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.
Company Law : Learn the step-by-step process for a fast track merger under Section 233 of the Companies Act, 2013, including eligibility, forms,...
Company Law : Explore governance concerns on non-executive director pay, including skewed compensation, lack of caps, and transparency issues fo...
Company Law : Explore impact of Section 245 of Companies Act on class action suits in India, analyzing recent cases, legal frameworks, and rise ...
Company Law : Explore the Memorandum of Association (MoA), its clauses, and its role in defining a company's identity and structure under the Co...
Company Law : Learn about the issuance and conversion process of Compulsory Convertible Preference Shares under the Companies Act 2013, includin...
Company Law : ICSI highlights challenges in dematerialisation for private companies and seeks relief from penalties due to processing delays and...
Company Law : ICSI requests MCA for Company Law and LLP Law Settlement Scheme 2024 to address filing challenges and avoid penalties for companie...
Company Law : The CBI has arrested an Assistant Registrar of Companies in Pune for demanding and accepting a ₹3 lakh bribe from a Mumbai compa...
Company Law : ICSI seeks an extension for private companies to comply with new DEMAT rules, citing concerns over costs, delays, and regulatory c...
Company Law : Important dates for ICSI December 2024 exams, including enrollment, fee deadlines, and exemption criteria. Ensure compliance to av...
Company Law : The CoC resolved not to initiate liquidation process and decided to file an application for dissolution of the CD. In pursuance of...
Company Law : Appeal filed by Meir Commodities challenging NCLT Hyderabad order allowing Narayanam Nageswara Rao to participate as a Resolution ...
Company Law : Neon Laboratories Ltd Vs Mayank Shah & Anr. (NCLAT Delhi) In a recent judgment, the National Company Law Appellate Tribunal (N...
Company Law : NCLAT Chennai held that failure to make payment as per repayment plan grants liberty to the creditor to initiate action under sect...
Company Law : During the moratorium, tax assessment proceedings were initiated by CIT (appellant) against the corporate debtor. An order for the...
Company Law : M/s. Galaxeye Space Solutions faces penalties for violating Section 42 of the Companies Act on private placement non-compliance....
Company Law : The ROC Kerala imposed penalties on Saint Philomenas Nidhi Ltd for violating the Companies Act provisions related to Director Iden...
Company Law : Ispat Sheets Limited fined for non-compliance with Companies Act provisions on Board meetings. Total penalty imposed: ₹40,000....
Company Law : Ispat Sheets Limited penalized for failing to file Form PAS-6. The penalty includes fines for the company and its directors as per...
Company Law : Trouw Nutrition India faces penalties for failing to maintain board meeting minutes as required under the Companies Act, 2013....
General Circular No. 4/2012 – The Ministry of Corporate Affairs has extended the time for filing form DIN-4 by DIN holders for furnishing PAN and to update PAN details upto 30.04.2012 for the Allotment of Director’s Identification Number (DIN) under Companies Act, 1956.
Considering the fact that the entire claim in the instant application is based on the declaration made in the statement of affairs which was on the basis of the realisable value indicated in Ex. R1 and in that regard, if the view taken by this Court in the case of the Official Liquidator, Bangalore Batteries (P.) Ltd. (In Liquidation) v. N.S. Gopal [2010] 103 SCL 164 (Kar.) is noticed, it would be clear that the proceedings under Section 543 cannot be initiated merely based on the realisable value of the assets indicated.
This Concept Paper on National Corporate Governance Policy, 2012 prepared by ICSI is aimed at laying down an overarching policy framework for promoting good governance practices amongst corporates by instilling principles of good governance in the various statutes, regulations and policies of the Government as applicable to corporates.
The Ministry of Corporate Affairs has clarified that Circular No. 19 and 20 of 2011 issued on 02.05.2011 that were issued for laying down certain procedure to regulate cases wherein filing of conflicting returns with regard to appointment of Directors or change of Director/Directors have now been superseded. This has been done in the light of some specific cases wherein it appears that either there was lack of consent of the removed/changed director or due process of Law were not followed.
Concerns relating to the quality of corporate governance system and the need to maintain its integrity and public accountability have resulted in a number of public interventions all over the world including the well known Cadbury Code (1992) and the Sarbanes-Oxley Act (2002) of the UK and US respectively. In India, too, a few elements of good corporate governance find mention in legal frameworks like the listing agreement of SEBI and a few of the provisions of the Companies Bill 2011. More detailed guidelines are also available, including the Voluntary Code on Corporate Governance of the CII (1998) and the National Voluntary Guidelines on Corporate Governance of this Ministry (2009) which are currently under revision by a Committee under the Chairmanship of Shri Kiran Karnik.
I am directed to say that at the time of incorporation of companies where one of the objects is to carry on the business of Banking, Insurance or to practice the profession of Chartered Accountancy, Cost Accountancy & Company Secretaries, then the concerned Registrar of Companies shall incorporate the same only on production of in-principle approval / NOC from the concerned regulator/professional Institutes.
To file a petition u/s 397, 398 of the Act, one has to fulfil the requirement as contemplated under the above provision of law. Unless and until the above criterion is fulfilled, the petition is not maintainable. The persons who can qualify to file the petition are (i) in case the company is having a share capital, not less than 100 members; or (ii) not less than 1/10th of the total number of its members, whichever is less.
Under section 399 of the Act, statute has made it clear that 10 per cent shareholding is requisite qualification to invoke jurisdiction under sections 397 and 398 of the Act. If the joint shareholding of first petitioner has become half, then certainly this petition is short of the requisite qualification that is required under section 399 of the Act.
This is an application for the winding up of Tantia Constructions Ltd. (hereinafter the company). It is made by a Malaysian company by the name of Road Builder (M) Sdn Bhd, (hereinafter the petitioning creditor). These two companies entered into a joint venture agreement on 14th July, 2003 for setting up a project in the State of Mizoram. After sometime, the company pulled out of it. They entered into a different relationship. The petitioning creditor agreed, on 15th December, 2007, to sell to the company plant, machinery and vehicles at a total consideration of Rs. 2,75,73,614.41/-.
There is no conflict between the statutory relief of winding up and of the contractual right to have disputes settled by arbitration. Once a bona fide defence is shown to exist, arbitration will be the efficacious and proper remedy. Where, however, the defence is mala fide and a moonshine, arbitrable disputes would not exist and the company judge would have the power to pass appropriate orders Madhya Pradesh Iron & Steel Co. (supra). Existence of an arbitration clause does not oust the jurisdiction of this court to either entertain or to admit a petition for winding up.
