Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: list of goods taxed at 4% :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: empanelment :: articles on VAT and GST in India :: VAT RATES
 
 
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

CLB share transfer order flayed
March, 13th 2007
The order of the Company Law Board (CLB) directing the West Bengal Industrial Corporation (WBIDC) to transfer its 1.55 million shares in Haldia Petrochemical Ltd (HPL) to the Chatterjee Group lead by Purnendu Chatterjee was criticised by the Counsel of WBIDC before Mr Justice Jayanta Kumar Biswas of the Calcutta High Court today.

In his argument, the WBIDC counsel described the CLB order as a classic one, because there was no such prayer for transfer of shares before the CLB. The Chatterjee Group made an application before CLB under Section 397 of the Companies Act, under which the Board passed an order directing WBIDC to transfer 1.55 million shares in HPL to the TCG. Challenging this order, both the West Bengal Government and WBIDC filed two appeals in the Calcutta High Court.

The counsel for WBIDC questioned that under Section 397, shareholders of a company can file an application of mismanagement against the company, but surprisingly in the present case no allegation of mismanagement was made against HPL by the Chatterjee Group; hence, how the application under Section 397 has been entertained by the Board, it was pointed out. WBIDC was not willing to transfer the shares, the counsel argued. The order of CLB is perverse as it appeared from the totality of fact, the counsel submitted. The hearing will continue.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions