Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
A report under sections 206 to 208 of the Companies Act, 2013 must rest on a lawful inquiry or inspection, with the company first informed in writing of the allegations and given an opportunity to explain; here, no notices under section 206 were issued and the report itself showed that a fresh inspection was needed, so the report was ex facie illegal and was quashed. An SFIO investigation under section 212 requires material disclosing fraud, meaning conduct involving intent to deceive or gain undue advantage; persistent repayment defaults and related complaints, without more, did not establish fraud or a jurisdictional basis for SFIO action. The SFIO order, and the consequential summons and notices, were also quashed.
A report under sections 206 to 208 of the Companies Act, 2013 must rest on a lawful inquiry or inspection, with the company first informed in writing of the allegations and given an opportunity to explain; here, no notices under section 206 were issued and the report itself showed that a fresh inspection was needed, so the report was ex facie illegal and was quashed. An SFIO investigation under section 212 requires material disclosing fraud, meaning conduct involving intent to deceive or gain undue advantage; persistent repayment defaults and related complaints, without more, did not establish fraud or a jurisdictional basis for SFIO action. The SFIO order, and the consequential summons and notices, were also quashed.
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