SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
The NCLAT upheld the NCLT's decision to refuse waiver u/ss 244(1)(a) and (b) of the Companies Act 2013 to the Appellants, who held only 5.83% shareholding, to file an oppression and mismanagement case u/s 241. While the NCLAT can make a preliminary assessment to determine if the petition falls within Sections 241 and 244, it found no exceptional circumstances to bypass the minimum shareholding requirement. The Appellants' primary grievance revolved around the removal of one Appellant as Director, which the Supreme Court has held cannot trigger oppression relief u/ss 241 and 242. The petition did not substantiate a genuine case of oppression and mismanagement, and the NCLT rightly refused the waiver based on its assessment.
The NCLAT upheld the NCLT's decision to refuse waiver u/ss 244(1)(a) and (b) of the Companies Act 2013 to the Appellants, who held only 5.83% shareholding, to file an oppression and mismanagement case u/s 241. While the NCLAT can make a preliminary assessment to determine if the petition falls within Sections 241 and 244, it found no exceptional circumstances to bypass the minimum shareholding requirement. The Appellants' primary grievance revolved around the removal of one Appellant as Director, which the Supreme Court has held cannot trigger oppression relief u/ss 241 and 242. The petition did not substantiate a genuine case of oppression and mismanagement, and the NCLT rightly refused the waiver based on its assessment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
