NOTIFICATION NO. G.S.R. 251(E), DATED 15-4-2009- In case of an Issuing company which is a foreign bank incorporated outside India and which is regulated by a member of the Bank for International Settlements or a member of the International Organization of Securities Commissions which is a signatory to a Multilateral Memorandum of understanding with India, the requirement under this paragraph, in respect of period beginning with last date of period for which the latest audited financial statements are made and the date of opening of issue shall be satisfied, if the relevant financial statements are based on limited review report of such statutory auditor.”;

Notification No. CWR(3) 2008, dated 6-4-2009 – Whereas the draft regulations further to amend the Cost and Works Accountants Regulations, 1959, were published as required by sub-section (3) of Section 39 of the Cost and Works Accountants Act, 1959 (23 of 1959) in the Gazette of India, Part III, Section 4, dated the 6th November, 2008 vide number CWR(2) 2008, inviting objections and suggestions from all persons likely to be affected thereby before the expiry of 45 days from the date on which copies of the said Gazette were made available to the public;

In the case of one third of every mid cap company in India, the roles of the chairman and managing director or CEO were played by the same person. A majority of such companies (66%) do not have a policy for rotation for the members of their audit committees. These are just few of some [...]

B.V.V. Paper Industries Ltd. vs. Commercial Tax Officer [(2008) 145 Comp. Cas 815 (Mad]) The Petitioner Company became side and a reference was filed before the Board for Industrial & Financial Reconstruction (BIFR) u/s. 15(1) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) for declaring the company a sick company and also for effecting [...]

Kothari Metals Ltd. vs. Indian steel & Wire Products Ltd. [(2008) 145 Comp. Cas 504 (Cal)] The Petitioners supplied goods to the Respondent company and part payments were made by the Respondent company to all the Petitioners except V. On a reference to the Board for Industrial and financial Reconstruction (BIFR) by the company, a [...]

Arvind Porwal & Ors. vs. Bharat Kumar Pandya & Anr. [(2008) 145 Comp Cas 302 (MP)]. The Appellant filed a Civil Suit upon refusal by the Second Respondent Company to register shares transferred by the First Respondent in the name of the Appellant on the ground that the signature of the transferor did not tally [...]

Kwality Spinning Mills Ltd. & Anr. vs. India Cements Capital Finance Ltd. & Anr. [(2008) 145 Comp. Cas 288 (Mad)]. The First Respondent had filed a claim petition against the Petitioners before the arbitrator seeking a sum of over Rs.57 lakhs stated to be due under a hire-purchase agreement. The Petitioners raised a specific plea [...]

Tamil Nadu Industrial Development Corporation Ltd. vs. Board For Industrial Reconstruction & Ors. [(2008) 145 Comp Cas 24 (Mad)] The Appellant, a State level institution incorporated for the purpose of development of industries in the State, was an equity shareholder in the Third Respondent Company. The company was referred to the Board For Industrial Reconstruction [...]

Smt. Premvati & Ors. V. Smt. Bhagwati Devi & Ors. [(2008) 145 Comp Cas ( Del )] Originally the ancestor of the plaintiffs and the defendants, namely, B had started a proprietary concern. His son constituted six private limited companies and registered them under the Companies Act, 1956, and all the shareholders of these companies [...]

Government orders inspections under Sec. 209A of the Companies Act, 1956 of the books of accounts of companies selected on account of complaints or other information relating to non-compliance with or violation of the provisions of the Companies Act, 1956 or other irregularities. Suitable action under the law is taken in case any non-compliance/ violation [...]