Lesser Penalties for One Person Company or Small Companies: Under Companies Act, 2013 there are no provision in respect of lesser penalty on any kind of Company. Penalties are same on all type of Companies irrespective of their Capital, turnover etc.
Condonation of Delay Scheme 2018 allows the Defaulting Companies (other than the companies which have been struck off/ whose name have been removed from the register of Companies u/s 248(5)) to file its overdue documents which were due for filing till 30.06.2017 in accordance with provisions of the scheme.
The major amendments proposed in the Companies Amendment Bill, 2017 include clarity on definitions for identifying Associate Companies, Holding & Subsidiary Companies, Related Parties etc;, simplification of the private placement procedure, removal of requirement for annual ratification of auditor, rationalization of provisions related to loan to directors, and doing away with the requirement of approval of the Central Government for managerial remuneration above prescribed Limits.
Article discusses Time Period for Filing of Appeal in National Company Law Appellate Tribunal (NCLAT) against the order of adjudicating authority in the light of Section 62(2) of Insolvency and Bankruptcy Code, 2016 and NCLAT Judgments in the case of Steam Amod Amladi V/s. Mrs. Sayali Rane & Anr and Nityanand Singh and Co. V/s Ferrous Infrastructure Pvt. Ltd.
In this editorial author discusses Judgment National Company Law Appellate Tribunal (NCLAT) in the case of Steamline Industries Ltd Vs. Tecpro Systems Ltd with reference to Section 14(1)(a) and 238 of the nsolvency and Bankruptcy Code, 2016 (IBC, 2016) on the issue Whether Pending Proceeding before Honourable High Court can be peruse after declaration of Moratorium in IBC, 2016
In this editorial author discuss the provisions under of I&B Code, 2016 in respect of different – 2 time limits mentioned under the Act i.e. Section 12. (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process.
The ‘I&B Code’ is a complete Code by itself. The provision of the Power of Attorney Act, 1882 cannot override the specific provision of a statute which requires that a particular act should be done by a person in the manner as prescribed thereunder. Therefore, we hold that a ‘Power of Attorney Holder’ is not competent to file an application on behalf of a ‘Financial Creditor’ or ‘Operational Creditor’ or ‘Corporate Applicant’
Any money transferred to the Unpaid Dividend Account of a company in pursuance of this section which remains unpaid or unclaimed for a period of seven years (7 year and 37 days from the date of declaration of dividend) from the date of such transfer shall be transferred by the company along with interest accrued, if any, thereon to Investor education and protection fund.
Before writing on SS-3 one Quick Question is Whether adherence of this Secretarial Standard is Mandatory or recommendatory for the Corporates. These standards are issued by ICSI, However, adherence of these standards are Recommendatory
The NCLAT held that that in the absence of any provision in IBC, the Limitation Act, 1963 would not be applicable to initiation of Corporate Insolvency Resolution Process. The NCLAT further observed:
