Corporate Law Updates

Recent Updates

1. National Guidelines on Responsible Business Conduct: MCA
[Ref:https://companylaw.taxmann.com/fileopennew.aspx?id=222330000000018216&mode=home&page=ts

2. MCA introduces e-form AGILE for application of GSTIN, ESIC and EPFO registration at time of Co. incorporation
[Ref:https://companylaw.taxmann.com/fileopennew.aspx?id=222330000000018311&mode=home&page=ts

3. MCA issues clarification on filing of e-form for conversion of public co. into private co. and change in F.Y.
[Ref:-GENERAL CIRCULAR NO. 3/2019 [F.NO.01/13/2013-CL-V-PT-II], DATED 11-3-2019]

4. MCA extends tenure of High Level Committee on CSR
[Ref:-GENERAL CIRCULAR NO. 2/2019 [F.NO.12/03/2018-CSR], DATED 8-3-2019]

Recent Judicial Pronouncements

1. Timeline prescribed under Cos. Act for submission of report to Govt. by SFIO is directory not mandatory: SC
[Ref:-Serious Fraud Investigation Office v. Rahul Modi [2019] 103 taxmann.com 408 (SC)]

2. Parties were to be relegated to NCLT for dispute of transfer of shares: SC
[Ref:-Shashi Prakash Khemka v. NEPC Micon [2019] 103 taxmann.com 273 (SC)]

3. Matter remanded back to NCLAT as respondent failed to comply with procedure laid down under NCLAT Rules: SC
[Ref:-Jai Balaji Industries Ltd. v. State Bank of India [2019] 103 taxmann.com 157 (SC)]

4. ROC wasn’t justified in striking off name of Co. u/s 248(1) when co. had filed resolution for voluntary striking off
[Ref:-Cayenne Developments (P.) Ltd. v. Registrar of Companies, Bangalore [2019] 103 taxmann.com 34 (NCL-AT)]

5. Co. was to be wound up when respondent itself quantified amount of debt: HC
[Ref:-K.N. Resources (P.) Ltd. v. Khalsa Overseas Ltd. [2019] 102 taxmann.com 465 (Madhya Pradesh)]

6. Borrower couldn’t seek arbitral award as it was passed without seeking leave of company court
[Ref:-Nirved Traders (P.) Ltd. v. Karvy Financial Services Ltd. [2019] 102 taxmann.com 342 (Bombay)]

7. Appeal against order of NCLT was to be dismissed as it was barred by limitation
[Ref:-S.P. Perumal v. V. Ramasamy [2019] 102 taxmann.com 406 (NCL-AT)]