Respondent No.1 & 2 directed to initiate action under Chapter ...

Respondents 1&2 ordered to act against Respondent 3 & sister firms for record manipulation & fund siphoning under Companies Act.

Case Laws Companies Law

July 31, 2024

Respondent No.1 & 2 directed to initiate action under Chapter XIV of Companies Act, 2013 against respondent No.3 and sister group companies for manipulating records and siphoning funds to shell companies. Court finds inaction by respondents No.1 & 2 unfathomable despite information about financial affairs. Imperative to exercise statutory duties in arresting pilferage, safeguard interests of petitioner and others. Respondents No.1 & 2 conjointly directed to inspect affairs of respondent No.3 and related companies as per IRP reports, ensure compliance u/ss 206 to 210, submit Inspection Report within four weeks. Matter re-notified for hearing.

View Source

← Previous Next →

Respondent No.1 & 2 directed to initiate action under Chapter ...

Respondents 1&2 ordered to act against Respondent 3 & sister firms for record manipulation & fund siphoning under Companies Act.

Case Laws Companies Law

July 31, 2024

You may also like:

Statutory provisions regarding restoration of a company's name on the Register of Companies maintained by the Registrar of Companies (ROC) u/s 252(1) and 252(3) of the...

The Income Tax Appellate Tribunal (ITAT) examined the issue of merger of intimation u/s 143(1) and scrutiny assessment u/s 143(3) of the Income Tax Act. The case...

A public listed company (RHFL) was involved in siphoning off funds by structuring them as 'loans' to creditworthy conduit borrowers, resulting in disproportionate...

Assessment framed without issuing mandatory notice u/s 143(2) by jurisdictional officer. Assessee filed return with Range-1(1), notice u/s 143(2) issued by ITO,...

Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

Assessment u/s 153C versus 143 - Additions u/s 45 - Underreporting of sale consideration for immovable property while framing the Assessment Order u/s 143(3) - Whether...

Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

Scope of the Adjustment made by the CPC u/s 143(1) when scrutiny assessment made u/s 143(3) - Considering the facts that the case of the assessee was subsequently taken...

Validity of assessment order passed u/s 153(1) - Period of limitation - In this case, since, the Assessing Officer cannot invoke jurisdiction u/s.144C(1) and pass draft...

This case pertains to a prayer for rectification in the Register of Members concerning the transfer of shares, invoking Section 154 of the NCLT Rules. The key points...

Taxability of unutilized accumulated funds u/s 11(2) as income u/s 11(3) - The CIT(A) upheld the Assessing Officer's decision, which was based on a Section 263 order...

Non-issuance of a proper Show Cause Notice u/s 73(1) of the State Goods and Services Tax Act, 2017 (AGST Act) prior to passing the impugned order u/s 73(9) violates...

Penalty u/s 271(1)(c) - combined order of penalty for additions made vide order u/s 143(3) r.w.s. u/s 153A and u/s 143(3) r.w.s. 147 - AO required to initiate two...

The Appellate Tribunal addressed the following issues: 1. Deduction u/s. 80P(1) r.w.s. 80P(2)(a)(i) - Held that the assessee is not a cooperative bank, making it...

This circular amends the requirement under Chapter 1 at Para 4.3.3.1 of the SEBI Master Circular (Stock Exchanges and Clearing Corporations) dated October 16, 2023,...

Quick Updates: