Restraint on shareholders of Zee Entertainment Enterprises ...

Companies Law

March 28, 2022

Restraint on shareholders of Zee Entertainment Enterprises Limited from calling for and holding an Extra Ordinary General Meeting - The procedure for appointment of Independent Directors - The power given to shareholders of a Company by Section 160 and more importantly, the proviso thereto, cannot go unnoticed. In the teeth of the aforesaid provision, we cannot appreciate how the Ld. Single Judge agreed “on all counts” with Zee’s submission that “In the scheme of the Companies Act, shareholders do not get to choose individual independent directors.” - Section 160 does not make any distinction whatsoever between an Independent Director or otherwise. On a plain reading of Section 160, a shareholder of a Company clearly has the right to propose the appointment of an Independent Director. - Zee’s submission cannot be accepeted by defeating corporate democracy and ignoring the safeguards provided to shareholders under Section 160 and 169 of the Act. - HC

View Source

← Previous Next →

Restraint on shareholders of Zee Entertainment Enterprises ...

Companies Law

March 28, 2022

You may also like:

Gain/loss on sale of shares - legal nature of the transaction - As per companies Act shareholder and company both are two separate legal person capable of holding...

Deemed dividend u/s 2(22)(e) - assessee company is a shareholder of lender company or not? - The ITAT held that for amounts to be considered as deemed dividends under...

A shareholder holding only 0.001% shares cannot be permitted to hold the company to ransom where 99% of the shareholders have accepted the scheme and the majority of the...

Appellant is subsidiaries or affiliate of the Unitech Limited or not - Unitech Holdings Limited a wholly owned subsidiary of Unitech Limited has shareholding to the...

Benefit of exemption for public telephone operating only for "local calls" - calls made to mobile service operators - In the absence of any contrary definition of local...

Levy of Entertainment tax - online booking charges - The petitioners have pointed out that the internet and online facility of booking could not have been envisaged in...

Deemed dividend - The expression "shareholder being a person who is the beneficial owner of shares" referred to in the first limb of Section 2(22)(e) refers to both a...

TP adjustment - consideration paid to the associated enterprise pursuant to the merger of the holding company (i.e. subsidiary of associated enterprise) with the...

Applying transfer pricing formula - associate enterprises - there has to be an enterprise in the nature of a firm and another enterprise who holds not less than 10%...

Addition u/s 56(2)(vii)(c)(ii) - allotment of shares to assessee shareholder at a value lower - whether Tax to be paid by the shareholders or the company? - The shares...

Computation of capital gains - Expenditure incurred in connection with transfer of shares - the entire tax liability of the companies cannot be fastened on a single...

Supply of Services - activity of holding of shares of subsidiary company by holding company - During the proceedings, the Central and State Governments issued...

TP Adjustment - Rejection of Associated Enterprises as the tested party - foreign Associated Enterprises satisfied all the criteria for being taken as a tested party....

Revision u/s 263 - scope of limited scrutiny - PCIT has directed the AO to pass the assessment order afresh ignoring that when the case is selected for limited scrutiny,...

Status of corporate debtor claiming as MSME - CIRP proceedings - Persons not eligible to be Resolution Applicant u/s 29A - No doubt an option is given to micro or small...

Quick Updates: