Delhi ROC order for violation of Section 42(8) for delay filing of Return of allotment (PAS 3) in the matter of Rategain Travel Technologies Ltd
Category: Company Law
Company Law Articles, Video, PPT, Discussion, Expert Analysis
Delhi ROC adjudication order for violation of Section 173(1) for not holding minimum 4 BM in a year & Section 118(10) for non compliances of Secretariat Standard 1 (BM) issued by ICSI in the matter of Midland Credit Management India Pvt. Ltd.
Delhi ROC adjudication order for violation of Section 173(1) for not holding minimum 4 BM in a year & Section 118(10) for non compliances of Secretariat Standard 1 (BM) issued by ICSI in the matter of Midland Credit Management India Pvt. Ltd.
RD Order u/s 454(5) of C.A, 2013 dated 01.02.2022-Sogefi Adm Suspensions Private Limited reducing penalty imposed by Pune ROC for violation of Section 203
Company Law (Adjudication & Appeal) Series
RD Order u/s 454(5) of C.A, 2013 dated 01.02.2022-Sogefi Adm Suspensions Private Limited reducing penalty imposed by Pune ROC for violation of Section 203
Web based efiling for LLP on MCA portal II MCA updates-01st Feb 2022 II W.e.f. 06th March 2022
Web based efiling for LLP on MCA portal II MCA updates-01st Feb 2022 II W.e.f. 06th March 2022
BUDGET 2022 (Download all budget documents) -01st Feb 2022)
Key to Budget Document, 2022
https://www.indiabudget.gov.in/doc/Key_to_Budget_Document_2021.pdf
Budget Highlights (Key Features)
https://www.indiabudget.gov.in/doc/bh1.pdf
Annual Financial Statement
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https://www.indiabudget.gov.in/#collapse2
Memorandum Explaining the Provisions in the Financial Bill
https://www.indiabudget.gov.in/doc/memo.pdf
Finance Bill
https://www.indiabudget.gov.in/doc/Finance_Bill.pdf
Statements of Fiscal Policy under the FRBM Act, 2003
https://www.indiabudget.gov.in/doc/frbm1.pdf
Output Outcome Framework for Schemes 2022-2023
https://www.indiabudget.gov.in/doc/OutcomeBudgetE2021_2022.pdf
Customs Notifications
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https://www.indiabudget.gov.in/#custom
Implementation of Budget Announcements 2021-2022
https://www.indiabudget.gov.in/doc/impbud2020-21.pdf
Budget at a Glance
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https://www.indiabudget.gov.in/#budget
Expenditure Profile
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https://www.indiabudget.gov.in/#expen
Expenditure Budget
https://www.indiabudget.gov.in/#expenb
Ministry wise Summary of Budget Provisions
https://www.indiabudget.gov.in/doc/eb/sumsbe.pdf
All Statements of Budget Estimates
https://www.indiabudget.gov.in/doc/eb/allsbe.pdf
Finance Minister’s Speech
RD Order u/s 454(5) of C.A,2013 dated 21.01.2022-United Conveyor Corporation(India) Private Limited Reducing penalty from 16.93 Lakhs to 3.74 Lakhs
RD Order u/s 454(5) of C.A,2013 dated 21.01.2022-United Conveyor Corporation(India) Private Limited Reducing penalty from 16.93 Lakhs to 3.74 Lakhs for default of Section 203 of CA 2013
Judicial updates -21st January 2022
SC in G.T. Girish Vs Y. Subba Raju (D) By LRs judgment dated 18th Jan 2022 held that Subordinate Legislation in the form of Statutory Rules is a ‘law’ u/s 23 of Indian Contract Act
Matter involving large scale State Revenues should be disposed speedily Dalmia Refractories Limited Vs State of Tamil Nadu (Madras High Court) dated 11/01/2022
One Time Settlement (OTS) of Bank Loan is Not a Right of Borrowers held by SC in
matter of Bijnor Urban Cooperative Bank Limited dated 15/12/2021
SEBI impose penalty for dealings in illiquid Stock Options at the BSE In Re Ashok Kumar Sharma HUF (SEBI) -23/12/2021
Taxation
Rajasthan HC disposes Plea seeking extension of due dates till portal Glitches removed
Tax Bar Association Vs Union of India (Rajasthan High Court) dated 12/01/2022
If AO accepts objections of assessee and does not assess or reassess the income which was the basis of notice than he cannot made additions on other issues
Yashoda Shivappa Nagangoudar Vs ITO (Bombay High Court) dated 05/01/2022
Provisional custom duty paid by Assessee cannot be treated as deposit
Nirma Ltd Vs C.C.-Jamnagar(prev) (CESTAT Ahmedabad) dated 13/01/2022
Bombay HC in Vodafone Idea Ltd. Vs ACIT dated 03/01/2022 held-
Reopening of Assessment not permissible to take another view on same material
For legal updates
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Bipul Kumar
Tribunals/Quasi-Judicial Bodies
In India, Tribunals are a part of the Executive branch of the Government which are assigned with the powers and duties to act in judicial capacity for settlement of disputes. Part XIV of the Constitution of India makes provisions for establishment and functioning of the Tribunals in India. They are quasi-judicial bodies that are less formal, less expensive and enable speedy disposal of cases.
