BIFR

Provisions of SICA prevails over Companies Act

Corporate Law - Where a winding up order is passed by court but before final dissolution of company and a reference is made to BIFR under Section 15 of SICA, and then a question will arise that if provisions of Companies Act will prevail or provisions of SICA will prevail. Various courts have discussed this issue in different matters. ...

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Government may increase BIFR benches

Corporate Law - The Government is considering increasing the number of benches in BIFR, the quasi-judicial body that looks at revival of financially sick companies, Finance Minister Pranab Mukherjee said yesterday. Board of Industrial and Financial Reconstruction (BIFR) currently has only three benches, which is one of the reasons why revival or winding ...

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Recovery of sales tax and recovery of dues to Public Works Department not permissible without consent of BIFR

Corporate Law - B.V.V. Paper Industries Ltd. vs. Commercial Tax Officer [(2008) 145 Comp. Cas 815 (Mad]) The Petitioner Company became side and a reference was filed before the Board for Industrial & Financial Reconstruction (BIFR) u/s. 15(1) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) for declaring the company a sick company a...

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BIFR empowered by express provisions of SICA to curtail the rights of shareholders

Tamil Nadu Industrial Development Corporation Ltd. vs. Board For Industrial Reconstruction & Ors. (Madras High Court) - The Appellant, a State level institution incorporated for the purpose of development of industries in the State, was an equity shareholder in the Third Respondent Company. The company was referred to the Board For Industrial Reconstruction (BIFR) for the purpose of framing a scheme for rehabilitatio...

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Procedure for representation before BIFR and AAIFR

Circular No. 5/2009-Income Tax - (02/07/2009) - CIRCULAR NO. 5/2009 In supersession to all circulars and instructions of the Central Board of Direct Taxes (CBDT) issued on the above subject, the CBDT prescribes the following procedure to be followed before the Board for Industrial and Financial reconstruction (BIFR) and the Appellate Authority f...

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Recent Posts in "BIFR"

Provisions of SICA prevails over Companies Act

Where a winding up order is passed by court but before final dissolution of company and a reference is made to BIFR under Section 15 of SICA, and then a question will arise that if provisions of Companies Act will prevail or provisions of SICA will prevail. Various courts have discussed this issue in different matters. ...

Read More
Posted Under: Income Tax |

Government may increase BIFR benches

The Government is considering increasing the number of benches in BIFR, the quasi-judicial body that looks at revival of financially sick companies, Finance Minister Pranab Mukherjee said yesterday. Board of Industrial and Financial Reconstruction (BIFR) currently has only three benches, which is one of the reasons why revival or winding ...

Read More
Posted Under: Income Tax |

Procedure for representation before BIFR and AAIFR

Circular No. 5/2009-Income Tax (02/07/2009)

CIRCULAR NO. 5/2009 In supersession to all circulars and instructions of the Central Board of Direct Taxes (CBDT) issued on the above subject, the CBDT prescribes the following procedure to be followed before the Board for Industrial and Financial reconstruction (BIFR) and the Appellate Authority for Industrial and Financial Reconstructi...

Read More

Recovery of sales tax and recovery of dues to Public Works Department not permissible without consent of BIFR

B.V.V. Paper Industries Ltd. vs. Commercial Tax Officer [(2008) 145 Comp. Cas 815 (Mad]) The Petitioner Company became side and a reference was filed before the Board for Industrial & Financial Reconstruction (BIFR) u/s. 15(1) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) for declaring the company a sick company a...

Read More
Posted Under: Income Tax |

BIFR empowered by express provisions of SICA to curtail the rights of shareholders

Tamil Nadu Industrial Development Corporation Ltd. vs. Board For Industrial Reconstruction & Ors. (Madras High Court)

The Appellant, a State level institution incorporated for the purpose of development of industries in the State, was an equity shareholder in the Third Respondent Company. The company was referred to the Board For Industrial Reconstruction (BIFR) for the purpose of framing a scheme for rehabilitation. The Board approved the draft revival ...

Read More

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