Corporate Law Updates

Recent Updates

1. MCA notifies Companies (Adjudication of Penalties) Amendment Rules, 2019

[Ref:-NOTIFICATION G.S.R. 131 [F.NO.1/25/2013-CL-V], DATED 19-2-2019]

2. MCA amends norms for determining significant beneficial ownership

[Ref:-NOTIFICATION G.S.R. 100(E) [F. NO. 1/1/2018 CL-V], DATED 8-2-2019

Recent Judicial Pronouncements

1. Company other than subsidiary, JV & associate co. are ineligible for registration as valuers : HC

[Ref:-Cushman & Wakefield India (P.) Ltd. vs. Union of India [2019] 102 taxmann.com 102 (Delhi)

2. Transmission of shares of deceased to his widow without considering other legal heirs was illegal: NCLAT

[Ref:-Vijaya Hospitality & Resorts Ltd. vs. Sibi C.K. [2019] 101 taxmann.com 474 (NCL-AT)]

3. ROC was justified in striking off name of co. from register as it failed to file financials and annual returns

[Ref:-Palaniandavar Benefit Fund Ltd. vs. Registrar of Companies, Chennai [2019] 101 taxmann.com 390 (NCL-AT)]

 4. Option of purchasing of shares was given to those who had been found to be oppressed by NCLT

[Ref:-K.J. Paul vs. Seaqueen Builders (P.) Ltd. [2019] 102 taxmann.com 155 (NCL-AT)]

5. Scheme of arrangement was to be approved as all statutory compliances had been completed : NCLT

[Ref:-Tata Teleservices (Maharashtra) Ltd. [2019] 102 taxmann.com 193 (NCLT – New Delhi)]

6. Agreement to sell shares by director to outsiders without approval won’t be binding on shareholders

[Ref:-Priyaranjani Fibres Ltd. vs. D. Srinivasa Rao [2019] 102 taxmann.com 244 (NCL-AT)]

7. RCom held guilty of contempt of court on failing to pay Rs. 550 Cr. to Ericsson as per undertaking given to Court

[Ref:-Reliance Communication Ltd. vs. State Bank of India [2019] 102 taxmann.com 331 (SC)]

8. NCLT has jurisdiction to entertain dispute pertaining to transfer of equity shares of SBI: NCLAT

[Ref:-State Bank of India vs. Kamlesh Kalidas Shah [2019] 102 taxmann.com 321 (NCL-AT)]

9. Winding up petition admitted on account of failure to repay inter-corporate deposit: Delhi HC

[Ref:-ICRI Research (P.) Ltd. vs. Bon Lon Securities Ltd. [2019] 102 taxmann.com 317 (Delhi)]