Cochin International Airport Ltd Not A State Instrumentality Under Art 12 Of Constitution : Kerala HC [Read Judgement]

The High Court of Kerala has held that Cochin International Airport Ltd (CIAL) cannot be said to be an instrumentality of State within the meaning of Article 12 of the Constitution of India. The Court added that the employment of the persons by CIAL or the termination of their services do not involve any public element. The Court was considering petitions regarding the termination...

Delhi HC Reserves Order In Malvinder Singh's Plea Challenging Parallel Investigation By Economic Offences Wing

Delhi High Court has reserved order on issuance of notice to Economic Offences Wing (EOW) and Serious Fraud Investigation Office (SFIO) in an application filed by former Fortis promoter Malvinder Mohan Singh seeking quashing of the FIR lodged by EOW. Malvinder Singh had filed a criminal writ petition on the ground that when an investigation on offences under the Companies Act is already...

MCA Issues Circular Clarifying The Issue Of 'Appointed Date' In Amalgamation Or Merger Schemes

The Ministry of Corporate Affairs (MCA) has issued a clarification with regard to the interpretation of the provision of section 232(6) of the Companies Act, 2013. The MCA said that it had received several queries on whether it is mandatory to indicate a specific calendar date as 'appointed date' in the schemes referred to in the section. After examining the matter in detail...

'No Public Interest'-SC Sets Aside The First Forced Merger Of Two Companies Ordered By Central Govt [Read Judgment]

The expression "public interest" would mean the welfare of the public or the interest of society as a whole, as contrasted with the "selfish" interest of a group of private individuals.

'No Public Interest'-SC Sets Aside The First Forced Merger Of Two Companies Ordered By Central Govt [Read Judgment]

The expression "public interest" would mean the welfare of the public or the interest of society as a whole, as contrasted with the "selfish" interest of a group of private individuals.

Shareholders Can File Application To Approve Settlement With Creditors Even After Appointment Of Official Liquidator : NCLAT [Read Judgment]

The National Company Law Appellate Tribunal has held that shareholders/promoters of a company can file application for approval of settlement with creditors, even after official liquidator has been appointed.This ruling was made while allowing an appeal filed against the decision of the National Company Law Tribunal, Mumbai bench, which had held that the application filed under Section 391 of...

Secured Creditor Can File Winding Up Petition Despite Obtaining Recovery Certificate From DRT: SC [Read Judgment]

"When secured creditors like the respondent are driven from pillar to post to recover what is legitimately due to them, in attempting to avail of more than one remedy at the same time, they do not "blow hot and cold", but they blow hot and hotter."

Each And All Proceedings Under Companies Act 1956 Stands Transferred To NCLT, Holds Calcutta HC [Read Judgment]

“Sec. 434 (1)(c) of the 2013 Act carries an absolutely clear mandate that all proceedings under the Companies Act, 1956 including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies before the date of coming into operation of that Section in the High Court shall stand transferred to the NCLT. The word all means all. It admits of...

No Legal Bar On Indian LLP Merging With Indian Firm, Says NCLT [Read Order]

Can an Indian Limited Liability Partnership (LLP) be allowed to amalgamate with an Indian private limited company under a scheme of amalgamation filed before the National Company Law Tribunal (NCLT)?The NCLT has answered the question in affirmative.“…the legislative intent behind enacting both the LLP Act, 2008 and the Companies Act, 2013 is to facilitate the ease of doing business and...

MCA Constitutes 10 Member Committee To Review Offences Under Companies Act, 2013

The Ministry of Corporate Affairs (MCA) has constituted a 10-member committee to review the penal provisions in the Companies Act, 2013, and examine the need to decriminalise certain offences.As per an official release, the Committee will be submitting its recommendations within thirty days, and will comprise of: Secretary, Ministry of Corporate Affairs T.K. Vishwanathan, Former...

Natural Justice vis-a-vis The Insolvency & Bankruptcy Code, 2016- Audi alteram partem : An Unravelled Mystery!

IntroductionThe Insolvency & Bankruptcy Code, 2016 (“the Code”) has been one of the most path-breaking laws promulgated in the country in recent times. There has been a paradigm shift in the debt recovery scenario in the country, consequent to the implementation of the Code. It is undoubtedly a welcome overhaul of the framework that had been in existence in the past, thereby consolidating all the laws pertaining to insolvency and debt recovery that had been scattered into a number of...

Companies Act: MCA Permits Cross-Border Mergers [Read Notification]

To stimulate a surge in mergers, the Ministry of Corporate of Affairs (MCA) brings into effect Section 234 of the Companies Act 2013, from this April 13, enabling an Indian company to merge with a foreign company.The erstwhile Companies Act 1956 (section 391-394), permitted just the merger of a foreign company with an Indian company and prohibited merger of an Indian company with a...