There are tribunals for settling various administrative and tax-related disputes, including Central Administrative Tribunal (CAT), Income Tax Appellate Tribunal (ITAT), National Company Law Tribunal (NCLT), Customs, Excise and Service Tax Appellate Tribunal (CESTAT), National Green Tribunal (NGT) and Securities Appellate Tribunal (SAT), among others. Tribunals were added in the Constitution by Constitution (Forty-second Amendment) Act, 1976 as Part XIV-A, which has only two articles viz. 323-A and 323-B. Article 323A provides that a law made by the parliament may provide for establishment of an Administrative Tribunal for the Union and a separate Administrative Tribunal for each state or two or more states. Article 323 B empowers the parliament or state legislatures to set up tribunals for matters other than those mentioned under Article 323A.
Types of Tribunal in India
1. Debt recovery Tribunal
The Debt Recovery Tribunals have been constituted under Section 3 of the Recovery of Debts Due to Banks and Financial Institutions (RDDBFI) Act, 1993. The original aim of the Debts Recovery Tribunal was to receive claim applications from Banks and Financial Institutions against their defaulting borrowers. (DRT) was established for expeditious adjudication and recovery of debts due to banks and financial institutions in order to reduce the non-performing assets of the Banks and Financial Institutions. Prior to the introduction of Debt Recovery Tribunal, petitions had to be filed separately for adjudication of cases and execution proceedings in different courts depending upon their jurisdiction. DRT acts as a single judicial forum for adjudication of cases as well as execution of the decrees passed for recovery of debts due to banks and financial institutions under RDDBFI Act and Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, 2002.
2. National Company law
Tribunal National Company Law Tribunal (NCLT) is a quasi-judicial body exercising equitable jurisdiction, which was earlier being exercised by the High Court or the Central Government. It has been established by the Central government under section 408 of the Companies Act, 2013 with effect from 1st June 2016. The Tribunal has powers to regulate its own procedures. The establishment of the National Company Law Tribunal (NCLT) consolidates the corporate jurisdiction of the following authorities:
i)Company Law Board
ii) Board for Industrial and Financial Reconstruction.
iii) The Appellate Authority for Industrial and Financial Reconstruction
iv) Jurisdiction and powers relating to winding up restructuring and other such provisions, vested in the High Courts.
3. Consumer Forum
To protect the rights of the consumers in India and establish a mechanism for settlement of consumer disputes, a three-tier redressal forum containing District, State and National level consumer forums has been set up. The District Consumer Forum deals with consumer disputes involving a value of upto Rs. 1 crore. State Commission has jurisdiction in consumer disputes having a value of upto Rs.10 crore. The National Commission deals in consumer disputes above Rs.10 crores, in respect of defects in goods and or deficiency in service. It is important to note that consumer courts do not entertain complaints for alleged deficiency in any service that is rendered free of charge or under a contract of personal service.
