of money I: 379 written II: 61
definite and unconditional I: 378-379 contents of II: 61-65
express promise to pay I: 378 golden rule as to framing II: 61-62
signature of maker I: 379 matters to be stated in II: 62-64
written instrument I: 378 members shares offered to public II: 64-65
foreign instrument definition II: 61-62
liability rules I: 443 central theme of II: 62
formalities of I: 380 fraudulent statement II: 72, 74, 77
indorsement I: 407, 408-411 punishment for II: 72, 76-77
forged I: 412 misstatements in II: 64-77
interest on I: 392-393 civil liability for II: 72-73, 74-76
I.lii Elements of Mercantile Law
consequences II: 74-76 exempted establishments III: 115, 132-136

criminal liability II: 71-72, 76-77 cancellation of exemption III: 136
liabilities for II: 65, 71-77 inspection charges payable by III: 135
remedies for share holders II: 64-65 powers to exempt III: 132
red herring II: 61, 71 Income-tax act and III: 127
Registrar of Companies and II: 70 penalties III: 129-130
shelf prospectus filing with II: 70 provident fund accounts
securities issue and transfer II: 60, 64-79 maintenance III: 133
dematerialized from II: 65 punishment III: 130
dematerialized shares II: Recovery Officer
price fixation method II: 69-70 certificate issued to III: 125-126
shelf prospectus II: 70-71 powers of III: 125-126
terms of a contract or objects II: 64 rules-making powers III: 137-138
published in the newspapers II: 64 transfer of accounts III: 136
variation issue II: 64 Provisional liquidator II: 231-232
Protected workman III: 240-241 appointment of II: 231-233
Protest for better security I: 431 terms and conditions of II: 232
Protest notice I: 431 removal of
Provident funds schemes III: 113, 116-117 grounds for II: 232
administration of III: 120-122 Provisional tax assessment I: 716
Central Board of Trustees III: 120, 121, Public company II: 12-13
122 Articles of Association II: 50
Executive Committee III: 120-121 adoption procedure II: 50
State Board for III: 121, 122 Audit Committee
Appellate Tribunal III: 113-114, 116, 123-125, constitution of II: 163-164
131, 137 conversion of
appeal against notification or order III: 123- into private company II: 15, 52
124 deposits and II: 101-103
deposit of due amount III: 124 acceptance from Public II: 102-103
rectification of mistake III: 124 directorship in II: 156
order making powers III: 131 managerial remuneration
Presiding Officer of III: 123, 124, 137 payable by II: 180-181
applicability III: 116, 132 meetings of
exemptions III: 132-133 quorum II: 116-117
attachment members required for II: 5
protection against III: 127 name of II: 20
companies and private company and
offences committed by III: 130 distinction between II: 13
contributions provisional contracts and II: 37-39
calculating method III: 117 securities issue and II: 59
employers’ contribution III: 119 transfer II: 88
legal obligation of employers III: 117 Public emergency III: 4-5
rule of priority III: 127-128 meaning III: 5
statutory rate of III: 116-117 public notice I: 317
deduction from wages III: 170 consequences I: 317
delegation of powers III: 137 Public Financial Institution I: 647
due amount from employer Public interest II: 208, 213, 217, 288
damages recoverable III: 125, 131 Public utility service III: 202-203
determination of III: 122-123 strike and lay-out rules III: 228-229
recovery of III: 125 Public welfare policy I: 80-87
recovery modes III: 125-126 definition I: 80-81
Subject Index I.liii
Puja bonus III: 281 Rama Kant Mishra v. State of U.P. III: 220
Punishments I: 332-333, 341, 343, 345, 346- Rama Murthy v. Goppayya I: 77
347 II: 283-285 Ramanujam Press v. R.P.F. Commr. III: 268
Punjab National Bank (PNB) II: 69 Ramapadarath v. Narain I: 439
Punjab State Electricity Board v. A.T.T. Agencies Ramchandra Chintaman v. Kalu Raju I: 38, 44
I: 135 Rameshwar Lal v. Jogender Dass III: 172
Purabi Bannerjee v. Basudev MukerJee I: 57 Ramjidas v. House I: 460
Ramsgate Victoria Hotel Co. v. Montefiore I: 23, 27
Ranchhodas v. Nathmal Hirachand & Co. I: 100
Qualified institutional buyerII: 78, 79 Ranee Annapurni v. Swaminath I: 58
‘Quantum meruit’ doctrine I: 140, 142, 149-151
Ranganayakamma v. Alwar Setty I: 56, 75
claim cases I: 150-151
Rangaswamy v. Registrar of Trade Unions III: 259
meaning I: 149
Ranibala v. East Indian Rail III: 52
Quasi-contract I: 12, 22, 146-151
Rapp v. Latham I: 297
meaning I: 146-147 Rastriya Swasthya Bima Yojana III: 70
obligations I: 147-149 Ratanchand Hirachand v. Askar Nawaz Jung I: 81
Ratification I: 192-194
R.v. Kylsant I: 61 requisites of valid I: 193-194
R.v. Petrox III: 292 limitations I: 194
R.B. Moondra & Co v. Mst. Bhanwari III: 68 Real Time Gross Settlement (RTGS) I: 678
R.M. Pandey v. A.P.I. Ltd. III: 52 Receipt voucher I: 710
R.P.F. Commr., Tamil Nadu v. South India Flour Mills Reciprocal promises I: 80, 110-111, 115
Ltd. III: 131 classification I: 110
R. Ramakrishna Rao v. State of Kerala III: 133 Rectification I: 141
R.S. Thakur v. H.G.E. Corpn. I: 232 Recovery of the amount I: 375
Rabone v. Williams I: 207 Recovery Officer III: 116
Raipur Development Authority v. Chokhamal Red herring prospectus II: 61, 71
Contractors I: 475 Reese River Smith Mining Co. v. Smith I: 64
Raffles v. Wichelhaus I: 67 Refund voucher I: 710
Raghavachariah v. Srinivas I: 46 Regier v. Campbell Stuart I: 198
Railways Act, 1890 I: 534, 538-541, 542 Regional Board of Apprenticeship Training III: 301
Railways Act, 1989 III: 48, 172, 248 Regional Director II: 285-286
Railways carriage I: 538-541 Regional Director, E.S.I. Corpn. Bangalore v.
claim for compensation I: 541 L. Ranga Rao III: 73
liability of I: 539-541 Regional Rural Banks III: 199
animals carrier I: 541 Regional Rural Banks Act, 1976 III: 199
dangerous or offensive goods I: 538-539 Registers of company II: 109-114
delay or detention I: 539-540 as evidence II: 114
exoneration from I: 541 information to be recorded in II: 110
luggage carrier I: 541 removal of the name from
railway receipt I: 538 fraudulent application for II: 226
rate-books maintenance I: 538 Registrar’s powers II: 224-225
risk rates I: 538, 540 restrictions on application II: 225
Railway Claims Tribunal I: 541 Tribunal’s power II: 226
Railway Mail Service III: 48 Registered companies II: 12
Rainbow v. Hawkins I: 196 Registered office II: 272
Rajlukhy v. Bhootnath I: 43 documents required II: 272-273
Ram Dass v. Krishan Dev I: 40 electronic form II: 273
Ram Narain & Co. v. Union of India III: 138 inspection of documents
Ram Pershad v. Commr. of Income-tax I: 189 kept by Registrar II: 273-274
Ram Saroop v. Bansi Mandar I: 77 payment of fee II: 274-275
I.liv Elements of Mercantile Law
Registrars of Companies (ROCs) II: 26, 27, 29, 45 deposits and II: 101, 102, 103
company’s registered address ESI Fund and III: 84
change of II: 45 export of goods and services I: 606-607
electronic registry security II: 29-30 declaration furnishing for I: 606-607
financial statements foreign exchange and
default in filing II: 229 authorised person I: 607-609
powers and functions of II: 27-28, 188-199 powers to Issue directions I: 608-609
dormant company and II: 286 powers to Inspect I: 609
information or explanation calling II: 188-189 realisation and repatriation of I: 607
fraudulent or unlawful business II: 189, 229 legal proceeding against
inquiry report for Central Government II: 190 bar on I: 616
investigating powers II: 191- 200 mergers of companies
to act as civil court II: 190 with foreign company II: 210
to inspection of books and papers II: 189-191 as statutory company II: 11
removal of name of company Reserve Bank of India Act, (1934) I: 373-374, 380;
from Registers of company II: 224-225 II: 84-85, 101, 171
search and seizing powers II: 190-191 Reserve Bank of India v. R. N. Dutt & Sons I: 608
shelf prospectus filing II: 70 Reserve fund III: 276
Registration I: 283-285, 286, 334-335; II: 261-264 Reserves and Surplus
certificate of II: 262 classification II: 315-316
change in number of I: 337 Resident of India II: 328
effect of II: 263-264 Residual value II: 309
incorporated companies II: 30-33 Rest room facilities III: 24
memorandum of association and II: 41 Restitution I: 95-96, 134, 146
non-registration seealso Quasi-contracts
effects of I: 284-285, 286 Restructuring and reorganisations II: 208-214
obligation of II: 264 Retainer rights I: 181, 199
pending legal proceedings and II: 262 Retaining allowance III: 117, 127
powers of Registrar I: 346-347; II: 31-32 Retirement
procedure I: 283, 286 definition of III: 144
prohibition of II: 289 Retrenchment III: 144, 203-204, 232-233
registered office I: 335 conditions III: 232
requirements of II: 261-262 consequences of illegal III: 237
time of I: 283-284 procedure III: 232-233
Regulatory Authority II: 309 principle of III: 233
Reimbursement I: 147-148 Re-employment III: 233
Reinstatement right I: 510 Return filing I: 678, 708, 715-716; II: 112-113,
Reinsurance policy I: 494, 496, 516 130
Remedies I: 133-142 default in filing
Remission I: 122 punishment for II: 110
Remuneration I: 292; II: 332 online compliance I: 679, 682; II: 27
Renter v. Sala I: 256 place of keeping record of II: 113-114
Representation I: 60 types of I: 715-716
Representation of the People Act, 1951 II: 168 Revenue Authority v. Sudarshan Picture I: 181
Reputation Revocation I: 24-28, 164-165, 168
damages for loss of I: 137 of agency I: 209, 211-212
Resale right I: 267 meaning of I: 25
Rescission I: 62, 66, 121-122, 133-134, 142 time of I: 25-26
Research of design and manufacturing Rex v. Lord Kylsant II: 74-75
health or safety of workers III: 8 Rhodes v. Moules I: 298
Reserve Bank of India (RBI) Richardson, ex party, etc., Re I: 157
Subject Index I.lv
Richardson v. Mellish I: 80 distinctions between I: 219-220

