Corporate and Other Laws - May 2023

Innovative Ltd., a start-up by a few qualified professionals, which was incorporated in 2014. The company is booming and favouring the younger generation to work. The Capital Structure of the company is as follows: Particulars INR (Crore) Authorised Share Capital 100,00,000 Equity Shares of ` 10 each Issued, Subscribed and Paid-up Share Capital 10.00 50,00,000 Equity Shares of ` 10 each Share Premium General Reserve 5.00 Profit & Loss Account 1.58 1.00 3.52 The company decided to issue 30% sweat…

ABC Private Ltd was scheduled to be held on 15 thApril, 2022 at 3.00 P.M. As per the notice, the members who will be unable to attend the meeting in person can appoint a proxy and the proxy forms duly filled should be sent to the company, so that company can receive it within time. Mr. X, a member of the company appoints Mr. Y as his proxy and the proxy form dated 10-04-2022 was deposited by Mr. Y with…

(a) The aggregate value of the paid-up share capital of ABC Security Services, was ` 200 crore divided into 20 crore equity shares of ` 10/- each at the end of the Financial Year 2021-22 having its registered office at Mumbai. This company had been regist ered with an authorized share capital of ` 300 crore divided into 30 crore equity shares of ` 10/- each. The extract of Balance Sheet of the company as on 31 st March, 2022…

(a) H Ltd. is the holding company of S Pvt. Ltd. As per the last profit and loss account for the year ending 31 st March, 2022 of S Pvt. Ltd., its turnover was ` 1.80 crore; and paid up share capital was ` 80 lakh. The Board of Directors wants to avail the status of a small company. The Company Secretary of the company advised the directors that the company cannot be categorized as a small company. In the…

MBL Pharmaceutical Limited is committed to provide quality medicines at an affordable cost through relentless pursuit of excellence in its operations, product quality, documentation and services. The company is now focusing on oncology therapeutics & other generies with a vision to be a Global Leader in Oncology. The prospectus issued by the company contained some important extracts of the expert's report on research by oncology department. The report was found untrue. Mr. Diwakar purchased the shares of MBL Pharmaceutical Limited…