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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In the present case, as stated hereinabove, admittedly original accused No. 2 was appointed as managing director of original accused No. 1-company and original accused No. 1-company had also the whole-time directors and the manager. The petitioner was arraigned as an accused only as a ordinary director.
So far exercise of jurisdiction vested upon the Company Court under Section 446(2) of the Act is concerned, in my view and also in view of the decisions cited by the learned Counsel appearing for the applicant, it is already settled that this Court have ample power to adjudicate and determine all questions that arises in winding up. Such questions include eviction of trespassers from property of the Company (in liquidation) and the Company Court also by a summary order can direct eviction of a trespassers from the Company property. But Company Court must follow the law of the land in regard to such eviction.
An application under Section 543 of the Companies Act, 1956 cannot be made in vague terms and it cannot be used as a power to conduct a roving enquiry in these proceedings and to ascertain as to whether there is any act of misfeasance on the part of erstwhile directors.
The Board ought to have considered the date of filing of the Petition, as well as the admissions so given by the contesting Respondents, before rejecting the Company Petition in such a fashion on the ground of maintainability.
The appellant may have a very good case on merits and would possibly be able to establish in an appropriate proceeding that the respondent have acted in a fraudulent manner and defrauded him to Rs. 2 crore. However, in proceedings for winding up the company, the Court cannot adjudicate upon a bona fide disputed debt. It is well settled principle of company law that wherever there is a bona fide disputed debt, the petition for winding up of a company is not appropriate remedy to enforce the debt. In the circumstances, no fault is found with the order of the Single Judge. Accordingly, the appeal is to be dismissed.
The Ministry of Corporate Affairs has launched a new search facility on its website for unpaid and unclaimed amounts lying with the companies. Investors can visit the web page www.iepf.gov.in and obtain information regarding such amounts by providing any of the following combination:
PHONE NUMBERS OF DIN CELL AND HELP DESK Stakeholders are hereby informed that operator for MCA21 project is changing w.e.f. 17.01.2013 from M/s. TCS Ltd to M/s. Infosys Ltd. Due to this the new contact numbers for DIN Cell and Help desk will be :
In our view, we do not find any substance for the alleged ulterior motive or collusion by Mr. Desai with the OL, since no material is produced to show that any undue benefits was to be derived by the OL. Be it noted that the appeal is not preferred by the OL, but is preferred by the applicant herein in capacity as Party-in-person against the order of the learned Company Judge.
In continuation of the Ministry’s General Circular Nos: 16/2012 dated 06.07.2012, 34/2012 dated 25.10.2012 and 39/2012 dated 12.12.2012 on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended up to 15th February 2013 or within 30 days from the due date of AGM of the company, whichever is later.
Section 529(1) provides for, ‘the respective rights of secured and unsecured creditors……’. It does not classify the secured creditors on the basis of the first chargeholder or the second chargeholder or so on. Similarly, in proviso to clause (c) of sub-section (1) of section 529