Ridgeway v. Wharton I: 24 appropriation I: 241-242
Risk and uncertainty I: 486, 491 approval base I: 242-243
Robb v. Green I: 87 ascertainment
Robert A. Munro & Co. v. Myer I: 261 primary rules for I: 240-243
Robert v. Peake I: 378 auction sale I: 269-270
Roberts v. Gray I: 48; III: 292 buyer’s insolvency I: 219-220
Roberts v. Smith I: 100 by description I: 230-231
Robinson v. Graves I: 221 by mercantile agent I: 246
Robson Sharpe v. Drummon I: 114 by non-owner I: 246-248
Roha v. Parr I: 515 by sample I: 231, 233-234
Roman Law I: 3 conditions of I: 228-234
Rooke v. Dawson I: 18 breach I: 228-229
Rose & Frank Co. v. Corruption Bros. I: 8 implied I: 229-234
Roshan v. Mahomad I: 84 “let the buyer beware” rule I: 229, 235, 236
Roux v. Salvadar I: 525, 531 contract of I: 225
Rowland v. Divall I: 230, 237, 238 essential elements I: 218-219
Royal British Bank v. Turquand II: 55, 56 formation of I: 218-221, 225
Royal Commission on Labour in India III: 2 remedies for breach of I: 268-269
Ruben v. Great Fingall Consolidated Co. II: 56, 98 damages measurement I: 135
Ruff v. webb I: 395 definition of goods I: 221-222
Rukmanibai v. Collector I: 459 delivery to the carrier I: 242
Rule in Clayton’s Case I: 449 disposal right I: 243
Rule in Garner v. Murray I: 316 earnest I: 224
Rules making powers II: 290 fraudulent consent I: 235
Rulia Devi v. Raghunath Prasad I: 113 hire-purchase agreement and I: 220-221
Rural development II: 334 insolvency I: 219-220, 240
Rushforth v. Hadfield I: 535 meaning of I: 225
Russell v. Thornton I: 518 merchantability I: 232-233, 236
Ryder v. Wombell I: 48 quality I: 235
market over and I: 248
packing of goods I: 231, 233
S.B. Fraser & Co. v. The Bombay Ice Mfg. Co.I: 84, patent or trade name I: 235
86 payment time
S.H. Salve Kadam & Co. v. R.P.F.Commr., Bangalore
stipulations of I: 224-225
III: 131
performance I: 253-259
S.N. Rai v. Vishwanath Lal III: 196
stages I: 239-240
S.N. Soni v. Taufiq Farooki I: 296
price determination I: 224, 225
S.S. Blairmore Co., Ltd. v. MacRedie I: 532 quality or fitness I: 231-232, 235
S. Shanmugam Pillai v. K.S. Pillai I: 46 re-selling of goods I: 219
S. Yellappa v. Y. Sabu I: 78
right to sell I: 230
Sachindra Nath v. Gopal Chandra I: 131
on sale or return bases I: 242-243
Safety Committee III: 22
sea route contracts I: 243-246
Safety management
free alongside ship I: 244
workers’ participation III: 22 free on board I: 244
Safety Officers III: 19 cost, insurance and freight I: 244-245
Safety provisions III: 7-8, 10, 14-23
specific I: 222-223, 240-241
Said v. Butt I: 69, 75
seller’s insolvency I: 220
Sajan Singh v. Sardara Ali I: 79
subject-matter I: 221-224, 225
Salary III: 271-272
unpaid seller I: 263-271
Sale of goods I: 217-225 warranties of I: 229, 234
agreement to sell and
I.lvi Elements of Mercantile Law
dangerous nature I: 234 SEBI (Issue of Capital and Disclosure Requirements)

