Selecting the best tax-saving mutual fund (also referred to as equity linked saving scheme – ELSS) is never an easy task. For one, there are just too many funds, which only confuses the investor. Add to this the sometimes misrepresentative mutual fun
Many connected to judiciary in one way or other understand ‘Uncle Judges’ issue and it was laudably highlighted by the Apex Court of this Country. It is in fact a very serious problem, but, finding a solution is not easy. There is an urgent need to look at the functioning of ‘Higher Judiciary’ and the judges of Superior Courts. The reason is very simple. Despite all the criticism, people still repose faith in Superior Courts in this Country and I strongly believe that Superior Courts discharge their responsibility well though there can be exceptions.
Mobile number portability (MNP) enables mobile telephone users to retain their mobile telephone numbers when changing from one mobile network operator to another. To switch operators, Type PORT, leave a space, type your mobile number and text it to
Speed Clearing refers to collection of outstation cheques through the local clearing. It facilitates collection of cheques drawn on outstation core-banking-enabled branches of banks, if they have a net-worked branch locally.
In continuation of previous articles, elaborating the difficulties in getting the refund claim under different conditions, we in this article are unveiling the problems existing in the Service tax refund mechanism under Conditions relating to Courier
A cheque issued by and signed by any other person other than the first holder of the investment is a third-party cheque. When a payment is made from a bank account that is not held by the beneficiary investor, that is, the first Holder or the sole Ho
While everybody appreciates the legislative intention behind enacting special legislations like RDDB Act, 1993 and SARFAESI Act, 2002, when it comes to the sale of mortgaged property through auction, many interesting points would emerge for consideration. If it is a sale of mortgaged property pursuant to the Recovery Certificate issued by the Debt Recovery Tribunal in an Application filed by the Bank under Section 19 of RDDB Act, 1993, the Recovery Officer or the Bank shall have to follow the provisions contained in Schedule II and III of Income Tax Act with such modifications as may be necessary.
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:
In the alleged Rs 400-crore fraud by a senior employee at a Gurgaon branch of Citibank, RBI is probing whether there have been any violations of norms related to customer verification and monitoring of accounts. The initial probe by the banking regul
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.
