PIO, OCI cards merger creates confusion for NRIs; Govt plans integration of 36 services with eBiz-portal
PIO, OCI cards merger creates confusion for NRIs; Govt plans integration of 36 services with eBiz-portal
Allows investigation against impleaded party in Sec. 397/398 proceedings; Funds siphoning allegations serious
HC dismisses appeal against CLB interim order u/s 397/398 directing audit of appellant co's accounts though appellant was only an impleaded party to oppression / mismanagement proceedings; Sec 397/398 petition was filed by a foreign investor, who invested Rs 123 crores in Indian co. for SEZ set-up, against the Indian co. and appellant & other group cos controlled by Kabul Chawla were impleaded; HC observes that such huge money was siphoned off to appellant and other group companies.. "Hence, under these circumstances even if, as an interim measure, the Board has directed for audit of the accounts of Triangle (appellant) and certain other interim directions have been given, the order cannot be faulted with."; Rejects appellant's contention that Sec 397/398 petition could only be filed against a company whose affairs are to be looked into, holds that Section 405 of Companies Act, 1956 provides for additions of any party, likely to be affected by CLB's order, to oppression & mismanagement proceedings; Observes that appellant impleaded in the petition was certainly the necessary party as it was involved in huge investment transaction and notes that petitioner did not pray before CLB to go into affairs of parties impleaded, "It was to observe principles of natural justice":Punjab & Haryana HC
The ruling was delivered by Justice Rajesh Bindal.
Senior Advocate U. K. Chaudhary alongwith Advocates Hemant Saini, Himanshu Vij and Umang Gupta argued on behalf of the appellant. Senior Advocates Sunil Gupta and Anand Chhibbar alongwith Advocates Prashant Mishra, J. S. Bhatia and Gaurav Mankotia argued on behalf of the respondent.
MCA clarification on e-Form INC-21
MCA clarifies that companies are no longer required to file e-form INC-21 with the Registrar through MCA portal, as the requirement of filing declaration by a company before commencement of business / exercising its borrowing powers has been dispensed with under Companies (Amendment) Act, 2015
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Changes in stamp duty for MoA/AoA changes in Rajasthan & Kerala
MCA clarifies that stamp duty in the State of Kerala for registration of MoA of a proposed company is changed vide Finance Bill 2015 with effect from April 1, 2015; Further stamp duty in the State of Rajasthan for change in authorized share capital of a company is also changed
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MCA modifies e-forms INC-1, INC-21 and DIR-3 with effect from June 4, 2015
MCA modifies e-forms INC-1, INC-21 and DIR-3 with effect from June 4, 2015
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MCA notifies exemptions for Sec 8 cos; Minimum paid-up share capital requirement inapplicable
Govt exempts Section 8 cos. (non-profit cos) from appointing CS, having minimum paid-up share capital; Provides that time, date & place of AGM of such cos shall be decided before hand; Further provides that general meetings of such cos may be called by not giving less than clear \'fourteen days\' notice; Limit on number of directors for such cos shall not apply (i.e. minimum 2 directors for pvt co & 3 directors for public co. and maximum 15 directors); Appointment of independent directors & limit on number of directorship not to apply for such cos; Board of Directors of Sec 8 cos to hold at least one meeting within every 6 calendar months : MCA
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