Order pronounced on 22nd June, 2016 by New Delhi Bench of National Company Law Tribunal (NCLT) In the matter of Mr. Rupak Gupta & Another….. (Applicant) Vs. U.P. Hotels Limited ………….(Respondent Company) & Others…………………………..(Respondent Director) Facts of the Case: Applicant and his mother were Directors of the Respondent Company. On 28th May, 2016, applicant received …
DIRECTOR’S RIGHT OF DIGITAL PRESENCE IN BOARD MEETINGS: Read More »
1. Word:Locus Standi Origin: Latin word Meaning: a right to appear in a court or before anybody on a given question; a right to be heard. Example: A foreign government which has not been recognized by the UK government has no locus standi in the English courts. 2. Word: Sub judice Origin: Latin word Meaning: before a court of law or a judge; under judicial consideration Example: Often a commissioner had to leave the bench because he was himself aparty to the suit that was sub judice.
S. No Basis Current Scenario (Excise/ Custom Duty, Service Tax, CST, VAT) GST Scenario (Goods and Service Tax) 1. Architecture / Structural Difference Central taxes: – Excise/Custom duty, Central sales tax charged on services, surcharge and cess. State Taxes: – VAT, Purchase, Luxury Tax, Entertainment Tax, Tax on Lottery, Surcharge & Cess. A dual layered …
Today all eyes are fixed on Rio de Janeiro as Olympics 2016, have begun. The biggest sporting extravaganza was formally opened on 5th August, 2016 with a colorful ceremony and pageantry. The Indian Olympic Association has created history by sending the nation’s largest ever delegation to this Summer Games 2016, a total of 120 athletes; 37 more …
Board of Directors I. Introduction Board of directors keeps in balance a corporation’s risk, growth and return at the most appropriate level through strategic decisions and manages and represents the corporation by firstly protecting the long-term benefits of the corporation through rational and prudent risk management. Board of directors shall conduct its activities in transparent, …
Companies (Cost Records and Audit) Amendment Rules, 2016 dated 14th July, 2016MCA vide notification dated 14th July, 2016 has amended the Companies (Cost Records and Audit) Rules, 2014 where: In rule 2, for clause (d), the following clause shall be substituted, namely:-“(d) “cost audit report” means the duly signed cost auditor’s report on the cost …
Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2016 dated 08th July, 2016.In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) and Section 25 of the Depositories Act, 1996, the Securities and Exchange Board of India has hereby amended …
Master Direction – Lending to Micro, Small & Medium Enterprises (MSME) Sector dated 21st July, 2016.In exercise of the powers conferred by Sections 21 and 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest to do so, hereby, issued …
Since the provisions of National Company Law Tribunal (NCLT) have been notified with effect from 1st June, 2016, the term “Class Action Suits” has become the buzz word. I. MEANING: In a class action suit, a large group of people, having same or similar interests, collectively bring a claim to court, represented by one or …
The concept of Producer Companies was introduced in the year 2002 by incorporating Part IXA (section 581A to 581ZT) into the Companies Act, 1956. The proviso to Section 465 (1) of the Companies Act, 2013 provides that the provisions of Part IX A of the Companies Act, 1956 shall be applicable mutatis mutandis to a …
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