Home Highlights July 2011 Year 2011 This

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1. 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...

2. Fiscal Penalty on nominee directors - failure to fulfill the export obligation under DEPB licenses - HC

3. Dishonour of Cheque - existence of legally enforceable debt or liability - vicarious liability of nominee and non-executive directors - The contention does not cut much...

4. Appointment of additional director, alternate director and nominee director - the filling up of causal vacancy of the director may be done by the board in case of...

5. Liability of nominee directors for offence / non compliance committed prior to their appointment - EPCG Scheme - non-fulfilment of export obligation - at the time when...

6. Filing misleading affidavits in Court cannot be taken lightly and may warrant stringent action. Before we proceed to take any action, we would want to know what...

7. Appointment of Additional Director or independent Director - incorrect declaration in the aforesaid Form DIR-12 or not - The subsequent documents along with the...

8. Rejection of application filed by the Appellant (Suspended Director) before the Adjudicating Authority - Challenging the authority of another director's actions and...

9. Performance review of Public Interest Directors (PIDs)

10. Initiation of CIRP - Financial Creditors - Financial Debt - There is a difference between the levy of liquidated damages or penal interest for default and the financial...

11. Non payment of service tax - Banking and other financial services - f penal charges arises on account of a separate cause of action which is independent of lending...

12. Appointment of additional director, alternate director and nominee director - a person is restricted from being appointed as an alternate director if he is holding...

13. Penalty u/s 271-D and 271-E - accepting loan in cash from the director of the company - The tribunal held that, the assessee`s case under consideration the transactions...

14. Rent paid by director of the company in her individual capacity - directors serve as agents - any transaction carried out by the directors on behalf of the company is a...

15. The stand as taken by the parties, suggest that the application under Section 10 of the I&B Code was filed by the ‘Corporate Applicant’ fraudulently with malicious...