https://www.taxtmi.com/caselaws?id=257615 Sections 529, 529A and 530 of the Companies Act are explained as creating pari passu and preferential rights for workmen and secured creditors, with the concept of "workmen" borrowed from the Industrial Disputes Act, 1947. Contract labour is not automatically absorbed as employees merely because a notification is issued under the Contract Labour (Regulation and Abolition) Act, 1970; the relationship can be recognised only if the contract is found to be sham, nominal, or a camouflage, justifying piercing of the veil. On the material then available, the Court noted that no finding had been returned on the genuineness of the contracts, so the claims required fresh re-adjudication after hearing the parties and examining the contracts. en-us Tue, 02 Dec 2014 00:00:00 +0530 Tue, 17 Mar 2015 19:40:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257615 Sections 529, 529A and 530 of the Companies Act are explained as creating pari passu and preferential rights for workmen and secured creditors, with the concept of "workmen" borrowed from the Industrial Disputes Act, 1947. Contract labour is not automatically absorbed as employees merely because a notification is issued under the Contract Labour (Regulation and Abolition) Act, 1970; the relationship can be recognised only if the contract is found to be sham, nominal, or a camouflage, justifying piercing of the veil. On the material then available, the Court noted that no finding had been returned on the genuineness of the contracts, so the claims required fresh re-adjudication after hearing the parties and examining the contracts. Case-Laws Companies Law Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257615