The Ministry of Corporate Affairs (MCA) has issued a Standard Operating Procedure regarding prosecution filed or internal adjudication proceedings initiated against Independent Directors, non-promoters and non-KMP, non-executive directors. These clarifications include: Non-promoter and non-KMP, NEDs,...
The Karnataka High Court has held that there is no immunity to the companies from prosecution merely because the prosecution is in respect of offences for which the punishment prescribed is Mandatory Imprisonment. Petitioners are sought to...
The Central Board of Direct Taxes ( CBDT ) has issued norms for identification and processing of cases for prosecution under Direct Tax Laws. The prosecution is a criminal proceeding. Therefore, based upon evidence gathered, offence and...
The Calcutta High Court has held that Prosecution under Black Money Act (Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015) during the pendency of Penalty proceedings under the Income Tax...
The Government has taken any steps against listed companies which are not functioning. Ministry of Corporate Affairs (MCA) has filed prosecution against 780 listed companies under various sections of Companies Act, 2013 due to non-filing...
The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of...
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