As per section 36 of Companies Act 2013,

Any person who, either knowingly or recklessly makes any statement, promise or forecast which is false, deceptive or misleading, or deliberately conceals any material facts, to induce another person to enter into, or to offer to enter into:

c) any agreement for, or with a view to, obtaining credit facilities from any bank or financial institution , shall be liable for action under section 447.

Further as per Section 37, a suit may be filed or any other action may be taken under section 34 or section 35 or section 36 by any person, group of persons or any association of persons affected by any misleading statement or the inclusion or omission of any matter in the prospectus .


My questions are the following:

1) Does "statement , promise or forecast" mentioned u/s 36 mean the prospectus or can it be any other statement not being a prospectus? As suit can be filed only if misstatement is related to prospectus as per section 37, so should we assume that this statement given to induce an agreement is prospectus only?

2) Further what does "inducing a person to enter into an agreement for or with a view to obtaining credit facility from a bank" mean? Are we making an agreement with another individual to improve our credit worthiness in order to obtain credit?

3) To make someone liable u/s 447 should the suit be filed only by persons mentioned under section 37 ( that is an investor who was affected by the misstatement in the prospectus) ?

1) My query is that is internal auditor to be mandatorily appointed during fy 2011-12 for listed companies under companies act 1956 and any other provisions?
2)does an internal auditor appointment requires board approval during F.Y. 2011-12 under the Companies Act.1956 or any other provisions of the companies act?
3)Also under 2013 act was it mandatory to file MGT-14 for internal auditor appointment ?

Please advise.

Sir,

A & B are joint bank account holders, A being first named. A has expired and deceased claim been submitted. However kindly advise :
A. Whether Banj account can be continued by the joint account holder?
B. Is there any banking guideline be pertaining to this?

Kindly Advise.

Thanks & Regards

Dear Sir,

One of our society and section 8 company wants to give loan to another society and on that loan, interest would also be charge by them. My query is whether section 8 and society can give loan to another society and would charge interest thereon as purpose of the society and section 8 company was formed for a charitable purpose. Whether chargeable interest would be considered as his non charitable income or business income.. Is society and section 8 company can charge interest on the loan and would earn interest as income.. Requested to present your views..

Sir

Request you to apprise :

A. Whether husband has or can exercise any right on the property/assets held by wife prior to the marriage?

B. Similarly what is the position in case of gifts and/or inheritance from Parents post marriage?

Thanks & Regards

Hi,

can we pay the half wages to labour at the time of payroll period and pay the rest amount at the time of bonus payment. ??
and it's mention in which section or gov. notification ??

As per Companies Act, 2013 a company which is a holding or subsidiary or associate of a company incorporated outside India may be required to follow a different financial year for consolidation of its accounts and may apply to Central Government who may allow any period as Financial year whether or not the period is a year. (From ICAI material)
My questions are:

1) Why will an associate company need to consolidate its FS with another company?
2) Why will the Holding company(Foreign company) in India need to follow a financial for its subsidiary outside India? Doesn't the subsidiary always follow the holding company?
2) What is meant by "any period" is taken as a financial year? Will even few months be taken as a year? If so, can any date be the balance sheet date? If an example of this is provided it will really help me .

Thank you .

Sir
We want to partner in LLP .HOW to join

Mr. A and B ( brother) is holding ancestral property in Maharashtra. After death of B- property was transferred to legal hairs of B.. ( B's Wife and 3 daughter and 1 son residing at Gujrat) . To liquidate the property all 3 daughter and 1 son given POA to their mother. However due to some medical issues the B's wife is unable to Maharashtra to sale the property. MY problem is
1) Whether She can reassign POA to his son or MR. A. ? if not
What is best alternative as legal hairs is not in position to give Revise POA as one of the daughter is at USA.
Whether B's wife can sign documents at GUjrat court ?
Please guide

Kindly send the draft resolution to dissloved the trust