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Shambhavi Sabarish

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) ?

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Shambhavi Sabarish

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 .

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deepa iyer
22 August 2023 at 11:28

PF Withdrawal Rejection

Hi Sir,
I tried to withdraw some amount from my PF on 31st July, this morning i got a message that "CLAIM REJECTED PASSBOOK NOT ATTESSTED" in this case should i go to bank & get stamp done on passbook or shall i just sign over my passbook?
Please advise.

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Stephen Marks
16 August 2023 at 11:07

Common path - registered

Respected Experts,

In 2001 we bought a land that showed common path way between other plot. But in 2020 a person has registered the other plot including the common path. Now I have no option for path in front of my land. I dont know what to do

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BALAMURUGAN GOPAL

Hi Everyone

Can anybody help me out regarding below query?

What is the procedure to register the Rental agreement (Rental period is 5 years) and the cost of registration in Tamilnadu?

Thanks in advance.

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M.Ramkumar
15 June 2023 at 13:37

Applicability of Form DPT - 3

Dear Sir/Mam,
Whether current account(running account) maintained by company shall be considered as deposits for filing Form DPT - 3

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Alpana Khatri

Dear sir/madam

Kindly provide me the format of disolution deed of partnership firm in case of death of partner.


Regards
Parth

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himani soni

I have a Company whose financials as well as annual return in form AOC-4 and MGT-7 is not filed for past 2 years. Now, what procedure needs to be followed as regards adoption of financial statements, AGM and Filing of ROC Forms.

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Sachin Kumar
30 March 2023 at 20:55

Provident Fund Opt Out

an employee once opted for PF deduction , cannot opt out.
In which legal provision it is written he cannot opt out.

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AJITHA KAIMAL
30 March 2023 at 20:09

Date of enactment of act

I general clauses act it is said that the date of enactment of act is the date mentioned in the act or the date of notification in the official gazette. if no such specific date then the date of assent of president of India.
I have a doubt that do all laws need to be notified in the official gazette. if so why is date of assent of president is also considered

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