The Chamber of Tax Consultants – February 2022 - MMJC

This covers the following cases:

1. Independent Directors held liable for excessively relying on whole time directors and not having independent checks – Final Order of the Whole Time Member in the matter of Coral Hub Ltd
2. Whether an authority to appoint nominee director and the power of affirmative vote make the creditor a related party? – Order in the matter of Telangana State Trade Promotion Corporation (Appellant) Vs. A.P. Gems & Jewellery Park Private Limited & Anr (Respondent) as passed by the National Company Law Tribunal (NCLAT) Chennai on 21 September, 2021
3. An interesting case in which the court highlighted that the interest of shareholders is utmost important and that exemptions granted by way of notification by ministry can be availed only if it is in the interest of the shareholders and if it is not, then transactions may be held as illegal transaction.. – Sulochana Gupta and Minakshi Gupta vs. M/s RBG Enterprises Private Limited, M/s. RBG Trading Corporation Private Limited, M/s. RBG Retail Private Limited and others NCLT Kochi Bench Order dated 31 December, 2021

For a detailed case law summary please click here