Category - Company Law

Directors™ vicarious liability for dishonor of company cheque Landmark judgment of Supreme Court

[2010] 98 CLA (Mag.)  1 By Dr. K R Chandratre In this article Dr. K R Chandratre, Practising Company Secretary ; Past President, Institute of Company Secretaries of India, discusses standard penal provision which fastens vicarious liability on the directors of the company for offences committed by the company in the light of the landmark… Read More

Oppression/Mismanagement Matter following within the purview of MOU

Any issue relating to a matter which falls under the purview of the memorandum of understanding (˜MoU™) between the parties is not within the purview of the Company Law Board and cannot be entertained in a proceeding under section 397/398. Companies Act, 1956 Section 397/398 Oppression/Mismanagement Petition for relief against Issue relating to a matter… Read More

Tag: Oppression and Mismanagement

Default in filing Annual Return

Sections 159 and 168 Offence and prosecution Default  in filing annual return Prosecution of director who resigned before default took place How far tenable Where the director resigned from his post, his resignation was accepted and was communicated to the Registrar of Companies prior to the default of non-filing annual return took place, he cannot… Read More

Restoration of defunct company

Section 560 Defunct company Restoration of Whether it is a mandatory requirement for the Registrar  to send notice to the company before striking off name from register If the name of the company is struck off  from the register of companies without notice under sub-section (6) of section 560, the Registrar of Companies is required… Read More

Tag: Defunct company

Securities trading using wireless technology

MRD/DP/25/2010 dated 27th August 2010 issued by the Securities and Exchange Board of India It has been decided that SEBI registered brokers who provide internet based trading including mobile phones and laptops with data cards, shall be eligible to provide securities trading using wireless technology. 1. It has been decided that SEBI registered brokers who… Read More

Review of norms for investment and disclosure by mutual funds in derivatives

Circular No. IMD/DF/11/2010 dated 18th August 2010 issued by the Securities and Exchange Board of India Mutual funds Investment in derivatives Review of norms for investment  in derivatives by mutual funds and disclosures thereof to the investors. 1. Please refer to the Circular DNPD/CIR-29/2005 dated 14th September, 2005 {[2005] 68 CLA (St.) 75}, Circular MFD/CIR/9/120/2000… Read More

Easy Exit Scheme, 2010 Authorisation for entering details in Form EES 2010

General Circular No. 3/2010 dated 10th August 2010 issued by the Ministry Corporate Affairs EES, 2010 It has been decided that in the case of 100 per cent Government companies, if no Board is in existence, an officer not below the rank of Deputy Secretary of the concerned Administrative Ministry may be authorised to enter… Read More

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