encumbrances I: 234 Regulations 2009 II: 59-79, 178
implied I: 234 Secretarial audit report II: 186
quality or fitness I: 234 Secretarial standards II: 187
quiet possession I: 234 Secretary of State for India v. Arathoon I: 103
wholesomeness I: 234 Securities and Exchange Board of India Act, 1992
seealso Property II: 59-79, 87, 89, 171, 207
Sale of Goods Act, 1930 I: 182, 183, 217, 646 Securities and Exchange Board of India (Substantial
Sale Tax Officer, Benares v. Kanhaiya Lal Mukand Acquisition of Shares and Takeover) Regulations,
Lal Saraf I: 149 1997 II: 212, 280
Sales tax I: 683 Securities Contracts (Regulation) Act, 1956 II: 89
Salford Corpn. v. Lever I: 215 Securities of companies
Salmond I: 1, 55 allotment of II: 77-78
Salomon v. Salomon & Co. Ltd. II: 2, 3, 6 application form
Sanitation III: 13 issue of II: 71
Sans recours I: 410 book building process
Sarat v. Gopal Chander I: 299 for pricing the issue II: 69-70
Sarbati Devi v. Usha Devi I: 503 certificates II: 87, 88
Sarawatibhai v. Malati I: 503 dematerialised II: 65-68
Satyam Computer fraud II: 9, 192 benefits in electronic form II: 65-66
Saurashtra Salt Mfg. Co. v. Bai Valu Raja III: 52 buying and selling procedure II: 67
Scammel v. Ouston I: 9, 18 convert physical holding into electronic holding
Scarf v. Jardine I: 302, 309 II: 67
Scheduled employment III: 179, 180-181 fixation of issues price
meaning III: 180 bases of II: 68-69
Schedules amendment powers II: 289 issue and transfer of
Scientific Poultry Breeders’ Assn., Re II: 46, 48 with misstatement II: 64-76
Scott v. Avery I: 478 regulation of II: 59-60
Scott v. Frank Scott (London), Ltd. II: 52 market value of II: 68
Scriven Bros. & Co. v. Handley Co. I: 67 power to purchase of its own II:93-95
Sea carriage red herring prospectus II: 71
charter party I: 544, 545-546, 549 sale documents
bill of lading and I: 547 deemed to be a prospectus II: 60
clauses I: 546 stock exchanges and II: 78
kinds of I: 546 transfer and transmission of II: 86-88
contract of I: 544-545; liability for II: 87
implied conditions in I: 544-545, 549 registration of II: 86-87, 89
dangerous goods and I: 545 Securities premium account II: 83-84, 86
delivery of goods I: 549 Security I: 167, 620
lading bill I: 544, 547-549 holders’ register II: 110
kinds of I: 547-548 power to close II: 112
mate’s receipt I: 548 Self-assessment of tax I: 716
negotiable instrument and I: 548-549 Senior management II: 165
as prime facie evidence I: 547 Serious Fraud Investigation Office II: 191-194
signing authority I: 548 Service Accounting Codes (SAC) I: 682
right of lien I: 549 Service agreement I: 86-87
seasworthiness of ship I: 545 Service tax I: 675, 683, 691
voyage I: 545 Services I: 647
Seaman III: 46 activities considered as I: 685
Seal of company II: 303 classification of I: 681-683
Seasonal factory III: 75 definition I: 677, 684
Subject Index I.lvii
Import-export of I: 684, 691 non-resident shareholders

OIDAR services I: 696-697 merger and II: 207
supply of I: 682-700 Share market I: 94
activities considered as I: 685 Shares I: 647; II: 1, 2, 81-98
composite I: 682 acceptance of unpaid II: 83
cross-border transactions I: 691, 696-697 alteration II: 299-300
definitions of I: 684 notice to Registrar for II: 92
determination of taxability I: 681-682 beneficial interest in
domestic transactions I: 693-695 declaration in respect of II: 110-111
elements of I: 683-684 bonus shares II: 91-92
exclusions from I: 686 dividends and II: 126
exempt of tax I: 682, 689-690 buy-back of II: 300
exports and imports I: 684, 691 calls upon II: 297
forms of I: 683 certificate of II: 82-83
invoices I: 698, 699 dematerialized II: 65-68
Involving Movement of Goods I: 692 discount at issue of
meaning I: 683 prohibition II: 84-85
mixed I: 682-683 employees’ stock option scheme II: 90
place of supply I: 692-697 equity shares II: 81, 82, 83, 85
special instances of I: 684-685 forfeiture of II: 299
type I: 681, 682-683 issue of further shares II: 90-91
value of I: 700-704 kinds of II: 81-82
vouchers and I: 698, 699 nature of II: 82
without consideration I: 685 nomination II: 97-98
Time of Supply (TOS) I: 697-699 numbering II: 82
Seth Kanhaya Lal v. National Bank of India I: 149 power to purchase of its own II: 93-96
Set-off or counter-claim I: 162, 207, 284 preference shares II: 82-83, 85-86
Settlement agreement premium account utilization II: 84
conciliatory I: 483 price determination of
meaning III: 204 book building method II: 69-70
seealso Awards public issue II: 61
Shah jog hundi I: 444 rights shares II: 129
Shaikh Ismail v. Amir Bibi I: 60 sweat equity shares II: 85
Shaikh Kalu v. Ram Saran Bhagat I: 85 transfer of II: 3, 6-7, 86-88, 175, 247, 297-298
Shambhu Dyal v. Basdeo Sahai I: 470 transmission of II: 298
Shambhu Nath Goyal v. Bank of Baroda voting right to holder II: 83, 89
III: 197-198 Shaw & Co. v. Symmons & Sons I: 185
Shanker Housing Corporation v. Mohan Devi Shaw Wallace & Co., Ltd. Madras v. Director of
I: 284 Employment & Training, Madras III: 296
Shanker Lal Damodar v. A. Ajaipal I: 121 Sheffield Nickel Co. v. Unwin I: 62
Sharad Trading Co. v. State I: 35 Sheldon v. Cox I: 218
Sharafat Ali v. Noor Mohd. I: 46 Shelf prospectus II: 61, 68, 70-71
Share application money II: 317 Shelters facilities III: 24
Share capital II: 81-98, 295-296, 315 Shepherd v. Kain I: 230
reorganisation of II: 202 Sher Singh v. Pirthi Singh I: 58
variation of rights II: 296 Shift and Relay system III: 6, 26
Share certificates II: 87, 88, 296 Shipton, Anderson & Co. v. Weil Bros & Co. I: 105,
Shareholder 124
deceitful persons Sholapur Spg. & Wvg. Co. v. Maruf III: 200
punishment for II: 88 Shreeram Finance Corpn. v. Yasin Khan I: 284
nomination powers of II: 97-98 Shriram v. Gourishankar I: 299
I.lviii Elements of Mercantile Law
Shuppu Ammal v. Subramaniyam I: 39 compensation for II: 282

Shyam Devi v. E.S.I. Corpn. III: 73 punishment levels II: 282
Sick company II: 205, 330 mediation and conciliation Panel II: 281
Sick leave III: 94 Special damages I: 136
Sickness benefit III: 94 Special Economic Zones II: 328, 331
Signatures see Digital signatures Special resolution II: 191, 229, 263
Significant Accounting Transaction II: 24 sanctioning of II: 252
Significant beneficial owner II: 111 Specific performance I: 140-141, 142
register of interest II: 111-112 Specific Relief Act, 1963 I: 134, 141; II: 37
Simpkins v. Pays I:15 Spittoons III: 13-14
Simpson v. London & N.W. Rail. Co. I: 136 Sri Murugan Oil Industries (Pvt.) Ltd. v. A.U.
Simpson v. Thomson I: 492 Suryanarayana Chettiar I: 278
Sims & Co. v. Midland Rail. Co. I: 191 Sri Ramachandran Spg. Mills v. State of Madras
Simson v. Ingham I: 113 III: 202
Sindha v. Abraham I: 47 Stakeholder I: 94
Singh v. Singh I: 459 Standard family III: 27
Siordet v. Hall I: 536 Standard Vacuum Refining Co. of India Ltd. v. Their
Sir Dinshaw Maneckjee Petit, Re II: 4 Workmen III: 198
Site Appraisal Committee Stanley v. Western Insurance Co. I: 509, 513
constitution of III: 19-20 Startup v. Macdonald I: 105
functions III: 20 State Apprenticeship Adviser III: 289-299, 302
Sitting arrangement III: 23 powers of III: 302-303
Slade v. Metrodent Ltd. I: 479 State Apprenticeship Council III: 289-299, 301
Sleeping or dormant partner I: 298, 305 constitution of III: 301-302
Slesser, L.J. I: 21 State Bank of India II: 11
Slum area development II: 334 State consumer protection council I: 588-589
Small company II: 23 State Council of Technical Education III: 293, 295,
Board of Directors 296, 301
meeting of II: 162 State Council for Training in Vocational Trades
Small shareholders II: 150 III: 301
Smart v. Sandars I: 215 State insurance II: 244; III: 43, 62, 70-111
Smith v. Chadwick I: 64; II: 74 State of Bombay v. R.M.D. Chamarbaugwala I: 83,
Smith v. Green I: 144 93
Smith v. Hughes I: 68 State of Gujarat v. Raman Lal & Co. I: 218
Smith v.King I: 46 State of Gujarat v. Variety Body Builders I: 221
Smith v. Union Bank of London I: 451 State of Mysore v. Narayana Raghvendra III: 16
Smt. Raj. v. Devi Ditta Mall I: 503 State of Orissa v. Rajballav I: 96
Social change I: 2 State of Punjab v. The Labour Court, Jalandhar
Societies Registration Act, 1860 III: 162, 312 III: 144, 146
Sohanlal v. State of Rajasthan III: 6 State of Rajasthan v. Hari Ram Nathwani III: 184
Sole Proprietorship form II: 23 State of Saurashtra v. Pitamber Savjibhai III: 84
Solle v. Butcher I: 66 State Trading Corporation of India II: 16
Solwer v. Potter I: 69 Statistical information
Sound mind I: 48-49 collection of III: 312-313
tests of I: 49 restriction III: 312-313, 314-315
Sources I: 3-4 disclosure of III: 313-314
South India Viscose Co-op. Stores Ltd. v. E.S.I. Corpn. security III: 313, 314
III: 89 offences by Companies III: 316-317
Space per worker III: 12 cognizance of III: 317
Special Court II: 190, 193-194, 281-282 prosecution for III: 317
accusation without reasonable cause summarily trial III: 317
Subject Index I.lix
penalties for III: 315-316 Sunnam Sattiah v. State I: 7

damage to information schedule III: 315 Superannuation III: 116
false or misleading statement III: 315 ESI benefits III: 100
impersonation of employee III: 316 meaning of III: 144
rule making power III: 318 Superintending Engineer, Parambikulam Aliar
Statistical survey III: 312 Project, Chipolata v. Smt. Anammal III: 51
Statistics supply of goods
core statistics III: 317 determination of
meaning III: 312 special instances of I: 684-685
Statistics Act, 1953 III: 310-311 type I: 681, 682-683
seealso Collection of Statistics Act, 2008 Supreme Court II: 290
Statistics officer III: 312 Sur Enamel & Stamping Works v. Their Workmen
powers of III: 313, 317-318 III: 231
as public servant III: 317 Surajmal v. Triton Insurance Co. I: 488
Statute law I: 3, 4 Suranarayanamurthy v. Ayappa I: 148
Statutory Authority I: 648 Surendra Kumar Verma v. Central Govt. Industrial
Statutory companies II: 11 Tribunal-cum-Labour Court, New Delhi III: 230
Statutory instruments I: 375 Suresh Kumar Rajendra Kumar v. K. Assan Koya &
Steel Bros & Co. Ltd. v. Commr. of Income-tax I: 276 Sons I: 256
Stock Exchanges II: 78 Surety I: 157
Strikes III: 195, 204, 228-229 discharge of
conciliation proceedings modes I: 164-167, 168
pendency of III: 228-229 by creditor’s conduct of I: 165-167, 168
instigating or inciting for by Invalidation of Contract I: 167, 168
punishment III: 229 by revocation I: 164-165, 168
legality of III: 229 liabilities of I: 159-160, 168
financial aid and III: 229 limitations I:160
penalty for illegal III: 229 relieve of I: 162-163
notice of III: 228 rights of I: 162-164, 168
public utility service and III: 228 co-sureties against I: 163-164
Stoppage in transit right I: 265-266 creditor against I: 162
Sub-agent I: 202-203, 213 indemnity I: 163
termination of I: 210-211 principal debtor against I: 162-163
Subba Rao, J. I: 81 seealso Guarantee
Subrogation I: 314, 492, 507, 510, 529 Swach Bharat Kosh II: 334
Subsidiary companies II: 15-16, 175 Swamy v. Controlling Authority, Hyderabad III: 145
Subsistence allowance III: 251 Sweat equity shares II: 85
Substituted Agent I: 203, 213 Syed Moosa Kazimi v. K.M Sherif III: 3
Suicide Symbolic delivery I: 254
abetment I: 57
life insurance and I: 502
threat I: 57
T.R. Pratt (Bombay) Ltd. v. E.D. Sassoon & Co. Ltd.
II: 55, 57
Sujanmal v. Radhey Shyam I: 253
T.V. Krishna v. Andhra Prabha (Pvt.) Ltd. II: 33,
Sukherdass v. Govindass I: 93
Surjit Singh v. Ram Ratan I: 378 39
Sulochna v. Pandiyan Bank Ltd. I: 396 Tamil Nadu Non-Gazetted Officers Union, Madras v.
Registrar of Trade Unions, Madras III: 259
Sumitra Devi v. Sulekha Kundu I: 77
Tamplin v. James I: 69
Summan Singh v. National City Bank I: 202
Tarling v. Baxter I: 251
Summary trial I: 433
Taylor v. Dunbar I: 491
Sumpter v. Hedges I: 150, 153
Sunder Koer v. Rat Sham Krishan I: 145 Taylor v. Portington I: 18
Technician (vocational) apprentice III: 291
I.lx Elements of Mercantile Law
Tejubai v. General Manager, Western Rail, Bombay inspection of III: 260

III: 68 agreements between the members
Temperature maintenance III: 11-12 enforceability of III: 260
Temporary loans II: 167 amalgamation of unions III: 262-263
Tender effects of III: 263
performance and I: 120 as body corporate III: 258, 259-260
valid tender I: 104-105, 115 change of name
Terms of employment III: 198 method III: 258
Thacker. v. Hardy I: 92 civic and political interests of
Thames & Mersey Marine Insurance Co. v. Hamilton separate fund creation III: 261-262
Fraser & Ci. I: 520 civil suites
Third parties I: 205-207, 213 immunity from III: 260
Thol v. Henderson I: 144 criminal conspiracy and
Thomas I: 374 immunity from punishment for III: 260
Thomas v. Thomas I: 34 dissolution of III: 263
Thompson v. L.M. & S. Rail Co. I: 21 draft standing orders and III: 249
Thornett & Fehr v. Beers & Sons I: 233 duties and liability of III: 260-262
Threat I: 56 change of registered office III: 260
seealso Coercion general funds expenditure rules III: 261
Tidswell v. Ankerstein I: 508 returns submission III: 262, 264
Tikyat v. Manohar I: 84, 89 executive and office bearer of III: 200
Time of day registration of union and III: 257
definition III: 6 formation of
Time marine insurance policy I: 519 prohibition III: 259
Tinn v. Hoffmann I: 21, 27, 31 growth history III: 255
Tiruchi Srirangam Transport Co. v. Labour law relating to III: 255-264
Court III: 241 meaning of III: 254
Tobacco Manufacturing India Ltd v. Marian Stewart membership rules III: 258-259
III: 67 minors rights III: 260
Tolaram v. Birla Jute Mfg. Co. I: 459 office-bearers of III: 262
Toplis v. Crane I: 200 disqualifications of III: 262
Tourist Hotel v. State of A.P. III: 184 penalty for offences III: 264
Tower Cabinet Co. Ltd. v. Ingram I: 302 for false information III: 264
Trade purpose of III: 254
definition I: 648 registered
restraint of I: 84-85 characteristics III: 258
exceptions I: 85-86 meaning III: 256
local limits I: 85 rights and privileges of III: 258, 259-260
Trade apprentice see Apprentices registered office of III: 258
Trade dispute registration of trade union III: 256-259
meaning of III: 255-256 application for III: 256-257
Trade Disputes Act, 1929 III: 195 certificate of III: 258
Trade mark II: 44 validity of application for III: 256-257
Trade Marks Act, 1999 II: 44 regulations making powers III: 263-264
Trade payables II: 315 rights and privileges of III: 258, 259-260
Trade receivables II: 315, 319-320 rules for registration III: 257
long-term II: 319 withdrawn or cancellation III: 259
Trade receivables II: 315 Unlawful expenditure III: 261
Trade Unions III: 254-264 Trade Unions Act, 1926 III: 109, 162, 209, 255-264
account maintenance agreements and III: 256
annual return III: 262 amalgamation of unions III: 262-263
Subject Index I.lxi
application of III: 255 procedure III: 233-234

exceptions III: 256 Underwood v. B.C. Cement Syndicate I: 241, 252
definitions in III: 255-256 Underwriters I: 516
dissolution of III: 263 Undue influence I: 54, 55, 57-60, 71
duties and liability of III: 260-262 burden of Proof I: 59
penalty for offences III: 264 coercion and
Registrar of trade union difference I: 60
appointment of III: 256 effect of I: 58
powers and functions III: 256 presumption of I: 58
registration of trade union III: 256-259 rebutting I: 59
appeal against cancellation III: 259 Unfair labour practice III: 204-207, 239
withdrawn or cancellation III: 259 Unfair Trade Practice (UTP) I: 644
regulations making powers III: 263-264 Union of India v. B.L. Agarwals I: 541
Traditions I: 3 Union of India v. B. Prahald & Co. I: 137
Transactions Union of India v. Central India Machinery Mfg.
foreign exchange I: 605 Co. I: 218
capital account I: 602, 605-606 Union of India v. D.P. Wadia & Sons I: 457
current account I: 602-603, 605 Union of India v. Ghaziabad Rail, Station I: 479
prohibition of I: 606 Union of India v. Janki Prasad Aggarwal I: 459
non-cash transactions Union of India v. Orissa Textile Mills I: 539
restriction on II: 176 Union of India v. S. Kesar Singh I: 106
with related companies II: 173-174 Union of India v. S.S.H. Syndicate I: 540
significant accounting II: 286 Union of India v. Sanitarium Ghosh I: 475
stoppage in I: 265-266 Union of India v. Sita Ram I: 148
unconscionable I: 59 Union of India v. Sobhraj Bhag Chand I: 540
wagering I: 93-95 Union of India v. T.D.L. Patel I: 136
collateral I: 94-95 Union of India v. T.N. Misra I: 471
share market I: 94 Union of India v. Tara Chand I: 222
Transfer of Property Act I: 375, 511 Union Public Service Commission III: 83
Transit stoppage I: 265-267 Unit Trust of India II: 11, 199
Transmission machinery III: 6 Unit Trust of India Act, 1963 III: 199
Travelling allowance III: 181 United Nations Commission on International Trade
Trego v. Hunt I: 294 Law (UNCITRAL) I: 457, 617
Trilok Chand v. Rameshwar Lal I: 208 Unjust enrichment
Trinder & Co. v. Thames Insurance Co. I: 515 principle of I: 146, 722
Truman v. Lode I: 191 Unlawful detaining I: 56
Trust I: 618 Unlimited Company II: 12
Trustees of Darmouth College v. Woodward II: 2 Articles of Association II: 51
Tsakiroglou & Co. Ltd. v. Noblee Thorl G.m.b.H. conversion of
I: 125 into limited company II: 92-93
Tulk v. Moxhay I: 39 Unpaid Dividend Account II: 126
Turnover I: 648 Unpaid seller I: 263-271
Turquand’s case rule II: 56 conditions for I: 263
Tweddle v. Atkinson I: 35 definition of I: 263
rights of I: 264-268
against the buyer personally I: 264, 268
Uijagar Singh v. Directorate of Enforcement I: 605
against the goods I: 264-267
Ultzen v. Niools I: 185
Unpaid wages III: 34
Uncertain agreements I: 92
Unskilled office work III: 307
Uncertainty I: 498-499
Unsound mind person I: 48-49
Undertaking II: 166-167 Uphill v. Wright I: 78
transfer and closing of
I.lxii Elements of Mercantile Law
Upton Rural District Council v. Powell I: 11, 150

