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The Ministry of Corporate Affairs took up a comprehensive revision of the Companies Act, 1956 (the Act) in 2004 keeping in view that not only had the number of companies in India expanded from about 30,000 in 1956 to nearly 7 lakhs, Indian companies were also mobilizing resources at a scale unimaginable even a decade ago, continuously entering into and bringing new activities into the fold of the Indian economy as well as Internationally.
In exercise of the powers conferred by sub-section (2) of section 610B of the Companies Act, 1956, the Central Government hereby makes the following Scheme to amend the Scheme for Filing of Statutory Documents and other Transactions by Companies in Electronic Mode, namely:-
We all know about the requirements of forming a Company in India. Incorporation of a Company, as a secretarial practice, may not be a complicated exercise. It is not difficult to get the Director Identification Numbers (DIN) for the proposed directors in the Company to be incorporated, it is not difficult to get Digital Signatures, it is not difficult to find the availability of name with the Registrar of Companies by filing e-form and it may not be difficult to comply with all the requirements and submitting an application to the Registrar of Companies
Brief facts relevant for the purpose of deciding this issue are that the defendant no.1 company was a tenant in property no. 3 Amrita Shergill Marg, New Delhi. This property was leased by defendant no.5 M/s H.G.Gupta & Sons (HUF) to defendant No. 1 Company for residence of its officers. The company by a resolution in the meeting of Board of Directors held on 27.2.1974 allotted this property to late Lala Hansraj Gupta in his capacity as CEO/Chairman of the company. Late Lala Hansraj Gupta was father of plaintiff no. 2 and defendants no. 2-4 and grandfather of plaintiff no. 1.
The ITAT held that for the computation of MAT, profits disclosed as per the audited accounts should be adopted, provided the accounts are prepared in the prescribed format. If the accounts are not so prepared, the Tax Authority may substitute the amount declared as per the Profit and Loss Account (P&L) with the appropriate amount, regardless of the fact that the accounts are certified as complying with the prescribed format by auditors.
In view of the vastness of the subject, the complications and listening at many of my colleagues, I have decided to present a small brief on Companies to be formed under the provisions of Companies Act, 1956, the difference between Private Limited and Public Limited Companies, the applicable law and also the complications. I know the vastness of the subject and I just want to present a small brief as follows:
The assessee earned a capital profit of Rs. 10.38 crores on sale of rights to immovable property. The said profit was directly credited to the capital reserves in the balance sheet instead of being routed through the Profit & loss account. The accounts of the assessee company were duly certified by the auditors and were also adopted in the AGM. The audited accounts were filed with ROC. In the computation of “book profits” for s. 115JB, the said capital profits were not included.
Section 195 of Companies Act, 1956 says that where minutes of the proceedings of any general meeting of the company or of any meeting of its Board of directors or of a committee of the Board have been kept in accordance with the provisions of section 193, then, until the contrary is proved, the meeting shall be deemed to have been duly called and held, and all proceedings thereat to have duly taken place, and in particular, all appointments of directors or liquidators made at the meeting shall be deemed to be valid.
Understanding settled principles of law is very very important while presenting or pursuing a case before a Court of law, Board or any Tribunal. Keeping into mind the object of the enactment, the subject, the societal scenario etc. our Courts settled certain principles and the same are to be followed by all Courts or Tribunals unless overruled by the Competent Court or by a larger bench. There is a principle in Criminal Law that an offence should be proved beyond reasonable doubt and an innocent should not be punished. It is an example and the Courts had laid down many principles and certain principles are inherent in the enactment itself.
The transaction involves a global acquisition of a banking business by the Purchaser from the Seller. Consequent thereto, all assets and liabilities in India will be acquired by the Purchaser from the Seller. The acquisition of the assets and liabilities in India will either be through: (a) slump sale process, in which the undertaking as a going concern will be transferred by the Seller to the Purchaser for a lump sum consideration, or (b) through a court approved scheme of reconstruction under section 394 of the Companies Act and section 44 of the Banking Regulation Act under which all the assets and liabilities will be transferred from the Seller to the Purchaser, or (c) individual transfer of assets and liabilities by the Seller to the Purchaser.
