LAW DECODED

Ayodhya judgement resolved the long pending tussle  between Hindus and Muslims. Resolving this religious fight was not an easy task for Hon'ble Supreme Court (" SC "). Drawing  evidences from the muted history were the most herculean task for the SC, though observations of High Court was very much helpful for the SC to end this religious fight which started from 1856-7 . Writing crux of this judgement was not any easy task for me as well because this judgement spreaded over 1045 pages   and discussed numerous issues  and when I was reading and making summary, the problem before me was what to include or what not? But to reduce this judgement into readable strength, I mainly focused on core question which was the bone of contention.  Further, for the sake of authenticity I have written page numbers of this judgement against paragraphs ( wherever required ) so that you can cross-verify or read in detail if you feel so. The bone of contention before the SC was  " Whethe

Most of the readers are aware that Hon'ble Allahabad High Court (the " HC ") directed to divide the disputed land into three equal parts to the Muslim, hindus and Nirmohi Akhara . But the HC forgot that none of the suits filed in past were related to partition because:  (i) a suit   by a worshipper [ Gopal Singh Visharad ] seeking the enforcement of the right to pray at Ram Janma Bhumi  (Suit 1) ;  (ii) a suit by Nirmohi Akhara asserting shebaiti rights to the management and charge of the temple (Suit 3) ;  (iii) a declaratory suit on title by the Sunni Central Waqf Board and Muslims ( Suit 4 ); and  (iv) a suit for a declaration of title to disputed premises by the deity (" Bhagwan Shri Ram Virajman ")  and the birth-place (" Asthan Shri Ram Janam Bhumi, Ayodhya ") through next friend in which an injunction has also been sought restraining any obstruction with the construction of a temple ( Suit 5 ). HC granted the relief which were not the subject

M ost people consider Boardroom  a picnic spot, and attending or holding board meeting is considered as a time-pass compliance process by most of the listed and unlisted companies. But, let me tell you board meeting minutes is one of the most important evidences of company's proper functioning, and the Courts also rely on papers of board meeting be it directors notice, attendance register, minutes etc. NOT HOLDING BOARD MEETING COULD RESULT INTO LAND DEAL CANCELLATION This case happened when NCLT declared the sale to be null and void in oppression & mismanagement case [ Elaine Info Solution Pvt. Ltd. v. Avenues India Pvt. Ltd. & others ] and the same uphold by NCLAT . FACTS OF THE CASE: Appellant : Elain Info Sol Pvt Ltd. ( A1 ) Respondents : J&A Avenues India Pvt Ltd ( R1 ) | Mrs. Vishnumolaka Govardhanamma ( R2 ) | Mr. V. Lakshmi Chenuchu Venkata ( R3 ) | Sub-registrar ( R4 ) R2 and R3 are the only directors of R1, and R2 is mother of R3. R3 held 50% shareholding of

As we are aware that after COVID-19 share prices of most of Indian Companies are trading at very low price and China wants to acquire shares of such companies at low price to control most of Indian Companies. Therefore, Government of India has reviewed the extant FDI policy for curbing opportunistic takeover/acquisitions of Indian companies and accordingly amended para 3.1.1 of Consolidated FDI Policy 2017. REVISED POSITION : A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route. Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/activities other than defence, space, atomic energy and sectors/activities prohibited for fore

WHY NEED ARISE OF NEW PROFESSIONAL, A VALUER? As of today, there is neither standardised formula for valuing assets of corporates nor proper regulatory framework  governing the valuation professionals which are very important to unlock the real value of assets. Currently, there is an ad-hoc framework for valuation professionals and they are basically governed under Companies Act, and IBBI is empowered to implement regime of registered valuers.  For long, such valuation services are provided by CA & Merchant Bankers under various legislations such as Companies Act, Income Tax Laws, SEBI, FEMA etc in a non-standardised manner involving high degree of subjectivity of valuer which most of the time resulted into mis-matching between reality & excel figures .  Moreover, a valuation can not be a part-time services for CS or CA. This requires altogether different set of skills which are beyond Accounting, Tax, and Excel Sheets. Therefore, the panel headed by IBBI Chairperson M S Sahoo,

Indian Government has very good track record of killing our own country growth by taking stupid decisions. Our bureaucrats have taken oath not to learn from their past bad decisions. In this article, we will discuss how our Indian bureaucracy efforts are anti-growth. HOW STORY OF RED TAPISM STARTED? Idea-Vodafone merger was quite famous and it was said that this would help to boost Vodafone earning which have been showing very dismal picture. To go through this merger process, this deal had to navigate various regulatory windows and Department of Telecommunication (DoT) was one them. Such kind of departmental approval is required in big transactions. Our government departments are well equipped to squeeze, and they did in this case as well. DoT approved the merger but put one rider that merged entity would pay $1.1 Billion to Government in the name of Spectrum charges which was the source of the dispute between government & Idea-Voda (merged entity) to meet their fiscal targets. A

Why you must file ITR Most people incur losses or their income does not exceed basic basic exemption limit, so they think there is no need to file ITR but this notion is wrong. Everyone must file ITR because of following reason. WHY YOU SHOULD FILE INCOME TAX RETURN 1. If you do not file ITR then you can not carry forward of your losses. Carry forward of losses means that taking losses in the next year, and if you have any income next year then you may set off your previous year loss against such income.  For Example, in current year you did trading in share market and incurred a loss of Rs. 2 Lakhs but in next year your income from share market is Rs. 3 Lakhs, then first you should reduce last year loss from this income then you shall pay tax on balance amount i.e. Rs. 1 Lakh [3 Lakh - 2 Lakhs] . 2. Sometime various purposes you need last 3 or 4 years ITR such as taking credit card, applying for bank loan, passport etc. Therefore, even if you do not have any income, still you must