Use of force see Coercion
W.A. Brardsell and Co. Ltd. II: 205
W.H. Smith & Sons v. Clinton I: 82
Uttar Pradesh W.H. Smith & Sons v. Sulekha I: 77
Pehchan project in III: 70 Wage period III: 77
Wagering agreements I: 92-94
V.K. Press v. Authority III: 3 agent and principal I: 94
V.P. Gopala Rao v. Public Prosecutor III: 3 contingent contract and I: 101
V. Rao v. A. Rao I: 21 essentials I: 93-94
V. Srinivasa Pillai v. L.I.C. of India I: 489 insurance contract and
V.V.P. Thangarau v. K. V. Perumal I: 282 difference I: 487-488
V. Venkataswami v. G. Venkataswamy I: 314 Wagering marine insurance policy I: 519-520
Vacancies Wages III: 26-27, 163-176
Employment Exchange Act and III: 305-308 appeal against III: 174
notification of III: 307-308 Authority appointed for III: 171-174, 175
Vajpayee, Atal Bihari I: 676 appointment of III: 172
Vali P. Rao v. Sri Ramanuja Ginning & Rice Factory powers and duties III: 172-173
(Pvt.) Ltd. II: 34 cost of living allowance III: 183
Valid contracts deductions of III: 167-170
guarantee I: 158 absence from duties III: 168
illegal I: 11 co-operative societies III: 169
lawful object I: 76-78 for damage to or loss of goods III: 168-169
unenforceable I:11 of fine III: 167-168
void I: 10-11, 39-40, 45-51, 95-96, insurance/saving schemes III: 169-170
voidable I: 10 kinds of III: 167-170
Valid tender I: 104-105, 115 limit on III: 170
requisites of I: 105 of over-payment of III: 169
Valletort Sanitary Steam Laundry Co. Ltd., Re for recovery of advance/loans III: 169
II: 100 in respect of services provided III: 169
Valpy v. Gibson I: 274 strike period III: 168
Value added services definitions III: 46, 76-77, 156, 165-166, 181, 207,
in electronic form II: 28, 274 249, 271-272
Value Add Tax (VAT) I: 675, 679, 683 exclusions from III: 271-272
multiple stages I: 677 enforcement machinery for III: 171-175
Valued and unvalued marine insurance policies Inspector of Factories III: 171
I: 519 powers and duties III: 171
Valuer II: 223 minimum rates of III: 182-183
Varley v. Whipp I: 230, 238 fixing III: 182-184
Vellore Electric Corpn. v. State of Madras I: 461 payment of III: 185
Venkatachallam v. Saryanaraina I: 474 payment rules III: 166-167
Venkataswamy v. Rangaswamy I: 40 medium of payment III: 167
Ventilation III: 11 responsibility of payment III: 166
Vilas Udyog Ltd. v. Prag Vanaspati Products time of payment III: 167
I: 256 penalty for offences III: 174-175
Vinayakappa v. Dulichand I: 59 delaying payment III: 174
Vindictive damages I: 136-137 not furnish any information or return III: 174-
Virtual Office II: 29 175
Vishnu Chandra v. Chandrika Prasad I: 301 obstructing an Inspector III: 175
Vishwanath Sood v. Union of India I: 475 registers maintenance III: 170-171
Volenti non fit injuria III: 41 rule making powers III: 176
Voting rights II: 301 termination
Voyage marine insurance policy I: 519, 523-524 of employment and III: 167
Subject Index I.lxiii
wage-periods III: 166, 167 Wilson Sons & Co. v. Cargo Par I: 515, 532
fixation of III: 166 Winding up of company I: 314, 315, 352, 370;
seealso Basic wages; Minimum Wages Act, 1948; II: 7, 29, 228-259, 304
Payment of Wages Act, 1936 affidavit sworn before II: 257
Waiver I: 122 assets’ application II: 236
Wallace, Re, ex parte Wallace I: 204 books and papers of company
Wallis v. Pratt I: 228, 229, 231 disposal of II: 253-254
Ward v. Hobbs I: 235 as evidence II: 253
Warehousing Corporations Act, 1962 III: 199 inspection of II: 253
Warner Bros. v. Nelson I: 141 committee for II: 233
Warsaw Convention of 1929 I: 551, 552 Company Liquidation Dividend
Washing facilities III: 23 and Undistributed Assets Account II: 255-
Waters v. Monarch Fire & Life Ass. Co. I: 508 256
Webster v.Ceci I: 68, 75 Company Liquidator
Weiner v. smith I: 243, 250 advisory committee of II: 237
Welfare facilities for workers III: 23-25 appointment of II: 231-233
Welfare Officers III: 25 auditing of account books of II: 240
Welfare State I: 2 delinquent Directors II: 251-252
Wells v. Weather Ground Mech. Co. Ltd. III: 2 dissolution of company II: 242-243
Wenger & Co. v. Their Workmen III: 147 examination powers and II: 241-242
Wensleydale, Lord I: 24 fraudulent conduct of business II: 250-251
West Bengal money depositing II: 255
Employees’ Payment of Compulsory Gratuity Act, offences by officers of company and II: 248-
1971 III: 140 249
Westbury, Lord I: 165 onerous property disclaimer II: 246-247
Western India Automobile Assn. v. Industrial Tribunal, powers and duties of II: 237-239, 252-257,
Bombay III: 196 304
Whaley Bridge Calico Printing Co. v. Green & Smith Professional Assistance and II: 238-239
II: 34 removal of grounds for II: 232
Whitely Commission III: 195 submission of report II: 233-235
Whole-time Director contributories and II: 230
appointment of II: 179-180 adjustment of the rights of II: 240
age of II: 179 payment of debts by II: 240
conditions for II:179-180, 328 settlement of list of II: 236
term of II: 179 creditors
loss of office of meaning of II: 230
compensation for II: 184-185 debts payment II: 243
remuneration payable II: 180-183 fraudulent preference II: 245-246
fixation of II: 184 holiday remuneration II: 243
premium paid on insurance and II: 182 priority II: 243-245
recovery of II: 184 wages or salary II: 243-244
Wilkie v. London Passenger Transport Board I: 17 delinquent Directors II: 251
Will I: 618 prosecution of II: 251-252
William & Co. v. Northof England, etc., Assurance employees dues II: 244
Co. I: 491 liability
William Brothers v. E.T. Aegius I: 258 of Directors and Managers II: 237
Williams v. Bayley I: 82, 89 for fraudulent conduct of business II: 250-
Williamson v. Rider I: 387 251
Willis, Justice I: 374 for keeping improper account books II: 249-250
Wills v. Barret I: 379 liquidation
Wilson & Meeson v. Pikering I: 386 area of functions II: 233
I.lxiv Elements of Mercantile Law
liquidator provisions for adult III: 31-32

