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) ?

Can nri claim relief under section 89 and if yes is there any liability to be follow in case of NRI. What are key points to keep in mind while filing such return

whether profit distributed among shareholders by non listed company is called or
whether a listed company can pay dividend on preference share.

Dear Sir

How can we file GSTR-1 of Forex FFMC

What amount shall be shown

as taxable and exempt with matching to Sale

Thanks & Regards,

Virendra Kumar
M 9161061284
virendrachaudhary111@gmail.com

Just as u/s 32 where "use" could mean actual use or ready for intended use, even in the case u/s 31 for repairs of plant and machinery does the word "use" have the same two meanings as given for depreciation?

In such case if I have a plant and machinery ready for its intended use but I have not actually used it in the year even for a single day, then can I claim any repairs incurred on it as deduction in such previous year, by considering it as passive use?

Does passive use always mean "ready for intended use" or does it also mean irregular use?

Due to any exigencies if a society is unable to file Form 10BB and ITR of the current year so my query is what would the late fees applicable at the time of filing of Form 10BB & ITR?

LET ME KNOW IF WE RECEIVED 1ST TIME TECHNICAL SERVICE BILL AMT RS 25000 WE DO NOT DECDUCT TDS & 2ND TIME WE RECEIVED 25000 TDS BILL
PLEASE LET US KNOW WHICH AMOUNT WE SHOULD DEDUCT TDS 25000/50000?

Regards

Sir,
A person (son) buying a property name mother value rs:60 lacs
Rs:20 lacs amount pay to son
Rs:40 lacs amount pay to mother
Question:
Above mentioned property buying transaction benami act applicable.

Hello ! I started a shop ( home appliances ) in Aug 2023 and also did voluntary GST registration. While opening shop, I purchased stock amounting INR 11 Lacs ( Inclusive of CGST and SGST ). I sold appliances amounting ( approx ) Rs.60K, 130K and 270K in Aug, Sept and Oct respectively. I missed to file GST returns till date. Towards said sale, I purchased appliances amounting ( approx ) Rs.50K, 115K, 240K in Au, Sept and Oct. My original stock is as is since it is required for display in shop so didn't sold it. Now my questions are
1) Can I claim input credit on stock purchased ?
2) Can I file GST returns now ? I will be filing it first time
3) Can I claim input tax credit on appliances purchased in Aug, Sept and Oct to make that sale ?
Please advise. Thanks in advance !!

Dear Expert
if Turnover for FY 2018-19 was only Rs 1.25 Cr. and i have filed belated GSTR-9, and portal was not calculated late fees.
now department demanding late fee on delay filling GSTR-9,
what is the legal positing, am i liable for pay late fees or not