Oppression and Mismanagement - The Appellate Tribunal ...

Tribunal Upholds Forensic Audit Order Due to Alleged Financial Lapses and Non-Compliance; Stresses Need for Reasoned Orders.

March 29, 2024

Case Laws Companies Law AT

Oppression and Mismanagement - The Appellate Tribunal highlighted the absence of reasoning in the impugned order, especially regarding the direction for an independent forensic audit. It emphasized the necessity of recording reasons to support judicial orders, citing legal precedents. Despite oral submissions, the Appellant failed to file a reply affidavit or supporting documents, leaving the interim order based solely on the petitioner's averments. The Tribunal upheld the interim order for a forensic audit, considering allegations of serious lapses and non-compliance in financial statements and statutory compliances.

View Source

← Previous Next →

Oppression and Mismanagement - The Appellate Tribunal ...

Tribunal Upholds Forensic Audit Order Due to Alleged Financial Lapses and Non-Compliance; Stresses Need for Reasoned Orders.

March 29, 2024

Case Laws Companies Law AT

You may also like:

National Financial Reporting Authority Amendment Rules, 2022 - Punishment in case of non-compliance - Notification

Disallowance of commission paid to foreign agents - The Tribunal upheld the disallowance of commission expenses to both domestic and non-resident companies due to the...

The case involved the Appellate Tribunal addressing issues regarding the scope of Show Cause Notice (SCN) and compliance with Customs notifications. The Tribunal held...

The Income Tax Appellate Tribunal (ITAT) held that every non-compliance with a notice u/s 142(1) gives a separate cause of action for levying penalty u/s 271(1)(b)....

ITAT set aside penalty under s.272A(1)(d) imposed on appellant, a small fruit vendor, for alleged non-compliance with notices under s.142(1)/143(2) during...

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

The Income Tax Appellate Tribunal set aside the assessment order for the assessee and restored the matter to the Assessing Officer for a de novo assessment after...

Proceedings against CIT - alleged lapses/irregularities in eight cases - extension of favor to assessee - HC

Disqualification of a director of the financial creditor to sign the Section 7 application was challenged. The application u/s 7, signed by the director of the financial...

Non-Banking Financial Company (NBFC) categorization - Amendment made in sec 43B and 43D to substitute the words, “a deposit taking non-banking financial company or...

Penalty imposed u/s 271B for non-compliance with section 44AB audit report filing. Assessee failed to prove attending litigations or financial difficulties. Assessee...

The National Company Law Appellate Tribunal, Principal Bench, New Delhi, addressed the validity of the Corporate Insolvency Resolution Process (CIRP) against a...

The assessee, a company engaged in development/construction and sale of flats and plots, had classified its properties into four categories: flats open for sale, let-out...

Liability to contribute towards Liquidation Process Costs - scope of Financial Institution - The Tribunal found that the appellant, having invested a significant sum by...

Rejection of Section 7 Application filed by the Appellant (homebuyers) on the ground of non-compliance of Section 7, sub-section (1), 2nd Proviso - decree-holder is...

Quick Updates: