Now, Ministry of Corporate Affairs introduced relatively easy and online e – form for surrendering director identification.
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Cracking Limited Insolvency Examination
This was first attempt. I studied about 120 hours. But after lot of discussion with many who attempted it with or without success, in first attempt. I made strategy and changed it slightly just 20 study hours before examination on advice.
Last advice I received was not to try too much question. Due to negative marking you should touch your most positive questions. We should care positivity more, if negativity surround.
In first round of 70 minutes, I read all questions and answered most sure one. I marked all other questions for review. In second round of 20 minutes, I reviewed all marked questions and decided not to attempted most of them. Now, out of my target of 70 out of 90, I did only 69 questions. Now, in final round of 30 minutes, I reviewed all questions once. This did the trick.
But, passing this examination or any examination is not about tricks only. In an examination with multiple choice questions coupled with negative marking need concentration of minor details. Section numbers, penalties, imprisonment, rules, regulations, timelines, definitions and case laws are just a few critical points. No model paper can cover all these in a comprehensive manner. You have to study from original sources. I read law directly from bare published by ICSI – Insolvency Professional Agency.
With age, we may loss our memory and become adamant. Experience usually comes with overconfidence. When new law come into statute books, it changes rule of game more dramatically than we understand.
I was well advised to focus 90% on 60% of syllabus to be covered. I revised all old laws in syllabus in first day of my preparation not to touch again. I cannot memorise all these minor details missed earlier. This was time to focus on new law – the king of the examination concerned. I noted down all possible minor details and left confusing details for practical life outside this examination.
In professional life and examination you cannot take risk with your time. I enrolled for back to back three attempts spread over two weeks. There was another risk for me, the syllabus is about to be revised from fourth week. My failure may require me to cover more diversification and enrichment in new syllabus.
I am indebted to all my family, seniors, critics, friends, relatives and well wishers.
I am thankful to following person more directly for this success, in alphabetical order –
| Hari Babu Thota |
| ICSI |
| ICSI IPA |
| Jinesh Kulshreshtha |
| Lakshmi Arun |
| Prabhjit Singh Soni |
| RajKumar S Adukia |
|
Rakesh Kumar Jain |
Completion of Voluntary Liquidation
Successful completion of a process is as important as its beginning. Voluntary liquidation process is not only a completion of liquidation but result in dissolution of the company.
Posted in Insolvency and Bankruptcy Code 2016, Voluntary Liquidation Process
Tagged Dissolution of Company, dissolution of corporate person, Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations 2017, voluntary liquidation, Voluntary Liquidation Process, Voluntary winding up
Homecoming of Terror – House of Cards
This business is politics. Kevin Spacey and Robin Wright have proven it yet again in the magical political drama. The Underwoods keep you spellbound with the ultimate passion of power. The gait, the style, the fashionable couple have very well-kept the audience captured in the past and so surely this time also. Chessboard of intense playful politics once again is inside our home on our screens. The successful four seasons of the House of Cards is a testimony of how politics remain a part of our living room. With season five on run the series have maintained the political strategies as core designs of the drama.
With the recent real – life political screenplay rewritten in United States, it gets quite interesting to watch dramatic president Frank Underwood. You try to relate things happening and actions of current President, which may or may not relate. Terror is new nucleus of politics everywhere in the world and now it is homecoming of terror.
‘You’ve nothing to be afraid off’. The season 5 episode 1 begins with the strategic handling of the corruption accusations published in Washington Herald against the President. This is a valuable past to defend, the deeds he did earlier as the Vice President. Frank Underwood steals the show when he uses his power play and emphatically manipulates the debate to lead towards terrorism. He demands declaration of war against ICO and seeks support from house of congress. You cannot afford to miss, his spouts, “I will not yield”.
Frank Underwood has come to India, tune into the House Of Cards Season 5 Marathon (episodes 6 – 10) on Saturday, 10th June, 5 PM onwards, only on Zee Café!
This episode carries its main substance from the last episode of season 4, wherein Jim Miller was beheaded by ICO. The contentious whisper of Miller’s daughter, in Frank’s ears, at the funeral of her father, leaves the audience with a curious drama. Something may happen soon, it may be in next few episodes. You get little hints with a curiosity of how.
