December 25, 2023

Section 179 – The Insolvency and Bankruptcy Code, 2016

The Insolvency and Bankruptcy Code, 2016 / /

Adjudicating Authority for individuals and partnership firms (1) Subject to the provisions of section 60, the Adjudicating Authority, in relation to insolvency matters of individuals and firms shall be the Debt Recovery Tribunal having territorial jurisdiction over the place where the individual debtor actually and voluntarily resides or carries on business or personally works for gain and can entertain an application under this Code regarding such person. (2) The Debt Recovery Tribunal shall, notwithstanding anything contained in any other law for the time being in force, have jurisdiction to entertain or dispose of – (a) any suit or proceeding by or against the individual debtor; (b) any claim made by or against the individual debtor; (c) any question of priorities or any other question whether of law or facts, arising out of or in relation to insolvency and bankruptcy of the individual debtor or firm under this Code. (3) Notwithstanding anything contained in the Limitation Act, 1963 (14 of 1963) or in any other law for the time being in force, in computing the period of limitation specified for any suit or application in the name and on behalf of a debtor for which an order of moratorium has been made under this Part, the period during which such moratorium is in place shall be excluded. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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Oppression & Mismanagement of Companies Act 2013 – | Section 241-246 |

Companies Act 2013 / /

Section 241-246 of the Companies Act, 2013 lays down the provisions to effectively deal with oppressing and mismanagement in a company. Corporate democracy finds its roots in the concept of majority rule. The principle of majority originated in the rule of Foss v Harbottle which provided that the individual shareholders have no cause of action in law for any wrongdoing by the corporation and the action brought about in respect of such losses shall be brought either by the corporation itself or through a derivative action. While majority rule is the common norm, it often overshadows minority rights. The objective is to strike a balance between the interest of the small/individual shareholders and the effective control of the company. Therefore, the Indian company law, 2013 has put in place section 241 to 246 to safeguard minority rights. Defining Oppression and Mismanagement The term ‘oppression’ is not clearly defined by Company Law 2013, the court of law defines is conduct that involves a visible departure from the standards of fair dealing and a violation of conditions that require fair – especially with regard to the right of shareholders. The term mismanagement does not find a clear meaning in the act but can be described as conducting company affairs in a prejudicial, dishonest or inept manner. Section No 241 to 246 provides for remedies to the members when they face oppression and the company is being mismanaged: Any member of the company who has a complains that the affairs of the company are being conducted in an oppressive manner or any material change has taken place which is not in the interest of its members then he has a right to apply to the tribunal. Such an application can also be made by the Central Government to the tribunal. If the tribunal is of the opinion that the company’s affairs are being conducted in a manner prejudicial to the interest of the public, members or company then the tribunal shall make such orders as he may deem fit on whether the company should be wound up or not. The specific orders may provide for Regulation of the conduct of the affairs of the company. Purchase of shares/interest of the members by other members. Purchase of shares by the company and consequent reduction in capital. Restriction on transfer/allotment of shares. Termination or setting aside of agreements between company and MD, any other director or manager, as the tribunal may think fit. Termination of any other agreements between the company and any other person other than those referred to above. The agreement shall be terminated only after due notice and after obtaining the consent of the concerned party. Setting aside of transfer/delivery/payment/execution or any act related to property made either by or against the company within 3 months before the date of the application under this section which if done by or against the individual be deemed to be a fraudulent preference. –Removal of MD/Director/Manager of the company and the manner of appointment subsequent to the order. –Recovery of undue gain from the MD/Director/Manager and utilisation of the funds by transferring to investor education and protection fund or repayment to the victims who can be identified. –Appointment of directors who are required to report to the tribunal. The imposition of cost and such other order which in the opinion is just and equitable. A certified copy of the order shall be filed with the registrar by the company within 30 days of the order of the tribunal The tribunal may impose interim orders as may be necessary. If the order of the tribunal results in an alteration of the MOA or AOA, then such alteration shall be in accordance with the order of the tribunal. The certified copy of the altered order shall be filed with the registrar. Where the order of the tribunal setting aside an agreement is made, such order shall not give rise to any claim against the company and no MD/Director/Manager shall act as the MD/Director/Manager for a period of 5 years from the date of the order without the permission of the tribunal. Such permission shall be granted only after the notice of intention to apply for leave is served on the Central Government and the Government was given an opportunity of being heard. Class of company No. of members to apply Company with a share capital –Not less than 100 members OR Not less than 1/10th of the total number of its members Whichever is less OR –Any member or members holding not less than 1/10th of the issued share capital of the company Note: The applicant should have paid all the calls and other sums due on his/her shares Company with no share capital Not less than 1/5th of the total number of its members The tribunal has the power to waive off the requirements provided above. Joint holders of shares shall be counted as one member. One member can make an application on behalf of the other members. Who can file the complaint for Oppression & Mismanagement? Any member of the company who has a complaint that the company’s operations are running in an oppressive manner or that any major change has occurred that is not in the best interests of its members has the right to apply to the Tribunal. The Central Government may also make such an application to the Tribunal. If the Tribunal believes that the company’s affairs are as per the manner is detrimental to the public, members, or the firm, the Tribunal may issue such orders as he deems appropriate on whether the business can be wind up or not. Filing Circumstances Right to Apply Pursuant to Section 241 of the Companies Act, 2013 Section 244 of the Companies Act of 2013 governs who can submit a claim for oppression and mismanagement. It establishes a person’s right to register a complaint against tyranny and mismanagement. The firm enjoys the right exclusively and to one of its members, who will make an application on behalf of the other member. The right for the corporation is

