INDIAN IRON AND STEEL CO LTD Vs. STATE

JUDGEMENT

(1.) This is an application by the Indian Iron & Steel Co. Ltd. seeking the Court's confirmation of the alteration of the Memorandum of Association of the company effected by the Special Resolution passed on 7th' December, 1956 at a general meeting of its shareholders. The Special Resolution is carried by the requisite majority.

(2.) The Special Resolution reads as follows : ''That Sub-clause 3 (16) of the Memorandum of Association of the company be deleted and substituted by the following two sub-clauses. 16(a) To subscribe, contribute or guarantee money for any national, charitable, benevolent, political, public, general or useful object or funds or for any exhibition. 16(b) To establish and support or aid in the establishment and in support of associations, institutions, funds, trusts and conveniences calculated 'to benefit persons who 'are or have been employed by or who are serving or have served the company or its predecessors-in-business or the dependents, connections of such persons and to grant pensions, and allowances and to make payments towards insurance.

(3.) The original clause in the Memorandum on this point was in the following terms :