Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The SC dismissed the appeal holding that when a company proposes to increase its subscribed capital by converting debt into equity shares, shareholder approval through a special resolution is mandatory u/s 62(1)(c) of the Companies Act, 2013. The appellant company had not obtained such approval before seeking listing of additional shares allotted to the Asset Reconstruction Private Limited, which was a prerequisite under Regulation 28 of the SEBI (LODR) Regulations, 2015 as well. The BSE and SAT rightly refused listing approval for want of shareholder approval.
The SC dismissed the appeal holding that when a company proposes to increase its subscribed capital by converting debt into equity shares, shareholder approval through a special resolution is mandatory u/s 62(1)(c) of the Companies Act, 2013. The appellant company had not obtained such approval before seeking listing of additional shares allotted to the Asset Reconstruction Private Limited, which was a prerequisite under Regulation 28 of the SEBI (LODR) Regulations, 2015 as well. The BSE and SAT rightly refused listing approval for want of shareholder approval.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
