Day: August 11, 2017

NCLT declares Jaypee Infratech insolvent

Apartment owners who are part of such insolvent projects should explore protection granted by the statute and try and compel the state development authority to recover the money from the developer and complete the project and keep its promise of providing housing to owners. The NCLT has appointed insolvency professional Anuj Jain as CEO of Jaypee Infratech. As of now the board of directors of the company has been suspended. Jain will now sit with Jaypee’s creditors to see if a resolution of the company’s debt is possible. He will be given six months to revive the company. This...

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The Companies Act, 2013 requires every company to maintain statutory records in the form of Registers & Minutes. Companies under the old Act were maintaining the same in physical form, however Rule 27 of Companies (Management and Administration) Rules, 2014 in the Companies Act, 2013 has changed the picture totally, prescribing for compulsorily preparation of Registers in Electronic form for listed companies and a company having not less than 1000 shareholders, debenture holders and other security holders. Moreover other companies can also choose either to maintain records in physical or electronic form. It also prescribes certain formats in which...

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Punishment for failure to distribute dividends

Section 127 – Where a dividend has been declared by a company but has not been paid or the warrant in respect thereof has not been posted within thirty days from the date of declaration to any shareholder entitled to the payment of the dividend, every director of the company shall, if he is knowingly a party to the default, be punishable with imprisonment which may extend to two years and with fine which shall not be less than one thousand rupees for every day during which such default continues and the company shall be liable to pay simple...

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CS Trainee Required in SHEETAL & COMPANY

Urgent requirement of 2 CS trainees in a PCS Firm SHEETAL & COMPANY having office at Rajouri Garden, New Delhi. Students having good communication skills & having depth knowledge of Company Law are preferable. You can mail your resume at Merger & Acquisitions, NCLT, Legal, Secretarial shall be...

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Impact of Companies (Amendment) Bill, 2017 on Annual Filing

The Companies (Amendment) Bill, 2017 Introduced in Lok Sabha on 16 March, 2016 It was referred to the Standing Committee on Finance on 12 April, 2016. The Committee after hearing the views of the representatives of the Chambers of Commerce and Industry as well as professional bodies adopted its report on 30th November, 2016. The Lok Sabha has passed the Companies (Amendment) Bill, 2017 on July 27, 2017. Amendment related to annual return filing Section 92- Annual Return It is proposed to omit the requirement of MGT-9 i.e. extract of annual return to form part of the Board’s Report....

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