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BOOK REVIEW
Company Law, by Avtar Singh, Eastern Book Company, Lucknow, (11th edn.,
1996) pp. 570 + XCVI, price Rs.150/The wave of economic liberalisation initiated in 1991 brought
about drastic changes in business laws in India. The Companies
Act 1956 was also subjected to amendments giving more
functional autonomy and freedom to companies. Judicial
decisions during this period reflected the changing economic
philosophy. A meaningful study on company law should include
examination of these changing scenario.
The hook under review is treated as a classic treatise on
Indian company law for more than three decades. In the eleventh
edition of this well accepted hook, the author has made a sincere
attempt to update the work in the light of developments both in
the legislative and judicial front, since its earlier edition in 1991.
The author has critically analysed the impact of the amendments
to the Companies Act on the interests of shareholders and the
public. The author has made revisions to the text while adhering
to the earlier pattern and style of the book. Divided into twenty
five chapters, the hook carries a lucid discussion on every
aspect of company law covered by the Companies Act 1956. The
hook also contains subject index, table of cases and statutes and
a preface by the author.
The author has taken away efforts to incorporate all developments in the field of company law. The problems and uncertainties generated as a result of these developments are also
attracted the attention of the author. For example, the 1988 amendment to the Companies Act while abolishing the dichotomy of
jurisdiction over transfer of shares has created confusion. Till
the amendment both High Courts and the Company Law Board
were empowered to entertain complaints relating to refusal to
register transfer of shares. The amendment transferred this power
of the High Courts to the Company Law Board, thus ending the
C.U.L.R.
Book Review
139
dual jurisdiction. But this has created a confusion whether the
jurisdiction of the company Law Board would be available against
private companies. The author has made a critical study of the
provisions and rightly came to the conclusion that private
companies also are amenable to the jurisdiction of the Company
Law Board.'
Similarly the author has incorporated the salient features of
the recently announced depository scheme.' Here also the
author rightly argues that depository scheme help the investors
in securities to avoid the cumbersome process of effecting transfers through stock markets.
The above discussion is only illustrative of the merits of the
new edition of this valuable hook. The book can be recommended
as a prescribed reading material for all courses requiring knowledge of company law.
The publishers of this book, M/s. Eastern Book Company
also deserves commend for bringing it with a very beautiful lay
out and devoid of any significant mistakes at a reasonable price.
Dr. A.M. Varkey*
2.
Avtar Singh, Company Law (1996), p. 128.
Id.. p.136.
M.A.. LL.M. (Kerala), Ph.D. (Cochin), Senior Lecturer. School of
Legal Studies. Cochin University of Science and Technology,
Cochin - 22.