Company Law India: Read latest Company law news & updates, acts, circular, notifications & articles issued by MCA amendment in companies Act 2013. Article on Loans Company formation XBRL, Schedule VI IFRS.
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The Regional Director or Registrd of Companies or any other officer of the Central Government shall be authorised to make complaints under sub-section (2) of section 58AAA of the Act.
The fact that in the 80th AGM held on 30th July 2007, the audited accounts for the financial years ended 31st March 2004, 31st March 2005 and 31st March 2006 were placed and adopted makes it clear that any default in that regard by BSMCL stands condoned. No other shareholder has objected to those accounts. They are taken to be the audited accounts. Neither the ROC nor the RD, nor the OL raised any objection. The objection of Mr. H.K. Chadha that adjustment entries have to be made in the accounts prepared by BRS for an earlier period to arrive at the correct picture cannot, in the above circumstances, be countenanced. No material has been placed on record by Mr. H.K. Chadha to substantiate the plea of non-preparation of the audited accounts of the above financial years.
Further it is clarified that fee payable for forms on/till 16-01-2013 will remain payable along with additional fee and relaxation of any additional fee will be considered for forms on or after 17-01-2013
Cancellation or Deactivation of DIN.- The Central Government or Regional Director (Northern Region), Noida or any officer authorised by the Regional Director, upon being satisfied on verification of particulars of proof attached with the application received from any person seeking cancellation or deactivation of DIN, in case –
Power to relax — Where the Central Government is of the opinion that it is necessary or expedient so to do, it may, by order, for reasons to be recorded in writing . and in consultation with the Union Public Service Commission, relax any of the provisions of these rules with respect to any class or category of persons.
It is observed from the Budget 2013-14 authorizes Union Govt. to raise Rs. 50,000 crores (Tax Free Bonds). These bonds carry a lower rate of interest, currently in the range of 6.75% to 7.50% which is tax free under section 10(15) (iv)(h) of the Income-tax Act, 1961. Such bonds were also provided for in Budget 2012-13, but the response had been poor due to restrictions under section 372A(3) of the Companies Act, 1956.
In its reply dated 19th June 2012 to the notice dated 26th May 2012 the Respondent has denied any liability whatsoever. It is, inter alia, stated in the reply sent by the Respondent through its counsel that “In the facts and circumstances, please advise your client that my client is not liable to pay any sum of US$ 350,000 or any other amount under the Agreement dated 18.05.2008 as alleged.
It is urged by PSPC, on the strength of the decision in Rajasthan Housing Board v. Krishna Kumari [2005] 13 SCC 151, that since the electricity connection was restored to the factory premises in terms of the order dated 18th December 2008 of the Court, the dues of PSPC ought to be directed to be paid straightway by CBL and PSPC should not be relegated to the OL for its dues. The above submission is untenable for more than one reason.
A plain reading of the provisions of Section 188 makes it amply clear that a member who intends getting his proposed resolutions included for circulation to members must have not less than one twentieth of the total voting power of all the members at the date of the requisition or must be not less than 100 members in number to exercise such a right.
Regard being had to the statement of objections the answer to the question as to whether the bearings supplied by the petitioner to the respondent were, in fact, defective or not being a pure question of fact requires an adjudication after a trial. Hence the defence is not a moonshine defence. Since a triable issue has arisen petitioner cannot but be relegated to the Civil Court for appropriate reliefs.