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Jan Soochna Portal (JSP)

Government Schemes / /

The Rajasthan Government has launched “Jan Soochna Portal (JSP)” for quick access to information pertaining to 13 Government Departments on a single platform. It is aimed at easing access to information for the beneficiaries of welfare schemes. This portal has been established to facilitate citizen-centric services under a single portal. The portal provides a host of features and relevant information about the Rajasthan Government and its many departments and services offered. Objectives of Jan Soochna Portal The Jan Soochna Portal aims for strengthening the democracy of India and Development of the State, Citizen Services Portal and the Workflow Management & Content Management platform to various schemes and services. This portal is operated by the Department of Information Technology, which will serve as nodal department for this portal. The portal aims to form a streamlined system for public information to prevent anomalies and corruption. Features of Jan Soochna Portal The portal provides ease of access to all the services and can also check the status of the application. All citizen services, Revenue services, employment services, Certificate services and Business services can be availed under a single portal. This portal facilitates various online service request with various departments. The portal provides all updated details regarding the rules, policy initiatives and reforms that have been undertaken by the Government. It provides information about several schemes such as Ayushman Bharat scheme, Mahatma Gandhi Rajasthan Swasthya Bima Yojana, which grants free health insurance to people who have been uploaded to assure that there is no mismatch between the amount recorded as an expense by a hospital while treating a patient and the money it usually charges It provides transparency in the delivery of services and also reduces the wastage of time. The portal provides latest and accurate information related to the functions and services provided by the Government of Rajasthan. The portal has the benefits of the service request, online payment, approval of services and service delivery. It was created to provide easy and convenient services to the citizens through remote access primarily through Common Service Centres/Public Facilitation Centres. Under Jan Soochna Portal, the Audit of services delayed or denied, appeals and reviewed with this portal. In this portal, there will be a transparency program in the Right to Information Act 2005. It provides access to real-time benefits and progress of Government activities would bring transparency in the governance. Along with the transparency and speedy access to the real-time information, the JSP will bring accountability to the Government concerning its performance in the State. The launch of the portal would result in centralising all the information about the Government schemes on a single website and also prove the benefits to the citizens by obviating the need to go through a tedious RTI application.  Services Provided at Jan Soochna Portal This portal is meant to deliver numerous services of the State Government Departments. The citizens can make use of this online portal to avail the following services under the 13 departments associated with the Public Information Portal that are listed below: Social Justice and Empowerment Department Raj Department of Rural Development and Panchayati Government of Rajasthan Regional Development Tribe of the Department Department of Primary Education and Secondary Education Department of Medical, Health & Family Welfare Labor Department Management System and Employment Department Department of Mines and Geology Department of Food and Civil Supplies Rajasthan Energy Department  Planning and Information Technology and Communication Department Cooperative Department Administrative Information Department Revenue Department is associated. Key Information Provided under JSP Following are the key information and schemes that can be availed under this portal.  Public distribution and Ration system  Social Security pension beneficiary information  MGNREGA workers  Sanitation beneficiaries Government-run free medicine scheme Government-run health insurance schemes Farm loan waiver  Labour cardholders Procurement of food grains on minimum support price Mining and district mineral foundation trust data Land ownership details People can get their land records details and documents from the portal. Under this system, the applicant must enter the district and village details to know the ownership details of the particular land. Similarly, for the mining, the flow of details in the public domain as been made more transparent. The Government of Rajasthan has taken steps to train the citizens so that they are aware of the facilities available. It has been proposed to host the JSP in the decentralised locations and down to the municipal ward and panchayats. They will grant access to welfare schemes, revenue activities like mining, and other service delivery issues such as health and education. Application Process People can access the Jan Soochna Portal Online by following the steps mentioned below: Access the Portal Step 1: The applicant will have to enter the official Jan Soochna Portal to avail all the services offered. Apply for Services Step 2: To apply for the required service, the applicant has to click on “schemes and services” link that visible on the portal. Upon clicking on the link, a list of services such as Government Schemes and Services will be listed from which the applicant can apply for the appropriate service. Application Forms Step 3: Then, the applicant will be redirected to the page where the application form for the selected scheme will be displayed. Step 4: Now, the applicant can download/print the application and submit it to the concerned department. Acknowledgement Number Step 5: After submitting the scheme application form, the applicant will be provided with the application ID as an acknowledgement for the future reference. FAQs Q: What is Jan Soochna Portal (JSP)? The Jan Soochna Portal is a government initiative aimed at providing information and services to the public. Q: What kind of information is available on the Jan Soochna Portal? The portal may provide information on various government schemes, public services, legal rights, and other relevant topics. Q: What services can I avail through the Jan Soochna Portal? The portal may offer services such as checking the status of applications, accessing government documents, or filing certain forms online. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income

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