REPORTS ON CORPORATE LAWS

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  1. COMPETITION LAW REVIEW COMMITTEE, 2020: LINK
  2. EVIDENCE ACT: LINK
Location: Delhi, India

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CANCELLATION OF SALE DEED DUE TO NOT HOLDING BOARD MEETING -CASE LAW-DECODED-CS ROHIT KUMAR

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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...
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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...
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