The Chamber of Tax Consultants October 2021 - MMJC

This covers the following cases:

1. Mumbai bench of the NCLT has directed to freeze and attach assets and properties of Videocon promoters, CEO and CFO as well as of Company Secretary following a petition by the MCA under section 241 and 242 of the Companies Act, 2013. Being dissatisfied with interim order, CEO and CFO moved to NCLAT stating that the Ex-parte interim order passed by tribunal without providing a single “opportunity of hearing is per se an illegal one. NCLAT asked the Mumbai bench of the NCLT to pass a fresh order after “providing opportunity for hearing” to two senior executives of Videocon Telecommunications whose assets were attached through an NCLT order.
2. Non-compliance with accounting standards will fall under SEBI’s investigation domain if such non-compliance leads to fraud or violation of any SEBI regulation.
3. Liquidation under the IBC code should be the last resort after proper evaluation & calibration.

For a detailed case law summary please click here