advisory committee of II: 237 restriction III: 32
appointment and removal II: 231-233 dangerous operations III: 32
powers and duties of II: 237-238 working time III: 32
Professional Assistance and II: 238-239 Wood v. Odessa Waterworks Co. II: 54
submission of report II: 233-234 Workers III: 4
meaning II: 228 first-aid boxes for III: 23-24
modes of II: 228-258 health III: 7-8, 10-14
by the Tribunal II: 228, 229-259 meaning III: 4
voluntary II: 228, 252-258 obligations of III: 4
offences by officers and II: 248-249 rights of III: 4
intention II: 249 safety III: 7-8, 10, 14-23
penalty for frauds II: 249 welfare facilities III: 23-25
Official Liquidators II: 209, 231, 250, 251, 254, women workers III: 31-32
257-259 young workers III: 29-31
appointment of II: 257-258 Working days
powers and duties II: 258-259 calculation of III: 231
order of II: 233 working hours III: 25-28
custody of property II: 235-236 Working Journalists (Conditions of Service) and
effect of II: 233 Miscellaneous Provisions Act, 1955 III: 140
stay of suits II: 233-234 Workman
petition for II: 229-230 definitions III: 207, 249, 256
presentation by II: 229-230 protected III: 240-242
Registrar’s powers II: 230 seealso Employees
Tribunal’s powers II: 229, 230-231 Workmen v. Hindustan Lever Ltd. III: 198
power to make rules for II: 289-290 Workmen of Jamadoba Colliery of Tata Iron & Steel
reasons for II: 229 Co. v. Jamadoba Colliery of Tata Iron & Steel Co.
recovery of damages I: 352-353; II: 241 III: 198
Returns making II: 256 Workmen’s Compensation Act, 1923 II: 244;
summary procedure II: 258 III: 70, 96, 97
Tribunal’s powers II: 229, 230-257 Works Committees III: 208, 209
to assess damages against powers and duties III: 209
commencement II: 257 Works contract I: 685
custody of property II: 235-236 Works Manager, East India Rail. v. Mahabir III: 51,
delinquent Directors II: 251 52
to dissolve company II: 242-243, 257 World Trade Organisation (WTO) I: 618
examining powers II: 241-242 wrongful gain II: 72, 284
jurisdiction II: 234 wrongful loss II: 72, 284
limitation period II: 257 Wythes v. Labouchere I: 158
seizing of property II: 242
to make calls for payment etc. II: 240
to order costs II: 240
Yates v. South Kirby Collieries III: 50
Young persons III: 10
to summon persons II: 241
definition III: 5
transfer of shares and II: 247
seealso Company Liquidator employment of III: 29-31
Wingfield v. de St. Crox I: 161 certificate of fitness III: 29-30
Wise v. Perpetual Trustee Co. I: 282
With v. O’flanagan I: 63, 75 Zila Parishad, Muzaffarnagar v. Udai Veer Singh
Women III: 157 I: 269
Women workers
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38th

SULTAN CHAND & SONS

Important (A Service to Students)

SULTAN CHAND & SONS

ISBN : 978-93-5161-156-1 (TC-278)

Thirty-Seventh Edition : 2015; Reprint : 2016, 2017, 2018, 2019

A fake hologram does not display all these effects.

Printed at : Sanjay Printers, UP

To the Thirty-eighth Edition

To the First Edition

February 13, 1967 N.D. KAPOOR

Volume I – LAW OF CONTRACT

5.2. Relations of Partners 289

Volume II – COMPANY LAW

Volume III – INDUSTRIAL LAW

7. The Payment of Wages Act, 1936 163

Volume I – LAW OF CONTRACT

Part One – General Principles of Law of Contract

2. Offer and Acceptance 16-32

4. Capacity to Contract 45-53

5. Free Consent 54-75

6. Legality of Object 76-90

7. Void Agreements 91-98

8. Contingent Contracts 99-103

9. Performance of Contract 104-118

10. Discharge of Contract 119-132

11. Remedies for Breach of Contract 133-145

12. Quasi-Contracts 146-153

Part Two – Special Contracts

3. Contract of Agency 187-216

4.2. Conditions and Warranties 228-238

4.3. Transfer of Property 239-252

4.4. Performance of Contract 253-262

4.5. Rights of an Unpaid Seller 263-274

5.1. Nature of Partnership 275-288

5.2. Relations of Partners 289-310

5.3. Dissolution of Firm 311-321

6. Limited Liability Partnership (LLP) 322-372

7.1. Negotiable Instruments 373-376

7.2. Notes, Bills and Cheques 377-395

7.3. Parties to a Negotiable Instrument 396-405

7.4. Negotiation 406-417

7.5. Presentment of a Negotiable Instrument 418-426

7.6. Dishonour of a Negotiable Instrument 427-435

7.7. Discharge of a Negotiable Instrument 436-441

7.8. Rules of Evidence Estoppel and International Law 442-443

7.9. Hundis 444-446

7.10. Banker and Customer 447-455

8.1. Arbitration 456-479

8.2. Conciliation 480-485

9.1. Law of Insurance 486-497

9.2. Life Insurance 498-505

9.3. Fire Insurance 506-513

9.4. Marine Insurance 514-532

10.1. Carriage of Goods 533-543

Administration as Carriers (Chapter XI – Secs. 93 to 112) | Summary | Objective

10.2. Carriage by Sea 544-550

10.3. Carriage by Air 551-557

Part Three – Law of Insolvency

Part Four – Other Laws