{"id":7019,"date":"2014-10-16T15:10:00","date_gmt":"2014-10-16T15:10:00","guid":{"rendered":"http:\/\/localhost\/sccblog\/?p=7019"},"modified":"2015-10-14T15:37:54","modified_gmt":"2015-10-14T10:07:54","slug":"bod-to-decide-the-forfeiture-or-refund-of-the-deposit-under-section-160-of-the-companies-act-2013-in-certain-cases","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2014\/10\/16\/bod-to-decide-the-forfeiture-or-refund-of-the-deposit-under-section-160-of-the-companies-act-2013-in-certain-cases\/","title":{"rendered":"BoD to decide the forfeiture or refund of the deposit under section 160 of the Companies Act, 2013 in certain cases"},"content":{"rendered":"

After a clarification sought by the companies registered under Section 8 of the Companies Act, 2013 (corresponding to section 25 of Companies Act, 1956) about the manner in which the amount of deposit of rupees one lakh received by them under sub-section (1); of section 160 of the Companies Act, 2013 (Act) is to be handled if the depositor fails to secure more than twenty five per cent of the total valid votes, the Ministry on October 14, 2014 clarified that as the relevant provision is silent on such issue, the Board of directors of a section 8 company is to decide as to whether the deposit made by or on behalf of the person failing to secure more than twenty-five percent of the valid votes is to be forfeited or refunded.<\/p>\n","protected":false},"excerpt":{"rendered":"

After a clarification sought by the companies registered under Section 8 of the Companies Act, 2013 (corresponding to section 25 of Companies <\/p>\n","protected":false},"author":3,"featured_media":7321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188],"tags":[],"class_list":["post-7019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press"],"yoast_head":"\nBoD to decide the forfeiture or refund of the deposit under section 160 of the Companies Act, 2013 in certain cases | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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By the impugned order, application filed under Section 8 of the Arbitration and Conciliation Act, 1996\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":196387,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/24\/calcutta-hc-passes-interim-order-allowing-disqualified-directors-to-continue-despite-disqualification-under-s-1642-of-companies-act\/","url_meta":{"origin":7019,"position":2},"title":"Calcutta HC passes interim order allowing disqualified directors to continue despite disqualification under Section 164(2) of Companies Act","author":"Saba","date":"May 24, 2018","format":false,"excerpt":"Calcutta High Court:\u00a0 The Court recently passed an interim order where it allowed certain people who were directors in multiple companies to continue in their posts despite the disqualification laid down in Section 164(2)(a) of the Companies Act, 2013 (\u201cAct\u201d). This interim relief was only with respect to those companies\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/calcutta-court.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/calcutta-court.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/calcutta-court.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/calcutta-court.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/calcutta-court.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":294785,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/16\/explained-supreme-court-verdict-on-constitutionality-of-section-3277-of-companies-act-legal-news\/","url_meta":{"origin":7019,"position":3},"title":"Explained | Supreme Court’s verdict on constitutionality of Section 327(7) of Companies Act vis-\u00e0-vis preferential payment of dues to workers after liquidation","author":"Apoorva","date":"June 16, 2023","format":false,"excerpt":"The Supreme Court said that it cannot adopt a doctrinaire approach. Some sacrifices have to be always made for the greater good, and unless such sacrifices are prima facie apparent and ex facie harsh and unequitable as to classify as manifestly arbitrary, these would not be interfered with by the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"section 327(7) of companies act","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/section-3277-of-companies-act.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/section-3277-of-companies-act.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/section-3277-of-companies-act.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/section-3277-of-companies-act.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":213657,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/18\/constitutionality-of-section-327-7-of-the-companies-act-2013-challenged-sc-issues-notice\/","url_meta":{"origin":7019,"position":4},"title":"Constitutionality of Section 327 (7) of the Companies Act, 2013 challenged; SC issues notice","author":"Prachi Bhardwaj","date":"April 18, 2019","format":false,"excerpt":"Supreme Court: The bench of Ranjan Gogoi, CJ and Sanjiv Khanna, J has issued notice to the Centre in a writ petition challenging\u00a0the Constitutional validity of Section 327 (7) of the Companies Act, 2013 qua Section 53 of the Insolvency and Bankruptcy code, to the extent that Section 327 (7)\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":214837,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/05\/18\/notification-companies-appointment-and-qualification-of-directors-second-amendment-rules-2019\/","url_meta":{"origin":7019,"position":5},"title":"Notification | Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2019","author":"Bhumika Indulia","date":"May 18, 2019","format":false,"excerpt":"G.S.R. 368(E).\u2014In exercise of the powers conferred by the second proviso to sub-section (1), sub-section (4), clause (f) of sub section (6) of Section 149, sub-sections (3) and (4) of Section 150, Section 151, sub-section (5) of Section 152, Section 153, Section 154, Section 157, Section 160, sub-section (1) of\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/7019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=7019"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/7019\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/7321"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=7019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=7019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=7019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}