July 2023

Power of Registrar to Remove Name of Company from Register of Companies (1) Where the Registrar has reasonable cause to believe that— (a) a company has failed to commence its business within one year of its incorporation; 1[or] 2[Omitted]. (c) a company is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any […]

Valuation by registered valuers (1) Where a valuation is required to be made in respect of any property, stocks, shares, debentures, securities or goodwill or any other assets (herein referred to as the assets) or net worth of a company or its liabilities under the provision of this Act, it shall be valued by 1[a person having such qualifications and experience and registered

Application of Certain Provisions to Proceedings Under Section 241 and Section 245. The provisions of sections 337, 338, 339, 340 and 341 (both inclusive) shall apply mutatis mutandis, in relation to an application made to the Tribunal under section 241 or section 245. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration

Class Action Section 245 of the Companies Act, 2013 outlines the process through which a group of members or depositors, meeting certain criteria, can approach the Tribunal if they believe that the company’s management is acting in a way that harms the company’s interests or the interests of its members or depositors. Here’s a simplified

Right to Apply Under section 241. (1) The following members of a company shall have the right to apply under section 241, namely:— (a) in the case of a company having a share capital, not less than one hundred members of the company or not less than one-tenth of the total number of its members, whichever is less, or any member or members holding not less than onetenth of the issued

Consequences of Termination or Modification of Certain Agreements (1) Where an order made under section 242 terminates, sets aside or modifies an agreement such as is referred to in sub-section (2) of that section,— (a) such order shall not give rise to any claims whatever against the company by any person for damages or for compensation for loss of

Powers of Tribunal (1) If, on any application made under section 241, the Tribunal is of the opinion— (a) that the company’s affairs have been or are being conducted in a manner prejudicial or oppressive to any member or members or prejudicial to public interest or in a manner prejudicial to the interests of the company; and *(b) that to wind up

Application to Tribunal for Relief in Cases of Oppression, etc (1) Any member of a company who complains that— (a) the affairs of the company have been or are being conducted in a manner prejudicial to public interest or in a manner prejudicial or oppressive to him or any other member or members or in a manner prejudicial to the interests of the company; or

Liability of Officers in Respect of Offences Committed Prior to Merger, Amalgamation, etc Notwithstanding anything in any other law for the time being in force, the liability in respect of offences committed under this Act by the officers in default, of the transferor company prior to its merger, amalgamation or acquisition shall continue after such merger, amalgamation

Preservation of Books and Papers of Amalgamated Companies The books and papers of a company which has been amalgamated with, or whose shares have been acquired by, another company under this Chapter shall not be disposed of without the prior permission of the Central Government and before granting such permission, that Government may appoint a person to examine the