Saturday 29 July 2017

Blow to SpiceJet: Supreme Court rejects carrier’s share transfer dispute plea with Kalanithi Maran

The Supreme Court yesterday dismissed the appeals of budget carrier SpiceJet challenging the Delhi High Court verdict asking it to deposit Rs 579 crore in connection with a share transfer dispute with its previous owner Kalanithi Maran. “We are rejecting (the appeals),” a bench comprising justices R F Nariman and S K Kaul said while upholding the July three judgement of the high court.

The appeals were filed in the apex court by the airline and its co-founder Ajay Singh. A division bench of the high court had asked SpiceJet to deposit the money, saying, “there is nothing worthwhile” in the petitions to show its finances were precarious or that its cash position was so stretched that it could not comply with its single judge order asking it to deposit the amount.

However, the division bench had provided it some relief by allowing it to deposit the amount in two parts. It had said that part of the amount could be secured by a cash deposit of Rs 250 crore and the balance by a bank guarantee of Rs 329 crore. SpiceJet and Singh had challenged before the division bench the July last year’s interim order passed by a single judge alleging that the court did not have the jurisdiction.

The single judge’s order had come on a civil suit by Sun TV group’s chief Kalanithi Maran and his Kal Airways. In their suit, Maran and his airline company had sought issuance of stock warrants in SpiceJet to them as per a sale purchase agreement (SPA) of 2015 which had led to the transfer of ownership of the budget carrier to Ajay Singh.

Maran and Kal Airways had alleged before the single judge that despite giving Rs 579 crore to SpiceJet, the carrier had failed to issue them the warrants or allot tranche one and two of convertible redeemable preference shares and that the amount was not utilised for paying statutory dues for which they were also facing prosecution.

Apart from ordering that the amount be deposited in the court, the single judge had also asked Spicejet and Maran to appoint an “arbitral tribunal” to decide the share transfer dispute between them in a year. The amount was to be deposited in five instalments with the first one in August 2016, the court had said.

Market regulator SEBI had earlier expressed its inability before the high court to approve the board resolution passed by SpiceJet for issue of warrants in favour of Maran and his Kal Airways. The board resolution was passed on the court’s direction.

Under the SPA, Maran and Kal Airways had transferred their entire 350,428,758 equity shares (58.46 per cent stake) in the airline to Ajay Singh. According to the SPA, Maran and Kal were to receive the redeemable warrants in return for the amount they were to give to the airline towards operating costs and debt payment, Maran had said in his plea.

SpiceJet had earlier told the high court that the change of ownership was effected as a rehabilitative measure to address the liability of Rs 2,000 crore incurred by the airline when it was under the management of Maran. It had also claimed that every penny had been utilised towards operations and discharge of liabilities.

Source of above information -

http://www.financialexpress.com/industry/blow-to-spicejet-supreme-court-rejects-carriers-share-transfer-dispute-plea-with-kalanithi-maran/784584/

With Regards
CS Prakash Verma

Friday 28 July 2017

MCA NOTIFICATION ABOUT SHIFTING OF REGISTERED OFFICE



MCA NOTIFICATION ABOUT SHIFTING OF REGISTERED OFFICE

Ministry of Corporate Affairs vide Notification dated 27th July, 2017, has amended the Companies (Incorporation) Rules, 2014 and changes has been made in Rule 28-Shifting of Registered Office within the same State and Rule 30-Shifting of Registered office from one State or union Territory to another State.

Further, as per amended Rule 30, the application may be put up for orders without hearing and the order either approving or rejecting the application shall be passed within fifteen days of the receipt of the application.

Link –


With Regards
Prkverma

Thursday 27 July 2017

IMPORTANT NOTICE AT MCA WEBSITE



Forms DIR-12, CRA-4, SPICe and INC-27 are likely to be revised on MCA21 Company Forms Download page w.e.f 29th Jul 2017. Stakeholders are advised to check the latest version before filing.

With Regards

CS Prakash Verma

Wednesday 26 July 2017

MCA Clarification regarding applicability of exemption u/s 143(3)(i) of Companies Act, 2013

MCA Update:

Clarification regarding applicability of exemption u/s 143(3)(i) of Companies Act, 2013

Ministry of Corporate Affairs (MCA) has issued a circular dated 25th July, 2017 clarifying the year from which the exemption u/s 143(3)(i) of the Act will be applicable to certain private limited companies.

Earlier, MCA had issued a notification dated 13th June, 2017 amending its previous notification dated 05th June, 2015 which has prescribed exemptions for Private Limited Companies. By this new notification dated 13th June, 2017, alongwith other matters, MCA has given exemption that Auditor is not required to mention details about internal financial control for certain private companies (small companies, OPCs and other specified Private companies).

However, it was not clear from which year this exemption can be implemented. Upon seeking clarifications by stakeholders, MCA by issuing the Circular dated 25th July, 2017 has clarified that this exemption shall be applicable to those audit reports in respect of financial statements pertaining to financial years commencing on or after 01st April, 2016 which are made on or after 13th June, 2017.

