Company Law articles

Law of Arbitration in relation to a proceeding under section 397/398 of Companies Act, 1956?

Alternative Dispute Resolution Mechanism (ADR) is encouraged in view of the fact that there exists an unreasonable delay in the Courts. Among the other modes of Alternative Dispute Resolution (ADR), dispute resolution through Arbitration in accordance with the provisions of Arbitration and Conciliation Act, 1996 is being encouraged now. I...

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Posted Under: Company Law |

Company or corporation cannot escape liability for criminal prosecution

The Supreme Court has stated that the criminal liability of a corporation would arise when an offence is committed in relation to the business of the corporation by a person or body of persons in control of its affairs. In such circumstances, it is necessary to ascertain the degree and control of the person or body of persons, such that t...

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Posted Under: Company Law |

ROC- Revision in time schedule for payment of additional filing fees

Ministry of Corporate Affairs, Government of India (MCA) has announced revision in the schedule for payment of additional filing fees while filing any documents beyond the due date specified under the Companies Act, 1956 (the Act). The revision would...

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Posted Under: Company Law |

MCA-Change in jurisdiction of Regional Directors

Government of India has amended the Companies Regulations, 1956 vide the Companies (Amendment) Regulations, 2010 with effect from 29 October 2010 and has changed the jurisdiction of Regional Director (RD) by increasing the number of RDs from 4 (four)...

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Posted Under: Company Law |

Removal of Directors and the litigation?

We all know the role of the Directors in any Company and Board is collectively involved in the day-to-day affairs of the Company. Through segregation and delegation depending upon the size of the Company, the plan, the regulations in the Articles, the directors in-fact run the Company subject to the provisions of the Companies Act, 1956 a...

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Posted Under: Company Law |

The Role of Directors or Board of Directors (Bod) in a Company?

There were many judgements on the role of directors and the responsibility of directors/Board of Directors in any Company. In Private Limited Companies or the Public Companies, the role and responsibility of the Directors or the Board of Directors depend upon the regulations in the Articles of the Company and the provisions of the Compani...

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Posted Under: Company Law |

Right of third parties in a proceeding under section 397/398 of Companies Act, 1956?

I had to concentrate on an interesting legal issue in the recent past on section 397/398 of the Companies Act, 1956. Though, section 397/398 of the Companies Act, 1956 is basically meant to protect the rights of the minority shareholders in the Company against the oppression and mismanagement by the majority, the rights of the third parti...

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Posted Under: Company Law |

Issue of public interest under section 397/398 of Companies Act, 1956?

It is known that resolving the disputes between or among the shareholders in a closely held company is very difficult in the absence of any settlement between or among the parties. Now a day, based on the practice of entertaining petitions under section 397/398 of the Companies Act, 1956 without looking into sheer technicalities, a shareh...

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Posted Under: Company Law |

Claim of minority to buy the shares of majority in a proceeding under section 397/398 of Companies Act, 1956?

Settling or putting an end to the disputes among shareholders by the Company Law Board under section 397/398 of the Companies Act, 1956 is a complicated job. When where exist serious difference of opinion among the minority and majority shareholders in a Private Limited Company, it would really be difficult for the Company Law Board to pu...

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Civil Procedure Code and a proceeding under section 397/398 of Companies Act, 1956?

I have read few judgments on a proceeding under section 397/398 of Companies Act, 1956 placing reliance on Company Law Board regulations and based on the procedural technicality. With great respect to the courts, I do strongly feel that the Company Law Board should not go technically in a proceeding under section 397/398 of the Companies...

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Posted Under: Company Law |

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