Bringing you the Best Analytical Legal News
The AES Chhattisgarh Energy and Director were accused of cheating the Ministry of Coal by misrepresenting the fact that they were subsidiary company of AES Corporation, USA.
The Supreme Court further held that when the actions of a Committee constituted by Cabinet are validated by the Council of Ministers and the rest of the Council, it ensures that the Rules of Business were followed by the State Government in the course of decision-making process.
“…the Act of 1956 is a special Act which govern the law regarding companies only whereas IT Act is a general Act which percolates in just about every sphere of life and is applicable to all the citizen of India when it comes to payment of Income Tax.”
The Supreme Court observed that the important role of the Regulator cannot be circumvented by simply asking for rectification under Section 111A of the Companies Act, 1956.
Proceedings for winding up of a company are proceedings in rem to which the entire body of creditors is a party, hence, by a deeming fiction the petition by even a single creditor is treated as a joint petition.