Maheshwari CA Law Classes

Dear Students.
I pray for your well being. You , my students , have always been close to my heart. I express my admiration for your love always shown to me. My good wishes.

I am grateful to my fellow friends and students for having liked and appreciated the screen shot of "Maheshwari CA Law Classes." My love for you , my passion for you, my dedication for you is as it was before., With best wishes.

BRIEFLY INTRODUCING MY CLASSES - R.D.MAHESHWARI

i am currently engaged in the teaching assignment of C.A.Final , Corporate and Economic Laws organised by the NIRC (ICAI). My students handsomely commending the classes are the greatest reward for me. I am touched & grateful to my students. My good wishes to them.

What is special of my classes ? I have never, never read out my lectures but only delivered & illustrated with day to day examples. Besides, keeping eye to eye contact with each student is the rule & not an exception Result - class is a fun & is not a tiring exercise.

Thanks dear students for your massive endorsement of "Maheshwari CA Law Classes.." My heart goes to my students wishing them well . I am overwhelmed by your love and affection . If I may return a small fraction of it , it will be good attempt on my part. With best wishes.

I have a sense of gratefulness to my students for their appreciation of my law classes. I promise to serve students to the best of my ability and shall continue to work hard to make classes as lively as possible. My passion for students and my commitment to them.

Dear Students,
I am grateful to my students for their appreciation "Maheshwari CA Law Classes." My students gave me more than I desired and deserved. To be associated with students is precious. Currently I am engaged with the classes of C.A.Final "Corporate & Allied Laws" organised by NIRC of ICAI at Shakarpur, Delhi. Examination Paper of May, 2016 on Corporate and Allied Laws though had element of surprise , pleased me and much of the part of the paper were covered in our lectures. My friends, I will often write in these columns of topics of interest on the subject..
With best wishes.

CA FINAL – CORPORATE & ALLIED LAW

PREPARE ABOUT 1/3RD EXAMINATION PAPER IN HALF DAY

Visit : www.maheshwaricalawclasses.com

FOR
• Summary of topic of “BOARD OF DIRECTORS’ (BOD) 27 chapters in 30 pages.
• BOD covers 30 per cent of examination paper.

With my students on 9th Sept., 2015 at revisionary classes at ICAI Institute, Viswas Nagar

INTERCONNECTED PROVISIONS
While section 164 of Cos Act 2013 deals with disqualifications of the appointment , section 167 of the same act deals with the grounds of vacation. Provisions in both sections in most part are identical. Identical in the sense that the grounds of disqualification are also the grounds of vacation. However, in some respects they are different.. To avoid confusion both sections are given – showing similarities as well as differences. Sec. 164 deals before appointment , sec167 deals after appointment
SOME STUDENTS HAVE DEMANDED TO ILLSUTRATE INTERCONNECTION OF THESE PROVISIONS. THEREFORE, THIS DISCUSSION.
GROUNDS OF DISQUALIFICATIONS FOR APPOIITNEMNT OF A DIRECTOR (Section 164)

Section contains 3 sub sections
As per sub section (1) a person is disqualified for appointment if
(i) He is Unsound mind
(ii) He is undischarged insolvent
(iii) Has made application for insolvency
(iv) Calls not paid for six months
(v) Not allotted the DIN
(vi) He is convicted for offence involving moral turpitude or otherwise & sentenced for 6 months or more & five years have not elapsed after the expiry of imprisonment
Or the person convicted for offence and imprisoned for 7 years or more . In this case expiry of 5 years after imprisonment is not necessary
(vii) Disqualified by the order of the court or of tribunal
(viii) Has been convicted of an offence relating to related party transactions as specified under section 188 of Cos Act 2013 & convicted any time during the last 5 years.

But in last three cases (point numbers 6, 7 & 8 ) he is not disqualified for 30 days and in the meantime he has gone in appeal and appeal is pending he is not disqualified.

S/s. 2 a person is a director of a company
(a.) Co. not filed the financial statement or annual returns for 3 consecutive years OR
(b.) Co. failed to pay deposits or interest due.
Or failed to redeem deb. Or interest due on deb.
Or failed to pay the dividend declared and
the default continues for 1 year
Such a director cannot be appointed as a director in any other company or cannot be reappointed for 5 years in the company

S/s 3 Private company can provide other additional disqualifications.
VACATION OF THE OFFICE OF DIRECTOR ( Section 167)

A person was appointed a director because he was not disqualified as specified above in section 164. However, . after becoming a director he incurs any of the first five disqualifications, he shall vacate the office.

He incurs disqualification specified in points number 6, 7 of section 164 he shall vacate the office even if he has gone in appeal. (while before appointment as a director he incurs these disqualifications and he goes in appeal , during the pendency of ap0peal he is not disqualified for appointment)
Things are different about disqualification specified in point no. 8 is incurred. He incurs disqualification specified in point number 8, he shall not vacate the office if he has gone in appeal till the time the appeal is dismissed. This provision is the same as in case for the appointment.

Sub section 2 of section 164 disqualifications for the appointment of a director are specified. Person is not disqualified , he is appointed as a director. After he becomes a director disqualification specified in sub section 2 of section 164 is incurred he shall vacate under sec.167

Coming to sub section 3 of section 164 articles of private company can provide additional disqualifications for the appointment of a director. Assuming 3 additional disqualifications are provided in articles of private company , person not disqualified in sub section 3 of section 164, he is appointed. After he becomes a director, he incurs any of the 3 disqualifications specified in sub section 3 of section 164 , he shall vacate the office
Remember articles of association of a private can also provide disqualifications for vacation under sub section 4 of section 167 Suppose 4 grounds in articles are provided for vacation, and the director is guilty of any of the 4 grounds , he shall also vacate the office.
OTHER GROUNDS OF VACATION:
Section 167 provides other grounds of vacation such as
(a) He absents from all meetings of the Board of Directors held during a period of 12 months.
(b) He acts in contravention of section 184 ( failure to make the disclosure relating to contract in which he is interest)
(c) He is removed as a director
(d) He becomes a director by virtue of holding any office and now he ceases to hold such office.

)

AN EXAMPLE OF INTOLERANCE OF JUDICIARY
As reported in Dainik Jagran today on 20th Oct., 2015, Civil Judge Shri Ankit Goyal has directed to file the case against Arun Jaitley for voicing his criticism of the Supreme Court judgement which has quashed the National Judicial Appointments Commission Act, 2014 (NJAC) . Jaitley described the judgement of the Supreme court as an attempt to legislate existing Collegium. Is Jaitley not entitled to express his views ? In my write up in the face book , I have expressed my opinion disagreeing with the views of Jaitley. Is the judiciary so intolerant not to accept the dissent or criticism of its judgement. Constitution guarantees right of expression including the right to express the dissent even with the view taken by the Highest Court.

TO MY STUDENTS : CORPORATE & ALLIED LAWS (CA FINAL)

Brief review of topics covered under Companies Act, 2013 and topics covered under Companies Act, 1956 is available on CALearning.Youtube . Brief review of Allied Laws is also available . Duration of Youtube is around 2 hours.

WITH MODESTY I ACKNOWLEDGE THE FEEDBACK
RECEIVED FROM STUDENTS OF REVISIONARY CLASSES ON CORPORATE & ALLIED LAWS (C.A.FINAL) ORGANISED BY NIRC (ICAI) AT VISWAS NAGAR (SEPT.2015)

I ALWAYS BELIEVED THAT MY STUDENTS LOVE ME , BUT I NEVER REALISED THAT STUDENTS LOVE ME SO MUCH . ON MY PART, I WILL CONTINUE TO WORK FOR MY STUDENTS.