Company Law judiciary-2

NCLAT directs Liquidator’ to proceed in accordance with law

S.C. Sekaran Vs Amit Gupta & Ors. (NCLAT)

S.C. Sekaran Vs Amit Gupta & Ors. (NCLAT) Learned counsel appearing on behalf of the ‘Liquidator’, on instructions from the ‘Liquidator’, who is present, submits that the ‘Liquidator’ will ensure that both the companies remain going concern and if so necessary, he will take appropriate orders from the Adjudicating Authorit...

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Posted Under: Company Law | |

Company law not Stipulate any period for completion of Serious Fraud Investigation

Serious Fraud Investigation Office Vs Rahul Modi and Another Etc. (Supreme Court of India)

SFIO Vs Rahul Modi (Supreme Court of India) 1. Leave granted. 2. These Appeals challenge the correctness of the common interim order dated 20.12.2018 passed by the High Court of Delhi at New Delhi in Writ Petition (Crl.) Nos.3842 and 3843 of 2018. 3. In exercise of powers conferred by Section 212(1)(c) of the Companies […]...

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Statutory dues for taxes is Operational Debt: NCLAT

Pr. Director General of Income Tax Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi)

Pr. DGIT Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi) ‘Operational Debt’ in normal course means a debt arising during the operation of the Company (‘Corporate Debtor’). The ‘goods’ and ‘services’ including employment are required to keep the Company (‘Corporate Debtor’) operational as a going conc...

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Posted Under: Company Law | |

HC quashes MCA order publishing list of disqualified directors & deactivating DIN

Gaurang Balvantlal Shah S/O Balvantlal Shah Vs Union of India (Gujarat High Court)

MCA order in publishing the list of directors  associated with struck off companies under Section 248 of the Companies Act, 2013 on the Website of MCA, showing the status of assessee as disqualified Directors was not legally tenable as section 164(2) of the Companies Act would take effect only from the financial year 2014-15. ...

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Amalgamation scheme devised to benefit few shareholder and to huge avoid tax cannot be approved: NCLT

In re Gabs Investments Pvt. Limited Vs Ajanta Pharma Limited (NCLT Mumbai)

Scheme of Amalgamation and Arrangement between G Pvt. Ltd.  ('Transferor Company') and A Limited (`Transferee Company') and their respective shareholders appeared to be unfair, unreasonable and was not in the public interest as the scheme was devised mainly to benefit the four share holders of G who were also the promoters of A (common p...

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Posted Under: Company Law | |

Rule 3(2) of Companies (Registered Valuers & Valuation) Rules is constitutionally valid: Delhi HC

Cushman And Wakefield India Private Limited Vs Union of India & Anr (Delhi High Court)

Cushman And Wakefield India Private Limited Vs Union of India & Anr (Delhi High Court) The issue which falls for consideration is in a very narrow compass, whether a company, other than a subsidiary company, joint venture or associate of other company forms a separate class for the purpose of eligibility for registration as a [&hellip...

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NCLT bars CA for issuing false Audit certificate relating to financials

Union of India Vs Mr. Mukesh Maneklal Choksi (NCLT)

Union of India Vs Mr. Mukesh Maneklal Choksi (National Company Law Tribunal, Mumbai Bench) Since Respondent No 1, Mr Mukesh Maneklal Choksi, Statutory Auditor , colluded with the Chairman/Director of R-2 company and has given a false Audit certificate relating to the Profit & Loss Account and Balance Sheet of the R-2 company, without ...

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Posted Under: Company Law | |

HC set aside RoC’s Order Disqualifying Directors for Non-Filing of Financial Statements

Bhagavan Das Dhananjaya Das Vs Union of India (Madras High Court)

Bhagavan Das Dhananjaya Das Vs Union of India (Madras High Court) (a) When the New Act 2013 came into effect from 1.4.2014, the second respondent herein has wrongly given retrospective effect and erroneously disqualified the petitioner-directors from 1.11.2016 itself before the deadline commenced wrongly fixing the first financial year...

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No legal bar on merger of an Indian LLP with an Indian Company

M/s. Real Image LLP  Vs  M/s. Qube Cinema Technologies Private Limited (NCLI)

M/s. Real Image LLP  Vs  M/s. Qube Cinema Technologies Private Limited (NCLI) Legislative intention behind enacting both the LLP act 2008 and The Companies Act 2013 is to facilitate the ease of doing business and create a desirable business atmosphere for companies and LLPs. For this purpose, both the Acts have provided provisions for...

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Posted Under: Company Law | |

SC Stayed Bombay HC Order Granting Relief to Disqualified Director

Registrar Of Companies Maharashtra Mumbai & Anr Vs. Shailendrajit Charanjit Rai & Anr. (Supreme Court)

On Monday, 06th August 2018, the Honourable Supreme Court has stayed Bombay High Court Interim Order for granting relief to Disqualified Director by admitting Special Leave Petition by Ministry of Corporate Affairs....

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