mcdowell holdings appoints against proceedings initiates insolvency nclt
Please share How to file Unified Annual Return on Shram Suvidha Portal and due date?
what are the time limit within which the subscription amount to be brought by the subscribers of the company after incorporation under FEMA guidelines.
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Forwarded Query:-
The Director was appointed as an additional director by Circular Resolution passed on September 15, 2022 and the appointment was w.e.f. 15/09/2022.
The AGM was held on 21/09/2022 wherein the Additional Director was appointed as WTD w.e.f. 15/09/2022.
Following are two queries w.r.t. same:
1) Can we regularize the Appointment of Director w.e.f. a date which is earlier than AGM date ?
2) Should we file 2 DIR-12 forms? -
one for appointment as additional director and second for appointment as WTD in AGM?
Kindly note the date of appointment in both the cases is 15/09/2022.
Does MCA allow filing of two DIR-12 forms if the date of appointment is same in both the forms ?
companies under director additional regularization
If you are issuing shares on rights basis to existing holders, then no need to go for a separate bank account but if we doing for new shareholders is it mandatory ?
section 62 (1) (a) tells us about Right issue. and valuation report/special resolution and separate bank account is not required for right issue but for public issue and private placement it is required.
section 62 (1) (c) is about private placement.
If we are triggering 62(1) (c) which speaks of issue of shares to other than existing holders.
Please confirm :
As per Section 39 of the Companies Act, 2013 (“The Act”) states that:
“No allotment of any securities of a company offered to the public for subscription shall be made unless the amount stated in the prospectus as the minimum amount has been subscribed and the sums payable on application for the amount so stated have been paid to and received by the company by cheque or other instrument”.
According to the above-quoted provisions, the minimum subscription and application money are the most important requirements for a valid allotment & filing of PAS-3
As a result, one could say that shares cannot be Allot until the application money has been paid to or received by the company (credited) via cheque or other instrument.
Is it right ? or we have any option ?
As per the Secretarial Standard 2, serial no. shall be given to each extra-ordinary general meeting held by the company after the secretarial standards came into force from 1st July, 2015. Annual General Meetings shall be held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situated, whereas other General Meetings may be held at any place within India.
Explanation to Rule 18 of the Companies (Management and Administration) Rules, 2014, prescribes that the Extra-Ordinary General Meeting should be held at a place within India. Thus, an Extra-Ordinary General Meeting should be held only in India though not necessarily within the city, town or village in which the Registered Office of the company is situated.
However, Clause 27 of the Companies (Amendment) Bill, 2016 seeks to amend sub-section (1) of section 100 of the Companies Act, 2013 to allow the wholly owned subsidiary of company incorporated outside India to hold its extra ordinary general meeting outside India. As per Clause 27, in section 100 of the principal Act, in sub-section (1), the following proviso shall be inserted, namely:—
"Provided that an extraordinary general meeting of the company, other than of the wholly owned subsidiary of a company incorporated outside India, shall be held at a place within India."
Government e-Marketplace (GeM) is the National Public Procurement Portal; an endto-end online Marketplace for Central and State Government Ministries / Departments, Central & State Public Sector Undertakings (CPSUs & SPSUs), Autonomous institutions and Local bodies, for procurement of common use goods & services.
The portal is owned and managed by GeM SPV which is a Section 8 (NonProfit) Company registered under the Companies Act, 2013.
GeM SPV operates, monitors and supervises all the business transactions on the portal through the Managed Service Provider as per defined roles and responsibilities.
marketplace government under registration
We have to compulsorily round off the Figures in your financial statements.
for companies over 100 Crores, it is Lakhs, Millions, or Crores or 100 Crores
for companies below 100 crores, it is hundreds, thousands, lakhs or crores
But in case of loss what to do ?
Hi Sarika
Here are the details of the case
The shareholders of Mcdowell Holdings Limited (MHL) and its creditors are ready to fight over shares of United Breweries Limited (UBL) which the company is holding.
McDowell Holdings Limited was incorporated on March 1, 2004. Vijay Mallya is the promoter and chairman of the board of directors of the company. The company was incorporated to establish and carry on the business of liquors, beverages, alcohols, wines, and other products. The company’s activity is that of an investment holding company. It has investments primarily in the UB Group companies, which are engaged in the business of exports and property development, manufacture and sale of beer, chemicals, fertilizers, etc.
The company has seen its fair share of trouble as it had major debt. The company had pledged some shares of UBL with Yes Bank which were invoked by the bank in September 2016. The shares were worth Rs 156 crores at the time.
Moreover, the Debt Recovery Tribunal sold a substantial number of shares of the company as the company had no promoter at the time. The NSE suspended trading of the shares for a month in February 2022 due to an insufficient number of Directors.
The shareholders of the company had tried to save the company from liquidation in March 2022 as one of the company’s creditors, Sunstar Hotels & Estates, had filed a plea with the NCLT to recover a debt of Rs 16.8 crores.
The shareholders alleged that debt of such an insignificant amount could be easily repaid if a professional Board were in place. They also alleged that this was a move to snatch control of the company from shareholders, stating that a team of people led by Vijay Mallya was trying to siphon out the company’s investments.
The shareholders wanted the company to sell out the holdings of UBL to repay the creditor and pay the balance to the shareholders. Ultimately, insolvency proceedings were initiated against the company in April 2022 following a plea filed by Sunstar.
The promoter hasn’t been out of trouble either. Vijay Mallya had stepped down from the Board of MHL in 2013 and no reasons were provided for the same. After he fled to the UK in 2016, he has been awaiting deportation to India on account of financial crimes. In 2021, his creditors wanted to sell his shareholding in three companies to recover around £600 million. Currently, he is pursuing appeals in the UK to overturn a bankruptcy order passed against him.