A century of goodwill belongs to the Firm, not the family: What Calcutta HC’s Fox & Mandal ruling means
Calcutta High Court ruled that the goodwill and reputation of Fox & Mandal belong to the firm, not to the family of its former partners.
Partnership Firm
No More Paperwork: Maharashtra enables online registration of partnership firms
Partnership firm registration in Maharashtra is set to go digital, with the State amending the Indian Partnership Act, 1932 to enable online applications, digital signatures and electronic verification.
182 days alone isn’t enough: Karnataka HC holds purpose of stay is equally decisive under FEMA’s “person resident in India” test
The Court held that the respondents-firm were “persons resident in India” and several FEMA Regulations relied upon by the Directorate of Enforcement became inapplicable. Since these Regulations govern transactions involving persons resident outside India, they could not be invoked against respondents who were legally resident in India under FEMA.
Gauhati HC disagrees with Bombay HC on Section 122(1-A), CGST Act; Holds partners liable to penalty for GST-Evasive transactions, including pre-2021 period
The legislative intent behind Section 122(1-A) of the Act of 2017 is solely to identify the person at whose instance the violations took place and if the person had retained the benefits, the person would be liable to a penalty as mentioned therein.
Minor Discrepancy in Demand Notice Cannot Defeat Section 138 NI Act: Jabalpur Sessions Court Reverses Acquittal in Cheque Dishonour Case
“Acquittal in cheque dishonour case was set aside on the grounds that mere clerical discrepancies in the actual amount due and the amount mentioned in the demand notice under Section 138 proviso (b) NI Act do not negate the existence of a legally enforceable liability and mere denial is not enough to rebut the presumption under Section 139.”
All partners have unlimited liability for acts of partnership firm irrespective of their role or profit share: SEBI
With respect to noticee’s liability as a partner, the noticee submitted that she resigned within short span of time and did not receive any remuneration or profit from the firm. Further, she was not a part of decisions or involved in day-to-day affairs of the firm.
Pendency of civil and criminal litigation among partners cannot estop a partner from invoking arbitration clause: Punjab and Haryana HC
“Technicality cannot be attached with a notice served under Section 21 of the Arbitration and Conciliation Act, 1996 as that would defeat the objective of the statute, which provides for a speedy resolution of the disputes.”
If dispute is arbitrable and arbitration clause exists, Courts ought to refer dispute to arbitration under S. 8 of A&C Act, 1996: Gauhati HC
In the present case, Clause 12 of the partnership deed indicated that the Partnership Act, 1932 and its Rules shall cover only those aspects not specifically mentioned in the deed.
‘Only being a woman cannot grant additional protection to the accused’; Delhi High Court refuses anticipatory bail to woman accused
It is the case of the prosecution that accused actively connived along with the co-accused in projecting herself to be a partner along with the complainant to obtain an overdraft facility from the bank.
Delhi High Court | Errors that are apparent on record can be subjected to review and not the ones required to be discovered through a process of legal reasoning/ arguments
Delhi High Court: In a review petition filed under Section 114 read with Section 151 of the Civil Procedure Code on behalf
Dishonour of cheque| Partner cannot be held to be vicariously liable when partnership firm is not tried as primary offender: SC
Supreme Court: Explaining the law on vicarious liability under the Negotiable Instruments Act, 1881, the bench of Ajay Rastogi and Sanjiv Khanna*,
Law on S. 138 NI Act | Cheque dishonored, case filed under S. 138 NI Act: Can borrower raise defense that lender had no financial capacity to lend money? Complete report on ruling by Tis-Hazari Courts
Tis Hazari Courts, New Delhi: Devanshu Sajlan, MM NI Act-05, while noting the ingredients of Section 138 of the Negotiable Instruments Act,
Ker HC| CAs Right to Practice: Can ICAI refuse to recognize retirement of CA from a firm? HC explains legal position
Kerala High Court: N.Nagaresh, J., pronounced a landmark judgment regarding right to practice of Chartered Accountants. The Bench held, “The decision of
P&H HC | Experience gained by erstwhile partnership firm could not be construed as experience of partners in an individual capacity; HC dismisses the petition
Punjab and Haryana High Court: The Division Bench comprising of Ravi Shanker Jha, CJ., and Arun Palli, J., heard the instant petition
NCLT | Petitioner failed to establish a contractual relationship with the corporate Debtor; Tribunal dismisses application
National Company Law Tribunal (NCLT): A Division Bench of Chandra Bhan Singh (Technical Member) and Suchitra Kanuparthi (Judicial Member) dismissed an application