Disqualification of Directors - defaulting directors - Section ...

Companies Law

November 7, 2019

Disqualification of Directors - defaulting directors - Section 164(2) of the Act operates prospectively i.e. w.e.f 7.5.2018. - However, such prospective operation would entail taking into account failure to file the financial statements pertaining to the financial year ending 31.03.2014 on or before 30.10.2014. This Court is of the view that the taking into account such default does not amount to a retrospective application of Section 164 of the Act and the contentions advanced by the petitioners in this regard, are unmerited.

View Source

← Previous Next →

Disqualification of Directors - defaulting directors - Section ...

Companies Law

November 7, 2019

You may also like:

Seeking withdrawal of application for initiation of CIRP - On a bare reading of the provision of section 7(5) clauses (a) and (b) it is amply clear that the Adjudicating...

Disqualifications for appointment of a Directors - if the default is committed by company A by not filing financial statements or annual returns, the said director of...

Admissibility of Section 7 application - The date of default which is mentioned in the tabular form cannot be ignored it is clear that there was default of more than...

Determination of service tax liability on the approval of resolution plant under IBC - The amount of service tax dues having thus crystallized, the resolution plan says...

FEMA (Transfer or Issue Of Security By A Person Resident Outside India) - Sixth Amendment – Amendment In Regulations 2, 5, 10, 12 And Schedules 1, 2, 5, 6 & 7 - Notification

Reversal of Cenvat Credit - Whether the appellant is liable to pay 5% / 6% / 7% of the value of exempted services (trading) as they failed to maintain separate accounts...

Initiation of CIRP - since the affidavit not having been notarized is only a procedural irregularity and it is a curable defect. This irregularity can be rectified by...

Grant of Moratorium due to COVID-19 pandemic situation - Restraint on respondent from recovering loan repayment instalments/EMI due - RBI Circular dated 27.03.2020 -...

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

Refusal to stay the proceedings initiated by the Respondent, Axis Bank Limited against the Appellant - The title “Insolvency and Bankruptcy Code” makes it amply clear...

Corporate Insolvency Resolution Process (CIRP) against guarantor - corporate debtor admittedly being corporate guarantor to the money borrowed by the principal borrowers...

Initiation of CIRP - A deposit is something more than a mere loan of money - the Appellant’s status is that of a ‘Financial Creditor’ as per Section 5(7) read with...

Vires of the proviso to Section 167(1)(a) of the Companies Act - Disqualification for appointment of Director - The exclusion of Directors from vacating their posts in...

CIRP - Admission of Section 7 application - The tribunal meticulously assessed evidence, including correspondence, loan agreements, and bank statements, to determine the...

Initiation of CIRP - authentication of default - there are no substance in the submission of the Appellant that since Financial Creditor has not filed the record of...

Quick Updates: