https://www.taxtmi.com/caselaws?id=381255 The Supreme Court upheld the orders of NCLT and NCLAT, dismissing the appeal challenging the legality of re-opening and re-casting financial statements of IL&FS and its group companies under Section 130 of the Companies Act. The Court found that the conditions precedent for invoking Section 130 were satisfied based on reports indicating mismanagement and fraudulent accounts preparation. It concluded that the order was justified in the public interest, considering subsequent reports and ensuring compliance with natural justice principles. en-us Tue, 04 Jun 2019 00:00:00 +0530 Mon, 04 Nov 2019 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381255 The Supreme Court upheld the orders of NCLT and NCLAT, dismissing the appeal challenging the legality of re-opening and re-casting financial statements of IL&FS and its group companies under Section 130 of the Companies Act. The Court found that the conditions precedent for invoking Section 130 were satisfied based on reports indicating mismanagement and fraudulent accounts preparation. It concluded that the order was justified in the public interest, considering subsequent reports and ensuring compliance with natural justice principles. Case-Laws Companies Law Tue, 04 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381255