4. Motor Accident Claims
Tribunal (MACT) The Motor Accidents Claims Tribunal deals with matters related to compensation of motor accidents victims or their next of kin. Victims of motor accident or legal heirs of motor accident victims or a representing Advocate can file claims relating to loss of life/property and injury cases resulting from Motor Accidents. Motor Accident Claims Tribunal are presided over by Judicial Officers from the State Higher Judicial Service and are under direct supervision of the Hon’ble High Court of the respective state.
5. Central Administrative Tribunal (CAT)
Central administrative Tribunal is a multi-member body to hear on cases filed by the staff members alleging non-observation of their terms of service or any other related matters and to pass judgments on those cases. This Tribunal established in pursuance of the amendment of Constitution of India by Articles 323A.
6. National Green Tribunal (NGT)
National Green Tribunal was established for effective and expeditious disposal of cases relating to environmental protection and conservation of forests and other natural resources including enforcement of any legal right relating to environment and giving relief and compensation of damages to persons and property and for related matters.
7. Income Tax Appellate Tribunal (ITAT)
ITAT is a quasi judicial institution set up in January, 1941 and specializes in dealing with appeals under the Direct Taxes Acts. The orders passed by the ITAT are final, an appeal lies to the High Court only if a substantial question of law arises for determination.
Presently ITAT has 63 Benches at 27 different stations covering almost all the cities having a seat of the High Court
Gujarat ROC penalty order for non certification of MGT- 7 by Practising Company Secretary in the matter of Mr. Parag Sheth, Liquidator of M/s Maxroth Impex Pvt. Ltd. (Order dated 17th Jan 2022)
Gujarat ROC penalty order for non certification of MGT- 7 by Practising Company Secretary in the matter of Mr. Parag Sheth, Liquidator of M/s Maxroth Impex Pvt. Ltd. (Order dated 17th Jan 2022)
As per Section 92 (1) Every company shall prepare a return (hereinafter referred to as the annual return) in the prescribed form containing the particulars as they stood on the close of the financial year regarding—………signed by a director and the company secretary, or where there is no company secretary, by a company secretary in practice.
Section 450. Punishment where no specific penalty or punishment is provided
If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of one thousand rupees for each day after the first during which the contravention continues, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default or any other person.
Judicial updates-19th Jan 2022
Judicial updates-19th Jan 2022
CCI directs probe against Google for Abusing its Dominant Position against Publishers
In re Digital News Publishers Association (CCI) dated 07/01/2022
NCLT/NCLAT should not pass ad hoc orders regarding fee and expenses payable to Resolution Professionals
Devarajan Raman Vs Bank of India Limited (Supreme Court of India) dated 05/01/2022
NCLAT Stays Order Initiating CIRP as parties entered Settlement Agreement
Vinayak K Deshpande Vs Nexo Industries P Ltd (NCLAT Chennai) dated 04/01/2022
SC Restores Limitation Extension & excludes Period From 15.03.2020 to 28.02.2022 From Limitation
In Re Cognizance For Extension of Limitation (Supreme Court of India) dated 10/01/2022
Section 45 PMLA Act Gets Triggered while Considering Anticipatory Bail Plea
Asst. Director Enforcement Directorate Vs Dr. V.C. Mohan (Supreme Court of India) dated 04/01/2022
Builder obliged to provide occupancy certificate to flat owners & Failure amount to deficiency in service
Samruddhi Co-operative Housing Society Ltd. Vs Mumbai Mahalaxmi Construction Pvt. Ltd. (Supreme Court of India) -11/01/2022
Comments made during Mediation or Settlement Proceedings cannot be relied by Courts
Arjab Jena@ Arjab Kumar Jena Vs. Utsa Jena @ Pattnaik (Supreme Court of India) dated 05/01/2022
Nobody has a fundamental right to a public holiday
Kishnabhai Nathubhai Ghutia Vs Administrator Union Territory (Bombay High Court) dated 05/01/2022
God cannot be summoned by Court for inspection or verification
S.P. Eswaramurthy Vs Government of Tamil nadu (Madras High Court) dated 06/01/2022
Employees refusing regular promotion offer disentitled to financial upgradation benefits
Union of India Vs Manju Arora (Supreme Court of India) dated 03/01/2022
Legal updates
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