First episode successfully annex you to your television sets. The episode builds on; the Underwood couple tastes public resentment. It does not last long with their moves to gain the public confidence towards the closure of an hour long episode. The first episodes itself makes a mood for not “Homecoming of Terror” but “politics of terror”. The audience becomes an addict of power play, it has.
Claire Underwood’s public service announcement on a television filming is a deliberate move towards upcoming elections, which we may witness in future episodes. The hysterical wish of Miller’s daughter puts Claire, the first lady, in a position where the audience assumes far-reaching admiration for Claire. I keep my figure crossed. #HOConZCafe ignites social media.
REALISATION OF ASSETS AND DISTRIBUTION OF PROCEEDS
Once voluntary liquidation process started; satisfaction of claim becomes primary exercise. For this purpose, this is duty of liquidator handling voluntary liquidation to realize all assets of corporate person and distribute the proceeds.
Posted in Insolvency and Bankruptcy Code 2016, Voluntary Liquidation Process
Tagged Dissolution of Company, dissolution of corporate person, Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations 2017, voluntary liquidation, Voluntary Liquidation Process, Voluntary winding up
Claims in Voluntary Liquidation
Satisfaction of claims is essential part of any liquidation. According to clause (6) of section 3 of the Insolvency and Bankruptcy Code, 2016, “claim” means—
(a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured or unsecured;
(b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured.
Posted in Insolvency and Bankruptcy Code 2016, Voluntary Liquidation Process
Tagged Claims, Dissolution of Company, dissolution of corporate person, Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations 2017, voluntary liquidation, Voluntary Liquidation Process, Voluntary winding up
Liquidator in voluntary liquidation
In recent posts, we discussed voluntary liquidation and its commencement. In liquidation, liquidator play crucial role.
Posted in Insolvency and Bankruptcy Code 2016, Voluntary Liquidation Process
Tagged Dissolution of Company, dissolution of corporate person, Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations 2017, Insolvency Professional, voluntary liquidation, Voluntary Liquidation Process, Voluntary winding up
Initiation of Voluntary Liquidation
In last post we discussed here basic provisions of Section 59 of the Insolvency and Bankruptcy Code, 2016 about voluntary liquidation. As we mentioned, sub – section (3) to (5) of section 59 prescribes conditions related to corporate person registered as company. Similar conditions, in relation to voluntary liquidation of other corporate persons are prescribed in Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. Here, we will discuss.
Posted in Insolvency and Bankruptcy Code 2016, Voluntary Liquidation Process
Tagged Dissolution of Company, dissolution of corporate person, Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations 2017, voluntary liquidation, Voluntary Liquidation Process, Voluntary winding up
Voluntary Liquidation
Part II of Chapter XX of the Companies Act (discussed earlier here and here) has been omitted by the Insolvency and Bankruptcy Code, 2016. In new scheme, there will be voluntary liquidation, not voluntary winding – up as called earlier. In this post we will discuss Chapter V of the Insolvency and Bankruptcy Code, 2016 consisting of consisting of section 59.
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Posted in Insolvency and Bankruptcy Code 2016, Voluntary Liquidation Process
Tagged Dissolution of Company, dissolution of corporate person, Insolvency, Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations 2017, Insolvency Professional, voluntary liquidation, Voluntary winding up
Application for removal of Name of Company
Application for removal of the name of the companies from the register of companies maintained by Company registrars has legal roots in Subsection (2) of Section 248 of the Companies Act, 2013 as discussed earlier here. Rule 4 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 deals with its procedural aspects. We will discuss Rule 4 in this post.
[Law stated in this post was valid from 26 December 2016 to 9 May 2019. For Law effective from 10 May 2019, visit here.
Show Cause Notices for Suo-motu strike off of company
In earlier post here, we discussed law relating to suo-motu removal of name of company from the register of companies of the Registrar of companies. Recently, Registrar of Companies posted strike off notices in bulk of companies seems eligible for suo-motu strike off. When Government is claiming it a strike on shell companies, such notices received mixed reaction. Public notices are also published by almost all Registrar of Companies. One can access these public notices here.
Suo-motu Removal of name of company
Suo-motu removal of name of the companies from the register of companies maintained by Company registrars is legal roots in Sub – section (1) of Section 248 of the Companies Act, 2013 as discussed earlier here in its original form and its amendment by the Companies (Amendment) Act, 2015 as discusses thereafter. Rule 3 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 deals with its procedural aspects. We will discuss Rule 3 in this post.
