The Companies Act is a legislation that governs the formation, functioning, and management of companies. Explore the key provisions, compliance requirements, and legal framework under the Companies Act.
Company Law : The MCA V3 portal shifts Annual Return (MGT-7/7A) filing to a web-based system, replacing the old PDF form. It introduces mandator...
Company Law : Learn to file MCA AOC-4 on the V3 portal. The process requires direct online data entry for Balance Sheet and P&L figures, followe...
Company Law : ROC Ahmedabad penalized a company and its directors under Section 117(2) of the Companies Act 2013 for a 215-day delay in filing t...
CA, CS, CMA : Key legal compliance and regulatory updates for Nov 2025 under IT, GST, FEMA, SEBI, and Companies Acts. Includes extended annual t...
Company Law : MCA has confirmed that extension of annual filing timelines till 31st December 2025 does not extend statutory deadline for holding...
Company Law : ICSI reports numerous technical issues—including OTP failures, data errors, and DSC problems—on the MCA-21 V3 portal and reque...
Company Law : MCA clarifies how to fix PAN validation errors in Form ADT-1. Select Individual for auditors operating as sole proprietorships to ...
Company Law : NFRA's Series 4 focuses on auditor-Audit Committee communication regarding Ind AS 36 (Impairment) and SA 540 (Accounting Estimates...
Income Tax : The Pune Chartered Accountants' Society has requested an extension for tax audit and ITR filing deadlines for FY 2024-25, citing t...
Company Law : Learn about the NFRA-2 Annual Return, a mandatory filing for specified auditors. Discover who must file, the reporting period, and...
Company Law : An Official Liquidator Report filed in the Gujarat High Court was disposed of, approving a final settlement payment of Rs 90 lakh ...
Corporate Law : The Competition Commission of India (CCI) closed a complaint against Karate India Organisation (KIO), ruling that allegations of i...
Company Law : NCLAT Delhi held that remote access to ERP to directors being engaged in competing business cannot be denied unless there is tangi...
Company Law : NCLT Mumbai held that resolution plan submitted by M/s. Priyam Projects (I) Pvt. Ltd. [Successful Resolution Applicant] for M/s. S...
Goods and Services Tax : Andhra Pradesh High Court held that since services by way of renting of residential dwelling for use as residents is exempted from...
Company Law : MCA amends Companies Rules, 2014, substituting Rule 11(2) to define business of financing industrial enterprises for NBFCs and IFS...
Company Law : ROC Mumbai penalized Pentium Hi-Tech Pvt. Ltd. and its directors for failing to maintain a registered office, violating Section 12...
Company Law : ROC Mumbai imposed a ₹3,000 penalty on Nicco Securities and Directors for violating Section 12(3)(c) by failing to include the C...
Company Law : ROC Chennai imposed maximum penalties on South Asian Financial Exchange Ltd. and its director for failing to file the 2014-15 annu...
Company Law : ROC Chennai issued an adjudication order against BON FRESH FOODS for violating rules related to preferential share allotment docum...
Section 397/398 of the Companies Act, 1956 provides a relief to the minority against the majority if the majority indulges in the oppressive acts and the acts of mismanagement. It is not that every shareholder can avail the remedy available under section 397/398 of Companies Act, 1956 and section 399 specifically deals with the issue as qualification to file a petition under section 397/398 of the Act. Section 399 of the Companies Act, 1956 substantially provides as follows:
The study of various judgments of High Court and Supreme Court under section 397/398 of Companies Act, 1956 speak volumes about the complications in dealing with the cases of ‘oppression and mismanagement’ under section 397/398 of Companies Act, 1956. There were many judgments under section 397/398 explaining the powers of Company Law Board, meaning of ‘oppression’, powers under section 402, the powers of Company Law Board in passing orders under section 402 in order to regulate affairs of the company in future, the responsibility of the board to hear all the necessary parties to the proceeding, the issue of public interest, the issue of dead-lock, the issue of applying the principles of partnership in closely held private companies, the scope of section 399, the issue of granting ‘consent’ by members, the issues of maintainability and the procedure to be followed by the Company Law Board etc.
Every one knows the object of section 397/398 of the Companies Act, 1956 and it is to bring an end to the matters complained of and to regulate the affairs of the Company in future. A great responsibility is cast on the Company Law Board under section 397/398 of the Companies Act, 1956 and it is not only an adjudication of dispute between two shareholding groups, but, it is to find ways as to how to put an end to the matters complained of and as to how to regulate the affairs of the Company.
Any defunct company desirous of getting its name struck off from the Register under Section 560 of the Companies Act, 1956 shall make an application (accompanied by filing fee of Rs. 3000) in Form EES, 2011, electronically on the Ministry of Corpora
Every company (Public or Private) being inoperative since formation or has not carried out any business activities since 1st April 2008 is eligible for winding up under the scheme. The company having following items in the balance sheet will not be eligible under the Scheme.
Shri Pranab Mukherjee, Hon’ble Finance Minister of India, while inaugurating the 42nd Regional Conference of SIRC at Kochi applauded the role of ICAI. He complemented the Institute ‘for its initiatives to work with financial institutions in streamlin
Gujarat High Court rejected a Scheme of Arrangement (Scheme) filed by Vodafone Essar Gujarat Limited (Petitioner or Company) for demerger of its passive infrastructure assets (PIA) into Vodafone Essar Infrastructure Limited (VEIL) on various grounds including evasion of tax being primary motive behind the Scheme and also non conformity with essential elements of Section 391/394 of the Companies Act, 1956 (Companies Act).
Finance Minister Pranab Mukherjee said he’d like companies to voluntarily adopt good governance and corporate social responsibility (CSR) practices, rather than be legally compelled to do so. Pranab Mukherjee Such voluntary contributions should be re
In all these petitions, the constitutional validity of the National Tax Tribunal Act, 2005 (`Act’ for short) is challenged. In TC No.150/2006, additionally there is a challenge to section 46 of the Constitution (Forty- second Amendment) Act, 1976 and Article 323B of Constitution of India. It is contended that section 46 of the Constitution (Forty-second Amendment) Act, is ultra vires the basic structure of the Constitution as it enables proliferation of Tribunal system and makes serious
There should be a cap on the pecuniary benefits earned by independent directors serving on boards of companies, according to Mr N. Ramanathan, Managing Director, Ponni Sugars. At a panel discussion on issues relating to board of directors and indepen
