Lex Lata - The Law As It Exists

CONCEPT OF WAQF INTRODUCTION Waqf  is an unconditional and perpetual dedication of something out of dedicators and vested in the ownership of God, dedicating usufruct of the property for the benefit of mankind, or for institutions, mosques or for any purpose not forbidden by Islam, with the intention of obtaining God’s pleasure.  According to Abu Hanifa ,  waqf  is “the tying up of the substances of a property in the ownership of the  Waqif  and the devocaion of its usufruct, amounting to an  ariya  or accommodate loan, for some charitable purpose”. It means that the ownership in the property continued to be vested in the founder or  Waqif  and its usufruct or profits were used for charitable or pious purposes. [1] The  Waqif  could revoke it any time and, dispose it off to anyone else. [2]  Once a  waqf  is created will remain a waqf forever. [3]   Waqf  is recognized since the time of Proph...

I NDIAN J UDICIARY O N P REVENTION O F O PERATION A ND M ISMANAGEMENT V IS -À-V IS C OMPANIES A CT , 2013 I NTRODUCTION M ajority rule is the hallmark of democracy and like any other countries democracy, corporate democracy is equally vulnerable to its pitfalls and abuses. Today the Indian corporate sector faces a massive problem of protecting minority shareholders from the dominant(majority) ones. The real problem lies with controlling the majority shareholders and preventing oppression and mismanagement [1] at the same time. With a view to check and prevent the abuse of power by the majority, the Companies Act, 2013(hereinafter referred as ‘Act of 2013’ or ‘2013 Act’) (Chapter XVI- Section 241-246) contains special provisions for Prevention of Oppression and Mismanagement. The term ‘Minority Shareholders’ has not been defined in Companies Act but by virtue of section 241 of 2013 Act, minority shareholders have been set out as ten percent (10%) of shares or minimu...