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Query Posted : 231
Query Replied : 231
  • Sec 161(4)
    by Vivek on Tuesday, March 31, 2020  at 01:10 AM

    Dear Sir, As per Sec 161(4), If a Articles of a company contains provisions that in case of Casual Vacancy of Director, The New Director in his place will be appointed by shareholders in General Meeting. Then Is it allowed ?? 2) If, Articles Mentions that-- A director will be appointed in case of casual vacancy by M.D. Then it will ALSO BE ALLOWED AS SEC 161(4) IS SUBJECT TO AOA . Am i right that M.D will appoint Director in case of casual vacancy ??

  • Woman director
    by Vivek on Tuesday, March 31, 2020  at 12:46 AM

    Dear Sir, Rule -3 of Company rules requires that a Co. which is covered u/s 149(1) shall appoint a woman director within 6 Month from incorporation. Query- As limits for Applicability of Woman DIRECTOR IS TO BE CHECKED ON THE LAST DAY OF LATEST AUDITED F.S. Thus, The requirement to appoint a woman director within 6 Month from incorporation BECOMES OBSOLETE AS F.S. Must Not have been prepared. Do you agree ?? 2) So, Pls tell when to appoint woman director in case of newly incorporated Co. ?

  • Impact of increasing threshold Default Amount from Rs. 1 Lakh to Rs. 1 Cr.
    by Premnarayan Tripathi on Saturday, March 28, 2020  at 08:46 AM

    What would be the impact of MCA's recent notification increasing threshold limit of Rs. 1 Lakh to Rs. 1 Cr. (for filing CIRP applications) on existing applications which are pending before NCLTs but not admitted? Thanks

  • Sec 165 & 164 of Co. law
    by Vivek on Thursday, March 12, 2020  at 08:00 PM

    Dear Sir, As per Explanation -II to Sec 165 of Co. Act,2013, Dormant co. is excluded from the limit of 20. Query- is- Whether dormant company will be counted/reckoned in the limit of 10 ( of PUBLIC COMPANY) ?? 2) As per Sec 164(1)(i), a person is disqualified if there is contravention of Sec 165(1). Had No Disqualification been mentioned u/s 164(1)(i), then also he would not have accepted more than 20 limit bcoz OTHERWISE PENALTY WILL BE LEVIED. SO WHAT IS THE EFFECT OF DISQUALIFICATION ??

  • Auditors
    by Vivek on Thursday, March 12, 2020  at 07:54 PM

    If a company appoints M/s XYZ as Statutory auditor.And after 2 yrs, the auditor resigns. In his place,another auditor joins. He also worked for 3 years and left. Now again the company wants to appoint M/s XYZ as auditor. Whether it is possible ?? I think that answer will be -- No- M/s XYZ CANNOT be appointed as only 3 yrs have lapsed.Only after completion of 5 years from the date of Resignation he can be appointed. Do you agree ?? Pls confirm Reference for above answer is -- Rule 6 (3) (a)

  • Related party
    by Vivek on Monday, March 09, 2020  at 10:44 AM

    Sir,If Mr.A is Director of Holding Co. is getting appointed as Director of SUBSIDIARY Co, then whether it is Related Party Transaction as per Sec 188(1)(f)-- such related party's appointment to any office or place of profit in the company, its subsidiary company or associate company? 2)The above provision means that Appointment of Related Party in subsidiary co. is covered in 188(1)(f). Now query-- Here Related Party means -- RELATED PARTY OF SUBSIDIARY CO. OR ELSE RELATED PARTY OF HOLDING ??

  • Related Party
    by Vivek on Monday, March 09, 2020  at 10:32 AM

    Dear Sir, As per Sec 2(76) of Co.Act,2013, Holding Co, subsidiary Co. & Associate Co of a company is a related party of a Company. Query- X Ltd, is holding Co. of Y Ltd. Whether Directors of HOLDING CO. (X Ltd) WILL BE A RELATED PARTY FOR SUBSIDIARY CO ( Y Ltd) ?? 2) Whether Directors of SUBSIDIARY CO. (X Ltd) WILL BE A RELATED PARTY FOR Holding CO ( X Ltd) ??

  • Insolvency commencement date
    by Vivek on Saturday, February 29, 2020  at 01:23 PM

    Sir, As per earlier provisions, CIRP will be initiated only when Application is admitted by AA or when Interim Resolution professional is appointed by AA if NO IRP was proposed in Application. But the definition of Insolvency commencement date is amended now. And the provision that when Interim Resolution professional is appointed by AA if NO IRP was proposed in Application HAS BEEN DELETED. Query- AS THIS PROVISION WAS MUCH LOGICAL, then why it was deleted. 2) Pls tell effect of such deletion

  • IBC
    by Vivek on Friday, February 28, 2020  at 02:09 PM

    Dear Sir, If a Corporate Debtor did not pay the amount to Operational creditor bcoz the goods were not of required specifications OC DID NOT admit this fact. OC sends demand notice to CD. Query- Can we say that there is pre- existing dispute in this case and application for CIRP can be rejected ?? Pls clarify ? 2) When OC filed application u/s 9 & application is pending with AA , can CD also make an application for dispute in Court ??

  • IBC
    by Vivek on Thursday, February 27, 2020  at 12:51 PM

    Dear Sir, Earlier CIRP should be completed within 180 days + 90 days extension. Therefore, entire CIRP should be completed in 270 days. After amendment, entire CIRP should be completed within 330 days. So, pls tell that Now also moratorium period is 180 days ?? 2) Pls tell break up of 330 days??

    by Vivek on Tuesday, February 25, 2020  at 10:02 PM

    Dear Sir, Under SARFAESI, Whether security receipts issued by a ARC to QIB ARE just like Bonds/Debenture ?? 2) The holder of Security receipt is having UNDIVIDED RIGHT, TITLE, OR INTEREST IN Financial Asset. Query- Pls tell the meaning of this line? 3) What is the meaning of Undivided Interest ?? 4) If ARC itself pays entire amount to Bank/FI for purchase of Financial Asset , then it is not Securitisation. Am i right sir ??

  • non payment of fees to IRP
    by RAMANA KUMAR B on Tuesday, February 25, 2020  at 02:09 PM

    The application is made u/s.10. The FC, holding 95% of the voting power in the COC has voted that no fee to the IRP is payable. As it is u/s.10 the CD is Unable to pay the same. What is the remedy? Can the IRP approach the NCLT and demand that the CoC has to pay the fee of the IRP? it is part of the regualation 33?

    by Vivek on Sunday, February 23, 2020  at 01:20 PM

    Dear Sir, Under SARFAESI,2002,sec 18 states that Borrower should deposit Rs 50% of amt claimed by secured creditor or amount determined by DRT, whichever is less. Borrower will make application u/s 17 to DRT, only for Reversal of Measures taken by secured creditor u/s 13(4). THEN IN WHICH CASE, DRT may decide the amount to be paid by borrower because entire claims of borrower must have been claimed by using 13(4) ??

  • Liquidation under IBC
    by Sandeep on Saturday, February 22, 2020  at 12:31 PM

    Sir you confirmed a Running Co. in Liquidation can keep running for some time to get maximum value of assets. Query 1. If its a running Co. the OC's & FC's claims will change till the final closure So how can the claims received be determined within 30 days of commencement of Liquidation if Co. runs beyond 30 days? 2. What would be the position of Statutory Liability eg IT, GST etc if assessment/CIT/ITAT orders completed after the 30 days period ? How will the IT/GST file claims agst such orders

  • CIRP Process & Morotorium
    by Sandeep on Friday, February 21, 2020  at 12:45 PM

    Can a Bank Guarantee be encashed during Moratorium ? If not would the OC be treated as Financial Creditor to the tune of BG for claim purpose?

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