Copy of this Circular can be accessed at below link:
http://www.mca.gov.in/Ministry/pdf/GeneralCircular8_25072017.pdf

Copy of Notification dated 13th June, 2017 can be accessed at below link:
http://egazette.nic.in/WriteReadData/2017/176689.pdf

WBR
Prkverma

Friday 21 July 2017

Important Notice on MCA Website about XBRL

Updated MCA XBRL Validation Tool version and business rules CSR reporting Business Rules related to the XBRL C&I taxonomy 2016 have been revised. 

Stakeholders are advised to make a note of the changes and use new version of MCA XBRL Validation Tool V3.0.6 while filing AOC-4 XBRL.

With Regards
CS Prakash Verma

Wednesday 19 July 2017

IMPORTANT NOTICE AT MCA WEBSITE

Form AOC-4, CRA-2 and 21A are likely to be revised on MCA21 Company Forms Download page w.e.f 21st Jul 2017. Stakeholders are advised to check the latest version before filing.



With Regards
CS Prakash Verma

Tuesday 11 July 2017

Insolvency resolution ecosystem is not ready yet, says SBI Chairperson, Arundhati Bhattacharya

Insolvency resolution ecosystem is not ready yet, says SBI's Arundhati Bhattacharya

http://economictimes.indiatimes.com/news/economy/policy/insolvency-resolution-ecosystem-is-not-ready-yet-says-sbis-arundhati-bhattacharya/articleshow/59547034.cms

Friday 7 July 2017

NCLT Order - Misrepresentation in BS of the Company

Company wrongly shown issued capital as Rs.84  cr instead of Rs.100 cr. in violation of Sec.211 of CA 1956.  Co. contended that the  default did not cause any prejudice to members, creditors and no harm was caused to public interest.  NCLT however refused to  compound the offence:

http://nclt.c2k.in/OtherNCLT/Publication/Hyderabad_Bench/2017/Other/JellaJaganN.pdf

With Regards
Prakash Verma

Wednesday 5 July 2017

TGL ADVISORS ® : Automated issuance of Patent Certificates - India

TGL ADVISORS ® : Automated issuance of Patent Certificates - India: The CGPDTM (Patents office, India) has implemented automated process for generation and issuance of Patent Certificates from 03/07/2017. ...

Automated issuance of Patent Certificates - India

The CGPDTM (Patents office, India) has implemented automated process for generation and issuance of Patent Certificates from 03/07/2017.

Above said info may be access from below link -

http://www.ipindia.gov.in/writereaddata/Portal/News/352_1_PublicNotice-PatentCertificate.pdf

With Regards
CS Prakash Verma

Tuesday 4 July 2017

IMPORTANT NOTICE AT MCA WEBSITE


"IMPORTANT NOTICE AT MCA WEBSITE"

SPICe form is likely to be revised on MCA21 Company Forms Download page w.e.f 5th July, 2017. Stakeholders are advised to check the latest version before filing.


With Regards

CS Prakash Verma

Monday 3 July 2017

"Comprehensive e-filing for Patents Update"

"Comprehensive e-filing for Patents Update" 
 
The current webpage lists the periodic updates done in the comprehensive e-filing module for Patents:

Name Update Release Date
Petition u/r 128 Addition of Rule 128 in "On petition not otherwise provided for" 2017-06-21
Segregation of different Petitions under Form 30 Seperate entries of Petition in Entry no. 46 (Schedule 1) 2017-06-21
Request for Withdrawal U/R 11A(3)(c) New entry provided in Form 30 (without fee) 2017-06-19
Filing of Response to office action New entry has been provided in Form 30 (both with fee as well as without fee) 2017-06-14
Issues with respect to type of applicant (NP/ONP/SE/SU) in fee calculation Provision of selection of type of applicant has been provided in form 18, form 18A, Renewal of patent, form 9 and transmittal fee 2017-06-12
Conversion of CS to PS under section 9(3) New entry provided in Form 30 (without fee) 2017-06-07
Request for Hearing U/R 84(2) New entry provided in Form 30 (without fee) 2017-05-29
Notify the Controller whether he will attend the hearing U/R28(4) New entry provided in Form 30 (without fee) 2017-05-29

  • New Unique Numbering System
  • The CBRs for all the e-filed applications can now be downloaded immediately after successful payment by the users
  • The Axis Bank Corporate login in the e-filing payment gateway is temporarily unavailable due to some technical reasons.The users are advised to use other available payment options.

Saturday 1 July 2017

PAN / TAN Fees

"Notice from Ministry of Corporate Affairs"

Stakeholders may kindly note that PAN fee shall be revised from INR 107 to INR 110 and TAN fee from INR 63 to INR 65 due to implementation of GST w.e.f 1st July 2017.

With Regards
CS Prakash Verma