Specified Banks Notes – Amendment in Companies Law
Ministry of corporate affairs inserted a clause (d) in rule 11 of the Companies (Audit and Auditors) Rules, 2014. The Companies (Audit and Auditors) Amendment Rules, 2017 was published in official gazette on 30th March 2017 and came into force from that date.
RETINA SIGNATURE – REPLACING DIGITAL SIGNATURES
Bye – Bye Digital Signature Certificates!!
Inter – ministerial task force on secured authentication of legal documents actively discussing retina signatures which next logical step after introduction of biometric identification system in India. Indian mainstream media undermined these reports amid its stir on recent development in Uttar Pradesh.
Under critically proactive leadership of Prime Minister Narendra Modi an inter-ministerial task force was formed just after demonetization to consider digital cash, digital contracts and digitization of legal and court documents. The task force includes highly places officers of Ministry of Finance, Ministry of Law & Justice, Ministry of Information Technology, Unique Identification Authority of India, Ministry of Health & Family welfare. Highly placed sources suggest that a prime intelligence agency of nation is also involved and getting help from an agency of a friendly foreign nation.
Retina signature is a unique technique developed by a research group consist of countries premier medical colleges and information technology universities. This is quite advance technique user shall sign just showing his retina to camera attached to his laptop, mobile or desktop. This futuristic system shall replace token based digital signature certificate and can be used anytime anywhere by anybody. Though, it will be restricted presently for human need, this technique is so advance that it can be even be used by advance animals using their retina. Retina signature will eradicate need for renewal of digital signature certificates. This technology provides lifelong free signatures subject to good health and maintenance of retina. Any kind of file type may be signed using retina signature.
Retina is third and inner coat of eye which is a light-sensitive layer of tissue. The unique structure of the blood vessels in the retina has been used for biometric identification. Changes in the retinal microcirculation are seen with aging, exposure to air pollution and may indicate cardiovascular diseases such as hypertension and atherosclerosis.
In proposed methodology, a user shall place his eyes before camera of his mobile or laptop when a document to be signed should be opened before him on same device. It is also possible to sign a documents placed in another device. The retina signature shall capture bio-metrics of retina, system time, internet protocol address and geo-positioning of signatory. Once, signed there shall be no removal of signature from the documents shall be possible unless authorized by competent authority, which shall be a civil judge.
As usual, human right activists are planning to oppose the move. Activists argue that scrupulous elements and police authorities may get retina signature using force and other means. However, government authority denies any such possibilities. The task force working on modalities to make it happened in case blind, mentally challenged and otherwise unhealthy people.
A copy of relevant study document may be assessed here on or after 1st April.
Index of Companies Law Posts
UPDATE – Please visit
https://aishmghrana.me/2017/03/31/updated-index-of-company-law-posts/ updated as on 31st March 2017 and any later version given in sticky post regarding index update on home page.
This post archived for valuable comments made by readers. This blog is thankful to all its readers.
Posted in Companies Act 2013
Refund to claimant from IEPF
Ministry of Corporate Affairs amended the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017 rules published in Official Gazette on 28th February 2017 and came into force on even date. In earlier post here and here(original)/here(amended), we discussed transfer of amounts of unpaid and unclaimed dividends etc to the Investor Education and Protection Fund Authority Fund and transfer of shares in respect of which dividend is remain unpaid and unclaimed for continuous seven years. In this post, we will discuss amended provisions related to refund of such amount and shares related to unpaid dividend transferred to the Investor Education and Protection Fund Authority.
Posted in Chapter VIII - CA2013, Companies Act 2013, Governance and Responsibility, Investor Education, Truth of Our Time
Tagged Audit, Form IEPF – 5, IEPF, Investor Education and Protection Fund, Refund Claim, the Investor Education and Protection Fund Authority (Accounting, Transfer and Refund) Amendment Rules 2017, Transfer and Refund) Rules 2016, unclaimed dividend, Unpaid Dividend
Transfer of Shares related to Unpaid Dividend
Ministry of Corporate Affairs recently amended Indian companies, the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017 published in Official Gazette on 28th February 2017 and came into force on same date. We discussed original rules earlier here. In this post, we will discuss amended law related transfer of shares related to unpaid dividend to the Investor Education and Protection Fund Authority.
AishMGhrana 