CLB

In any litigation, the Court or the authority adjudicating the matter can pass interim orders and the matter will get finally disposed of. Once the matter is dispose of finally, there ends the litigation and the final order can be executed. If there is a provision for review having limited scope, the court can review its order. This is the procedure in any case; be it a suit for recovery of money, be it a petition seeking divorce, be it a petition for compensation under .. Full Article

Despite the clear regulations in the Companies Act, 1956 as to how every Company should record its transactions, maintain books of account and should submit the approved Financial Statements with the ROC, financial transactions in some closely held companies would be really interesting to note and dealing with the cases of this kind would really be very complicated. The logic behind the settled accounting principles, the provisions of Companies Act, 1956 dealing with mai.. Full Article

On a petition by shareholders of the company and a section of employees, the CLB Bench based in Chennai and chaired by Ms Lizamma Augustine, in its November 8 order, directed that the affairs of the company would be looked after by the management com Full Article

Satyam founder B Ramalinga Raju on Wednesday said he never admitted to fraudulently appropriating money from the IT company. Defending the bail granted to him in the Supreme Court, Raju, interestingly, thanked the government for its efforts of putti Full Article

Section 209A of the Companies Act, 1956 – Inspection of books of account, etc., of companies – Authorization of certain Officers of Serious Fraud Investigation Office (SFIO) to inspect books of accounts and other books & papers for every company Notification No. G.S.R. 777(E), dated 22-9-2010 In exercise of the powers conferred by clause (ii) [...] Full Article

The National Company Law Tribunal (NCLT) was expected to take over the role of the High Court (in dealing with company law matters such as sanctioning of schemes of arrangement, ordering winding up of companies, dealing with petitions for oppression and mismanagement and the like), the Company Law Board (CLB) and the Board of Industrial and Financial Reconstruction (BIFR) for speedy disposal of aforesaid matters and avoid multiplicity of litigation before various fora. Full Article

IT firm Mahindra Satyam (erstwhile Satyam Computer) said that the Company Law Board has given it time till September 30 to publish various mandatory documents.“The Hon’ble Board (Company Law Board) has permitted extension of time up to September 30, 2010, for publication of financial results for the years ended March 31, 2009, and March 31, 2010,” MahindraSatyam said in a filing to the Bombay Stock Exchange . Full Article

Ministry of Corporate Affairs (MCA), Government of India has on 26 May 2010 introduced "Easy Exit Scheme, 2010" (EES) under the Companies Act, 1956 (the Act) to provide a fast track exit for "defunct companies" to get their names struck off from the records of the Register of Companies (ROC). The salient features of the scheme are as under: Full Article