"October, 2019" Archive - Page 50

Proceedings for winding up pending before Company Court can be transferred to NCLT under IBC

Action Ispat & Power Pvt. Ltd Vs Shyam Metalics & Energy Limited & Ors. (Delhi High Court)

The statutory scheme found in Section 434(1)(c) clearly is that the proceedings for winding up pending before the Company Court could be transferred to the NCLT and there is no provision for transfer of proceedings from the NCLT to the Company Court....

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RFP for Appointment of Concurrent Auditor of IIFCL

Request for Proposal (RFP) for Appointment of Concurrent Auditor for Concurrent Audit of Operations of India Infrastructure Finance Company Limited India Infrastructure Finance Company Limited A Govt. of India Enterprise (Registered with RBI w.e.f 9th September 2013 vide Certificate of Registration no. DNBS.ND. No.1222/Regn. New/04 17 004...

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Posted Under: Company Law |

Merely because a debt has not been repaid for over three years, would not automatically imply cessation of liability

PCIT Vs Pukhraj S. Jain (Bombay High Court)

PCIT Vs Pukhraj S. Jain (Bombay High Court) It is well settled through series of judgements that merely because a debt has not been repaid for over three years, would not automatically imply cessation of liability. Exhaustion of period of limitation may prevent filing of recovery proceedings in a Court of law, nevertheless it cannot [&hel...

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IBC 2016 | Section 12A | Opportunities and Obstacles to Resolution

Whether Section 12A is beneficial in the resolution process is debatable. Section 12A has proved to be beneficial only in cases where the amount in dispute is very less or wherever it is possible the Corporate Debtors makes an effort to settle it with the Creditors and this way the Creditors get the whole amount of claim or a better deal ...

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Posted Under: Company Law |

These 5 platforms will help you get back in gear after festive season

In India, the period between October and December marks the much-awaited festive season. Starting from Navratri, people joyously celebrate Dussehra, Diwali, Bhai Dooj, Christmas and New Year. Most of us throw caution to the wind and make the most of this time, eating, shopping and travelling to our home towns. And why not? After working [...

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Posted Under: Company Law |

Basic administrative expenses incurred after setting up but before commencement of business allowable

Vil Media (P) Ltd. Vs DCIT (ITAT Hyderabad)

 Assessee having already set up its business was eligible to claim basic administrative expenditure as business expenditure though business operations were commenced in the subsequent year....

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Section 234E: Assessee not liable for late filing charges for the period prior to June, 2015

Gangamai College of Engineering Vs ACIT, CPC (TDS) (ITAT Pune)

Assessee could not be held liable for levy of late filing charges under section 234E for the period prior to June, 2015 in the absence of amendment to section 200A, which was brought on Statute from 1-6-2015....

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‘Directors’ Duties in the Twilight Zone

In the course of this article, the author will reflect on the shift in the director duties from a financially sound/stable company to a company in financial distress. This essay also seeks to highlight the various responsibilities that the directors now have towards the creditors of their companies, and the liabilities they may incur if t...

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Posted Under: Company Law |

Framework for issue of Depository Receipts

SEBI/HO/MRD/DOP1/CIR/P/2019/106 10/10/2019

Listed Company is in compliance with the requirements prescribed under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and any amendments thereof....

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No disallowance of Interest on borrowed capital for Interest free advances if Sufficient own funds available

Shri Dharam Pal Aggarwal Vs ACIT (ITAT Chandigarh)

Where assessee made interest free advances out of interest free own funds available with it, no disallowance of deduction under section 36(1)(iii) was called for....

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