Dear sir, If a company is incorporated on 4th October,2019. Then as per Sec 173 of Co.Act 2013, First Board Meeting should be held within 30 days. Sec 173 as specifies holding of at least 4 board meeting in a year. Query- Then whether in above case IT WILL BE MANDATORY FOR ABOVE CO. TO HOLD 4 board meetings TILL 31.12.19 ?? 2) Sec 173 as specifies holding of at least 4 board meeting in a year. What is the interpretation of year- F.Y or calendar year ?

Dear Sir, With reference to my previous query in link -https://ibc.taxmann.com/ibcqueryreply.aspx?qid=57343 I want to further ask that --Sec 184(2)(a) uses the word" SUCH DIRECTOR" i.e. SUCH DIRECTOR EITHER SINGLY OR JOINTLY with other director ... SUCH DIRECTOR MEANS DIRECTOR HAVING DIRECT OR INDIRECT INTEREST. So, if a relative OF DIRECTOR holds share in a company, THEN DIRECTOR SHALL BE DEEMED TO BE INDIRECTLY INTERESTED. DO YOU AGREE ?? pLS EXPLAIN

Dear Sir, With respect to my previous query mentioned in link- https://ibc.taxmann.com/ibcqueryreply.aspx?qid=57332 I want to ask that Sec 184(2) covers BOTH DIRECT & INDIRECT INTEREST. AND INDIRECT INTEREST IS THROUGH RELATIVES. So, whether as per above, CAN WE SAY THAT D1& D2 are will be deemed to be interested as per Sec 184(2)(a) ? Note- Sec 184 says-- Every director who is DIRECTLY OR INDIRECTLY INTERESTED IN A CONTRACT OR ARRANGEMENT.....

Dear Sir, If a director (D1) of A Ltd holds 1% share in B Ltd. Another director (D2) of A Ltd holds 0.5% shares in B Ltd. Relative of D1 holds 1% share in B Ltd. Query- Whether D1 & D2 will be deemed to be interested as per Sec 184(2)(a) ?? 2) Also tell the reason for above reply ?? 3) If relative(MR. R1) of a Director (Mr. Ram) of A Ltd is CEO of B Ltd, then whether Mr Ram will be deemed to be interested u/s 184 ??

1. In case of CD being a Pvt Company Would RA be allowed to Carry Forward the Income Tax Losses of previous years 2. Would the position be different if it is a Publicly listed CD. As per Sec 79 of income tax act if during the previous year there is more than 51% change in shreholding c/f losses of previous year will lapse. ore over it any income tax liability is not been assummed by the RA will the c/f losses still be allowed to be C/f by the RA.

1. Sir can a CD being a Pvt Company allowed to Carry Forward the Income Tax Losses of previous period 2. Would the position be different if it is a Publicly listed CD

Dear Sir, In proviso to Sec 149(6)(d)(i) of Co. Act,2013, Pls tell how to interpret the said proviso -- a) 50 lacs Rs OR 2 % of Paid -up Capital , WHICHEVER IS LESS , Because word used is NOT EXCEEDING THE ABOVE LIMITS, OR ELSE B) 50 lacs Rs OR 2 % of Paid -up Capital , WHICHEVER IS HIGHER as the words used is OR SUCH HIGHER SUM AS MAY BE PRESCRIBED ?? 2) Pls tell reason also ??

Dear Sir, Redrafting Query-2 in the previous question --- Proviso to Sec 149(6)(d)(i) CONTAINS THE WORDING THAT- RELATIVE MAY HOLD SECURITY "IN THE COMPANY" OF FACE VALUE.......Query- WHETHER USAGE OF WORDS "IN THE COMPANY" MEANS THAT , RELATIVE CANNOT HOLD EVEN RS.1 FACE VALUE OF SHARE IN SUBSIDIARY/HOLDING CO./ ASSOCIATE CO. ??

If Mr. A is proposed to be appointed in X Ltd. His Relative holds SHARES OF Y LTD (SUBSIDIARY OF X LTD). Then as per Sec 149(6)(d)(i), FOR CALCULATING 2% OF paid up share capital, paid up share capital should be taken of Y ltd or X Ltd? 2)Proviso to Sec 149(6)(d)(i) CONTAINS THE WORDING THAT- RELATIVE MAY HOLD SECURITY "IN THE COMPANY" OF FACE VALUE..Query-WHETHER USAGE OF WORDS "IN THE COMPANY" MEANS THAT EVEN IF RELATIVE HOLDS Rs 1 FACE VALUE OF SHARES, INDEPENDENT DIRECTOR IS DISQUALIFIE

Dear Sir, As per Sec 149(6)(d)(i) of Co. Act,2013, Relative may hold securities upto Face Value of Rs 50 Lacs or 2% of Paid up capital of Co., Holding , subsidiary, associate Co. OR SUCH HIGHER SUM AS MAY BE PRESCRIBED. Query- Does it mean-- upto Face Value of Rs 50 Lacs or 2% of Paid up capital of Co., Holding , subsidiary, associate Co., WHICHEVER IS HIGHER ?? 2) Whether any amount has been prescribed in above case ??

DeSir A IBC notice in Form 3 was received on January 2020 for undisputed amount of Rs. 75 lakhs and was mutually settled due to be paid in installments as per the settlement terms and no action further taken afterwards by both the parties wrt IBC. Now due to Covid 19, the installments could not be paid. Can the creditor again send the IBC notice on non-honor of settlement amount even if the undisputed amount stands at Rs. 60 lakhs (less than 1 crore).

Sir The IBC notice sent on January 2020 was mutually settled between both the parties for the disputed amount of Rs. 75 lakhs (more than 1 lakhs) which was to be paid in installments. Now due to Covid 19, the installments could not be paid. Can the creditor again send the IBC notice as the settlement amount could not be honoured even if the disputed amount stands at Rs. 75 lakhs (less than 1 crore).

A CD has been admitted by NCLT for CIRP & IRP has been appointed on 30th April. The CD is a going concern.Query 1. The Employee & Worker salaries are outstanding for Both March & April Can the RP pay the same in regular course. 2. Also since CD is a going concern will the creditors O/s as on 30th April be paid so as to keep CD running 3. Similarly what would be the position of TDS & GST payable as on 30th April. Would the RP have to take New GST Registration ?

Dear Sir, Whether Special Court is higher than NCLT/ NCLAT ?? 2) The punishment under Co. Law, which relates to Imprisonment AND FINE cannot be tried by NCLT?? 3) Our Advocate has told us that NCLT cannot be involved in the matters where imprisonment is involved. Is he correct & ALSO TELL THAT WHY NCLT CANNOT BE INVOLVED IN SUCH MATTERS??

Dear Sir, Sec 186 will not apply when Loan is given to MD/ WTD as per Sec 185(5) "BCOZ" AS PER EXPLANATION TO SUB SECTION 2 OF SEC 186 "PERSON" DOES NOT INCLUDE PERSON IN THE EMPLOYMENT OF THE CO.. Am i right sir ?? 2) So, INTEREST FREE LOAN CAN BE GIVEN TO MD/ WTD ?? 3) UNDER SUB SECTION 5 TO SEC 186, "PRIOR APPROVAL" OF BOARD OF DIRECTOR IS NOT MENTIONED. SO, if after giving loans, APPROVAL OF BOARD OBTAINED, THEN IT IS CORRECT ??