Tribunal Confirms Audit Powers to Address Allegations of Mismanagement and Fund Siphoning under Companies Act. https://www.taxtmi.com/highlights?id=75400 Oppression and Mismanagement - inherent powers of NCLT to cause audit of accounts - allegations of siphoning funds, breach of agreements, and failure to maintain proper books of account - Section 241 & 242 of the Companies Act, 2013 - The NCLAT held that the NCLT has inherent powers under Rule 11 of the NCLT Rules, 2016, to order an audit for the ends of justice and to prevent abuse of process. en-us Tue, 05 Mar 2024 13:18:51 +0530 Tue, 05 Mar 2024 13:24:08 +0530 TaxTMI RSS Generator Tribunal Confirms Audit Powers to Address Allegations of Mismanagement and Fund Siphoning under Companies Act. https://www.taxtmi.com/highlights?id=75400 Oppression and Mismanagement - inherent powers of NCLT to cause audit of accounts - allegations of siphoning funds, breach of agreements, and failure to maintain proper books of account - Section 241 & 242 of the Companies Act, 2013 - The NCLAT held that the NCLT has inherent powers under Rule 11 of the NCLT Rules, 2016, to order an audit for the ends of justice and to prevent abuse of process. Highlights Companies Law Tue, 05 Mar 2024 13:18:51 +0530 https://www.taxtmi.com/highlights?id=75400