MARBLE CITY HOSPITAL AND RESEARCH CENTRE P.LTD V. SARABJEET SINGH MOKHA [2010] 155 COMP CAS 13 (MP)] RAJENDRA MENON J DECIDED ON 17.07.2009 Companies Act, 1956 – Sections 53, 193, 194 and 283(1)(g) –Vacation of the office of director due to failure to attend three consecutive meetings whether removal of director is valid – held, […]
Vacation of office of Director Read More »
Word – Adjudication Meaning – Legal process of resolving a dispute. Example– A third party was assigned to adjudicate the opposing claims. Pronunciation- ad·ju’di·ca’tion Word – Appeal Meaning: A legal proceeding by which a case is brought before a higher court for review of the decision of a lower court. Example: Appeal tribunal confirmed the rejection of his claim Pronunciation: ap·peal’
Release of Foreign Exchange for Imports – Further Liberalisation: RBI vide circular RBI/2011-12/404, A.P. (DIR Series) Circular No. 82 dated 21st February, 2012 has clarified that no application is to made to AD by persons, firms and companies for payments towards imports into India as long as the exchange being purchased is for a current account
Reserve Bank of India (RBI) Read More »
Section 274 of the Companies provides for disqualification a person to act a Director of a Company. It provides that “a person shall not be capable of being appointed director of a company, if a) he has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in
Proclaimed Offender – Is it another disqualification to act as a Director? Read More »
HDFC VS. GAUTAM KUMAR NAG & ORS Decided on 20th January, 2012 Facts – The appellant, HDFC granted loan to the borrower (not a defendant in this case) for constructing a house on a plot owned by him. To secure the loan amount, the borrower : a) Executed a promissory note in favor of the
The Liability of the Guarantors is absolute and co-extensive with that of the borrower. Read More »
Ranbaxy Laboratories Ltd v. Dr. Jayaram Chigurupati And Others [2010] 153 Comp Cas 162 CLB Decided on 21/10/2009 Companies Act, 1956 – Section 260 and 287(2) – Quorum for Board Meeting convened by Single Director on account of resignation of two directors to appoint two additional directors to constitute quorum – whether such appointment is
Can one Director can be considered as quorum? Read More »
Offer For Sale of Shares by Promoters through the Stock Exchange Mechanism: Sebi vide circular CIR/MRD/DP/ 7/2012 dated 23rd February, 2012 has modified Para 5(e)(ii) of the Circular No. CIR/MRD/DP/05/2012 dated February 1, 2012 on the Offer For Sale of Shares by Promoters through the Stock Exchange Mechanism. In this regard it has decided that indicative
Securities and Exchange Board of India(SEBI) Read More »
Connectivity via the Internet has greatly abridged geographical distances and made communication even more rapid. While activities in this limitless new universe are increasing by leaps and bounds, laws must be formulated to monitor them. In order to keep pace with the changing generation and their mind-set, the Indian Parliament passed the Information Technology (IT)
The Information Technology Act, 2000: A Legal Framework for E-Governance Read More »
Dear All The Union government has been seriously considering to bring about some major reforms in the Corporate Sector but has not been successful in doing so. The much awaited Companies Bill, 2011 introduced in the winter session was referred back to Standing Committee for review. The exercise to overhaul the Companies Bill to meet
Partner’s Column Feb 2012 Read More »