Monday, July 4

Tag: Regulatory

Madras HC Upholds Constitutional Validity of Proviso to Section 167 (1) (a) of the Companies Act
News

Madras HC Upholds Constitutional Validity of Proviso to Section 167 (1) (a) of the Companies Act

The Madras High Court has upheld the constitutionality of section 167 (1) (a) of the Companies Act that mandates defaulting companies’ directors to vacate their office in other companies where they hold directorships except the company which had defaulted. The first bench of chief justices AP Sahi and Subramonium Prasad upheld that the proviso to section 167(1)(a) was neither arbitrary nor does it violate any of the fundamental rights provided under the Constitution of India. The high court order came in response to a petition filed by a company secretary challenging the proviso. According to the petitioner, the proviso to section 167 (1) (a) violated Article 14 that guarantees the fundamental right of equality.  It was also contended that the proviso is detrimental to non-defaul...
IBBI

Update from IBBI – 29 Oct 2018

Update on Public Announcements and Invitation of Resolution Plans from Insolvency and Bankruptcy Board of India mentioned below for your reference. Public Announcements 25-10-2018 Public Announcement of Liquidation Process-Nawa Engineers And Consultants Pvt. Ltd. 05-10-2018 Public Announcement of Liquidation Process-Inasra Technologies Pvt. Ltd. 27-10-2018 Public Announcement of Corporate Insolvency Resolution Process-Snowqueen Towers Pvt. Ltd. 26-10-2018 Public Announcement of Corporate Insolvency Resolution Process-Angad Infrastructure Pvt. Ltd. 26-10-2018 Public Announcement of Corporate Insolvency Resolution Process-Harsh Polymers (India) Ltd. 25-10-2018 Public Announcement of Liquidation Process-Vegan Colloids Ltd. 27-10-2018 Public Announcement of Liquidation...