Power is an essential requirement for all facets of our life and has been recognized as a basic human need. It is the critical infrastructure on which the socio-economic development of the country depends. The growth of the economy and its global competitiveness hinges on the availability of reliable and quality power at competitive rates. The demand of power in India is enormous and is growing steadily.
Yes, it is also true that just because an opposite party has not appeared in the matter, a suit or a petition need not be allowed where there is no merit in the case. But, to be frank, there exist a prima facie case for the Petitioner in the above case. The Petitioner alleges a due, sent a notice, the notice has not been replied and the Petitioner approaches the Court for winding-up of the Company. The result of the judgment makes it clear that the Court will never favour winding-up of a Company or trouble the Company, unless there exist a strong case or there exist no option except to wind-up the Company if it is a winding-up Petition.
The Income-tax Appellate Tribunal, Mumbai in the case of Mrs. Bakhtawar B Dubash v. DCIT, Mumbai (ITA No. 403 1/Mum/03), Mrs. Sudha D Dubash v. DCIT, Mumbai ( ITA No. 4032/Mum/03) has held that an amount disallowed in the hands of the Company for corporate tax purposes, should not be taxed again in the hands of its Director as the same amount cannot be taxed twice.
This is a very interesting ruling where the difference between the goodwill and the trade mark has been brought out clearly. The Tribunal has observed that the trademark can be transferred separately, either with or without the goodwill of the business whereas goodwill cannot be sold without the business itself and therefore transfer of trademark cannot be regarded as transfer of goodwill.
The market regulator Sebi today said Permanent Account Number (PAN) is mandatory for transfer of shares to the heir in case the deceased shareholder was the sole owner of shares. “It is hereby clarified that it shall be mandatory to furnish a copy of PAN (on) transmission of shares to the legal heir(s), where the deceased shareholder was the sole holder of shares,” a Sebi circular said.
After some time I learnt that he got in a position where he is in a position to bankrupt. On further query I came to know the whole story of his loud voice of animal growling. He was into real estate business and he took two projects where construction was going and had taken a loan from around Rs.5cr and all his money is invested in construction and he is not getting any buyers for his residential flats. He also needed some more funds for the pending works and banks are reluctant to lend further at the same time his flats were not getting sold. He was in a terrible situation at that point of time. I finish the story here without going into further details.
The election of the Pune branch of the Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI) has run into problems after some members filed a petition in the Shivajinagar civil court demanding a stay on it.The aggrieved members alleged that the governing body of the Pune chapter of WIRC has cancelled their nominations without an
One of the unkindest cuts is that the auditor of a company, necessarily a CA, shall not render such services as accounting and book-keeping, internal audit, design and implementation of any financial information system, actuarial, investment advisory, investment banking, rendering of outsourced financial services, and management services.
The Notification of the declaration of results under Rule 36 of the Chartered Accountants (Election to the Council) Rules, 2006 was to be published in the Gazette of India dated 6th January, 2010. While the Notification on the declaration of results of election to the 20th Regional Councils is being notified in the Gazette of India dated 6th January, 2010, however, the notification on the declaration of results in respect of election to the 21st Council is withheld arising out of the Stay granted by the Honourable High Court of Judicature for Rajasthan, Jaipur Bench, Jaipur vide its Orders dated 5.1.2010 in Civil Writ Petitions Nos. 157/2010 and 158/2010.
No.54-EL(1)/20/2010: In pursuance of provisions of Regulation 134(10) of the Chartered Accountants Regulations, 1988 read with Rule 36 of the Chartered Accountants (Election to the Council) Rules, 2006, the Council of the Institute of Chartered Accountants of India is pleased to notify for general information the names (in alphabetical order), membership numbers and places of the members, who have been elected to the Twentieth Regional Councils of the Institute as given below:
