Yes. A company can enter into a partnership with other person or company, only if there is some power in its Memorandum of Association or Articles of Association. [Circular No. 1-81-CL V].
Only a natural person can be a beneficial owner while reporting e-form MGT-6? It seems so from MCA recent notification on this. MCA has introduced new MGT-6 e-form (" MGT-6 ") on 15th July 2024 which is web-based form. The purpose of MGT-6 is to report details of persons who is registered owner and beneficial owner respectively by a company. There are scenarios where there is a need to file this MGT-6. One of such scenarios is when a company incorporates wholly owned subsidiary (Say, private limited company). This means total shares held by holding company. But, you may know that minimum two members are required in a private limited company. So in such case, holding company nominates a person (say, its employee) to hold share for such statutory requirement whereas beneficial interest in such share is held by holding company only. So, this is a brief background of MGT-6. There are two attachments to this MGT-6 which are submitted to a company: MGT-4 : This is submitted by reg...
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% shareh...
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...
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