Initiation of CIRP - The payment received for shares, duly ...

Shares Issued to Third Party at Payee's Request Not Considered Debt; Transferable and Eligible for Dividends.

August 29, 2020

Case Laws Insolvency and Bankruptcy SC

Initiation of CIRP - The payment received for shares, duly issued to a third party at the request of the payee as evident from official records, cannot be a debt, not to speak of financial debt. Shares of a company are transferable subject to restrictions, if any, in its Articles of Association and attract dividend when the company makes profits. - SC

View Source

← Previous Next →

Initiation of CIRP - The payment received for shares, duly ...

Shares Issued to Third Party at Payee's Request Not Considered Debt; Transferable and Eligible for Dividends.

August 29, 2020

Case Laws Insolvency and Bankruptcy SC

You may also like:

Stay of recovery - recovery of tax from its debtors - Tribunal could not have directed recovery of tax from its debtor, who was not a party to the proceedings before the...

The assessee, a foreign airline company and tax resident of the USA, engaged in the business of operating aircraft in international traffic, obtained approval from DGCA...

Initiation of CIRP - Guarantor - Extinguishment of debt - The NCLAT upheld the NCLT's decision, finding that ECL did not act as a guarantor for ESL's debts based on the...

Addition u/s 68 - receipt of share application money - reliance on statement of third parties - The statements of third parties i.e. two angadias relied upon by the ld....

The Appellate Tribunal dismissed the Section 7 application filed by the Appellant, ruling that the share application money deposited by the Appellant with the Corporate...

Reopening of assessment u/s 147 - Addition u/s 68 - unexplained share premium - While recording the reasons for reopening the assessment, the AO did not even care to...

Addition u/s 68 - Unexplained share application money - onus to prove - Where the assessee shows that entries regarding cash credit in a third party’s account are...

Assessment u/s 153C - Satisfaction Note for issue of notice u/s 153C - the recovery of the annual report and the share certificate of the Petitioner from premises of...

This notification amends the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993. The key changes are: 1) In...

Validity of reassessment order u/s 147 - Denial of Cross-Examination Opportunity - Reliance of statement of third party - The High Court noted that the petitioner did...

Seeking to grant leave to add the container freight station (CFS) and the Shipping Line as party respondents in the contempt petition - the order passed by this Court...

Individual investors applying through intermediaries for public issues of debt securities, non-convertible redeemable preference shares, municipal debt securities, and...

Section 53(1) of the Insolvency and Bankruptcy Code (IBC) provides for the order of priority in the distribution of liquidation assets. Financial debts owed to unsecured...

Addition u/s 40(a)(ia) - non-deduction of TDS - the assessee cannot comply the provisions of chapter XVII of the Act with respect to the expenses claimed on provisional...

Addition made u/s 69C of the Income Tax Act for alleged cash payments based on a WhatsApp message and statement of a third party. The key points are: The WhatsApp...

Quick Updates: