Company Law - Meaning of Buyback for Private Company or Unlisted Company Buyback is governed by section 68 of the companies act, 2013, Buy back of shares means purchase of its own shares by a company: When shares are bought back by a company, they have to be cancelled by the company. Thus, share buyback results in decrease in […]...
Read MoreCompany Law - Secretarial Standards are policies that define a typical structure and process for carrying out particular tasks within an organisation. Secretarial Standards covering a variety of subjects, such as Board of Directors and General Meeting meetings, the upkeep of registers and records, and the selection and compensation of directors, have b...
Read MoreCompany Law - Company Law: 1. MCA establishes a Centre for Processing Accelerated Corporate Exit (C-PACE) C-PACE is expected to expedite the voluntary winding-up of bankrupt companies to less than six months from the mandatory two years at In Union Budget 2023-23, FM had proposed to establish the Centre for Processing Accelerated Corporate Exit (C-PA...
Read MoreCompany Law - For Conversion of ECB into Equity it is mandatory that company had entered into agreement at time of raising loan and it is mentioned in any clause that company can convert loan into Equity/Preference shares in future....
Read MoreCompany Law - One person Company is totally a revolutionized concept brought by Companies Act, 2013 where a single person can easily form a company of his own enjoying both the benefits of sole ownership as well as corporate identity....
Read MoreCompany Law - ICSI Request for extension of time period for filing of Form CSR 2 for the financial year ended March 31, 2022 without levying additional fee...
Read MoreCompany Law - NFRA undertook Financial Reporting Quality Review of Standalone Financial Statements of PSP Projects Ltd. on the basis of NFRA’s statistical sampling approach....
Read MoreCompany Law - A. EXTENSION FOR FILING OF 45 COMPANY E-FORMS, PAS-03 & SPICE+ PART A *MCA General Circular No. 04/2023 Dtd. 21st February, 2023 – In continuation of General Circular No. 01/2023 dtd. 09th January, 2023 & General Circular No. 03/2023 dtd. 07th February, 2023, the MCA after taking into consideration the change in way of fil...
Read MoreCompany Law - Institute has been receiving queries regarding the issues being faced by stakeholders in filling and filing of e-Forms on MCA-21 V3 portal. ...
Read MoreCompany Law - We are sharing common issues/concerns/ technical glitches on MCA- 21 V3 Portal for your kind perusal and early resolution...
Read MoreLyka Labs Limited Vs State of Maharashtra (Bombay High Court) - Lyka Labs Limited Vs State of Maharashtra (Bombay High Court) Bombay High Court held that the signatory of the cheque, authorized by the “Company”, is not the drawer in terms of section 143A of the Negotiable Instruments Act and cannot be directed to pay interim compensation under sectio...
Read MoreSirsa Jute Mills Private Limited Vs Registrar of Companies NCT of Delhi and Haryana (NCLAT Delhi) - NCLAT Delhi held that striking off of the companies name due to default in submitting of a statutory record because of some internal disputes among the shareholders and management is unsustainable in law....
Read MoreSurendra Kumar Singhi Vs Registrar of Companies, West Bengal & Anr (Calcutta High Court) - Surendra Kumar Singhi Vs Registrar of Companies, West Bengal & Anr (Calcutta High Court) Sub- What is the criteria for determining whether the director is an additional director or independent director? Also whether an additional director is liable for prosecution regarding the non reporting of ...
Read MoreIFB Agro Industries Limited Vs Sicgil India Limited (Supreme Court of India) - IFB Agro Industries Limited Vs Sicgil India Limited (Supreme Court of India) Recently, the Supreme Court in the landmark case of IFB Agro Industries Limited v. Sicgil India Limited and Ors held that NCLT does not have the power to exercise rectificatory jurisdiction under the section 59 of the Compa...
Read MoreBankey Bihari Infrahomes Pvt. Ltd Vs Alok Kumar Kuchchal (NCLAT Delhi) - NCLAT Delhi held that scheme of compromise and arrangement is found to inflate the total payments by provisioning payment to creditors who are related to corporate debtor. Hence, impugned order allowing the Liquidator to proceed with the e-auction and not allowing any more time for consideration of ...
Read MoreOrder No. IBBI/Valuation/Disc./09/2023 - (22/03/2023) - IBBI observes that procedural contraventions fall in the category of minor procedural deviations, hence IBBI inclined to take a lenient view...
Read MoreNotification No. ROC/D/ADJ/Section 42/ALPUR/1324 to 1329 - (22/03/2023) - In terms of the proviso to the Section 42(4), company shall not utilise monies raised through private placement unless allotment is made and return of allotment is filed with the Registrar in accordance with sub-section (8). However, the company has admitted in its letter dated 18.11.2022 that it ha...
Read MoreS.O. 1269(E) - (17/03/2023) - Central Government hereby establishes a Centre for Processing Accelerated Corporate Exit (C-PACE). C-PACE shall be located at Indian Institute of Corporate Affairs (IICA), Plot No. 6, 7, 8, Sector 5, IMT Manesar, District Gurgaon (Haryana), Pin Code - 122050....
Read MoreNo. ROC/2023/AXIS PIGMENTS /PENALTY ORDER/ 1242-1245 - (16/03/2023) - During inspection, the 1.0 physically visited the registered office of the company on 09.08.2019 and found that company had not affixed or paint its name in conspicuous position accordance to the provisions of Section 12(3)(a) which shows that company has made the violation of section 12(3)(a) of th...
Read MoreRoCP/ADJ/ order/ 118/ 22-23/ KUDOS/2418 to 2423 - (10/03/2023) - The applicant company and its officers, who have defaulted the provisions of section 118(10) of the Act for not numbering Board Meeting and the pages in the minute book of the company and Minutes book are not signed by the Chairman, further, the minute book of the Company is not paginated at all....
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Lyka Labs Limited Vs State of Maharashtra (Bombay High Court) -