Latest news with #CompaniesAct
Time of India
9 hours ago
- Business
- Time of India
Patanjali Ayurved under MCA lens for 'company law lapses'
New Delhi: The ministry of corporate affairs (MCA) has initiated the process for a probe into the affairs of Patanjali Ayurved to ascertain if there have been any corporate governance or financial lapses there, a person aware of the development said. The ministry is learnt to have sent a notice for this purpose to the company under Section 210 of the Companies Act. This section empowers the government to launch a probe into a company in public interest, among other conditions. The ministry's decision, said the person cited above, follows inputs from government agencies about alleged financial irregularities at the company. In response to ET's query, a Patanjali Ayurved spokesperson said "no communication has been received so far" from the MCA on this issue. An email sent to the ministry remained unanswered until the paper went to press. In April 2024, Patanjali Foods , the listed unit of the closely-held Patanjali Ayurved, said it had received a show-cause notice from the Directorate General of GST Intelligence in Chandigarh over a Rs 27.5 crore tax claim. Earlier, the Supreme Court had also restrained the company from putting up misleading advertisements. The ministry has in recent years stepped up its scrutiny of corporate governance and related lapses at companies. Recently, it has launched an investigation into Gensol Engineering for alleged fraud there.
Time of India
16 hours ago
- Business
- Time of India
In a relief to Vedanta, NCLAT stays orders against company's demerger
Photo/Agencies NEW DELHI: In a relief to Vedanta, the appellate tribunal NCLAT has stayed the National Company Law Tribunal orders against the demerger of the multinational mining company into separate entities and subsequent listing. The Mumbai bench of NCLT had on March 4 rejected the first motion petition moved for the composite scheme of arrangement between Vedanta in the matter of Talwandi Sabo Power (TSPL), observing that material facts have not been disclosed regarding its debt obligations, which was against the Companies Act. This was immediately challenged before the NCLAT, which earlier this week stayed the order passed by the NCLT bench till its next hearing, scheduled on Aug 4, 2025. The appellate tribunal said: "Issues raised before us need to be considered at length and presently in view of the submissions made the scheme is severable and thus in case the stay is not granted to the impugned order it may affect the second motion application filed in respect of other three transferor companies pending in different tribunals." A two-member NCLAT bench also agreed to the proposal of submission of a bank guarantee of Rs 1,245 crore claimed by its creditor Sepco Electric Power Construction Corporation, without prejudice to their rights. The first motion application is usually filed before the NCLT by the transferor and transferee companies. The second motion then follows after the first motion is granted, allowing for the court to fully evaluate the scheme. agencies Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
16 hours ago
- Business
- Time of India
Tasmac's annual report not published for 8th year in a row
Chennai: Accounts and financial performance of Tamil Nadu State Marketing Corporation Ltd (Tasmac)will continue to be under wraps, as the state-owned liquor monopoly has not published its annual report for the eighth year now. The last annual report published on Tasmac's official website was its 34th report for the 2016-17 financial year. Under the Companies Act, every company should prepare an annual report, a comprehensive document that provides a detailed overview of its activities and financial performance for its stakeholders. Tasmac, being a state-owned company, is required to host its annual reports online and make them accessible to the public. For instance, the Tamil Nadu Power Distribution Corporation, another state-owned company, has published its annual report for 2023-24, but Tasmac remains an exception. It's annual report should contain details of the balance sheet, including assets, liabilities, equity, and income statements such as revenues, expenses, and profit and loss. An independent auditor's opinion on the accuracy and fairness of the financial statements is also part of the annual report. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Santo Antônio Do Descoberto: Quanto vale a sua casa? Descubra agora! Valor da casa | Anúncios de pesquisa Saiba Mais Undo When contacted, prohibition and excise minister S Muthusamy said annual reports of Tasmac were duly placed in assembly till financial year 2023-24 and added that annual report for 2024-25 was under preparation. However, he said he would check why they were not made public. Tasmac officials were not available for comment. One of the key accusations against the Tasmac by the ED was the former's lopsided procurement favouring a few distilleries and breweries. In the annual report for 2016-17, the independent auditor's report highlighted that the company (Tasmac) needed to periodically review and strengthen the policies relating to purchases, procurements, and price fixation. It also recommended measures such as raising bills on the sale of goods immediately upon sale, periodic identification of sediment stock in respect of inventory at retail vending shops, and integration of software under various platforms. Eight years later, there is no clarity on the steps initiated on the recommendations in the absence of Tasmac's annual reports in the public forum.
Time of India
20 hours ago
- Business
- Time of India
Patanjali Ayurved under MCA lens for 'company law lapses'
New Delhi: The ministry of corporate affairs (MCA) has initiated the process for a probe into the affairs of Patanjali Ayurved to ascertain if there have been any corporate governance or financial lapses there, a person aware of the development said. The ministry is learnt to have sent a notice for this purpose to the company under Section 210 of the Companies Act. This section empowers the government to launch a probe into a company in public interest, among other conditions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The ministry's decision, said the person cited above, follows inputs from government agencies about alleged financial irregularities at the company. In response to ET's query, a Patanjali Ayurved spokesperson said "no communication has been received so far" from the MCA on this issue. An email sent to the ministry remained unanswered until the paper went to press. In April 2024, Patanjali Foods , the listed unit of the closely-held Patanjali Ayurved, said it had received a show-cause notice from the Directorate General of GST Intelligence in Chandigarh over a ₹27.5 crore tax claim. Live Events Earlier, the Supreme Court had also restrained the company from putting up misleading advertisements. The ministry has in recent years stepped up its scrutiny of corporate governance and related lapses at companies. Recently, it has launched an investigation into Gensol Engineering for alleged fraud there.
Time of India
a day ago
- Business
- Time of India
Dalmia Bharat gets SC relief in ₹500 crore KKR investment tax dispute
The Supreme Court has put a hold on income tax reassessment proceedings against Dalmia Bharat and its subsidiaries. This involves a Rs 500 crore investment by KKR Mauritius Cement Investments in Dalmia Cement back in 2010-2011. The court is seeking a response from the income tax department regarding the reassessment. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Supreme Court on Friday stayed the income tax department 's decision to initiate reassessment proceedings against Dalmia Bharat and its two subsidiaries - Dalmia Cement (Bharat) and Dalmia Power - for assessment year issue relates to an investment of Rs 500 crore made by KKR Mauritius Cement Investments KKR ) in Dalmia Cement (Bharat) in financial year 2010-2011 (Assessment Year 2011-2012). KKR was allotted 37.92 million equity shares, accounting for 14.99% of the stake in the company. The shares were bought back by Dalmia Bharat (DBL) in 2016 for Rs 1218 crore.A Bench led by Chief Justice BR Gavai sought response from the income tax department on three separate appeals by Dalmia group firms challenging the Madras High Court's order upholding the income tax department's reassessment and its two subsidiaries argued that the transaction of the alleged purchase of shares by DBL from KKR is not even applicable in the relevant AY - 2011-2012 as there wasn't even a buyback. It was a simple sale transaction from KKR to DBL, senior counsel D Seshadri Naidu, appearing for the companies, submitted that even the jurisdictional requirement of Section 147 of the Income Tax Act, as to 'where income chargeable to tax has escaped assessment' is not satisfied in the Reasons for Reopening (Explanation 2 to section 147 of the IT Act).The Reasons for Reopening do not even justify reopening of the assessment after a period beyond four years, the appeals filed through counsel Mahesh Agarwal from the fact that all investments were through banking channels and RBI approvals, the investment itself was disclosed in the audited accounts with the Ministry of Corporate Affairs (compliances under Companies Act, 1956) and Reserve Bank of India for compliances under Foreign Exchange Management Act, 1999, the companies said.'Details of KKR's investments in petitioner, therefore, have been disclosed to various regulatory authorities, including the tax authorities in the relevant AY 2011-2012,' the appeals stated, adding that the Reasons for Reassessment are 'wholly vague and ambiguous.'Dalmia told the SC that no income is alleged to have escaped assessment on account of the investment KKR. On the contrary, the department had alleged that the shareholding of KKR in DCBL has been bought back by DBL from KKR at a value more than Rs 1200 crore and the whole transaction needs to be investigated properly to find out if any black money has been used and whether transaction had escaped any income tax Assessing Officer (AO) had proposed to reopen the tax assessments of the three companies as this amounted to round-tripping, the counsel the tax reassessment proposal, the companies had moved a single-judge bench of the HC, which had ruled against reopening on the grounds that Dalmia Cement (Bharat) had disclosed the investment made by KKR in their tax returns. However, the division bench ruled to the contrary relying on the AO's materials that prima facie indicated that KKR was a shell company and there was also round tripping.
