Dissemination board
This query is : Resolved
20 January 2017
Hi,
According to the law, all companies listed on regional excahnges have been transferred to dissemination board. Now they have to provide exit to shareholders or list on the national exchanges.
My Query is that our company is a sick company declared by BIFR. It is non operational and banks have taken over the plant and machinery.
Now, since its a sick company, net worth is negative. So, no value can be given to shareholders.
So what should be our next step. What is the legal status in this case.
THe company does not have funds to pay for all the expenses which is in the range of 5-10 lakhs rupees.
regards,
According to the law, all companies listed on regional excahnges have been transferred to dissemination board. Now they have to provide exit to shareholders or list on the national exchanges.
My Query is that our company is a sick company declared by BIFR. It is non operational and banks have taken over the plant and machinery.
Now, since its a sick company, net worth is negative. So, no value can be given to shareholders.
So what should be our next step. What is the legal status in this case.
THe company does not have funds to pay for all the expenses which is in the range of 5-10 lakhs rupees.
regards,
22 January 2017
if BIFR declared the company SICK, then all the proceedings will be directed by BIFR. The Company has to follow the instructions given by BIFR .
24 January 2017
Thank you Mr. Bakshi. The last order of BIFR was an order of change of management which is not yet implemented by the bank. Now BIFR is dismantled. So should we apply in the new court now?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST not cancelled by tenant
- Filling ITR - U
- TDS ON EMAIL DOMAIN SERVICE BILL
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- FORM 141 SDV query
- How to pay remaining amount of TDS after due date?
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
