Company Law: India

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NCLAT and NCLT

A brief explanation

NCLAT and NCLT: A brief explanation
From: Dec 19, 2019 Times of India

See graphic:

NCLAT and NCLT: A brief explanation

Winding up of companies

Cannot be stalled by CAs’ or auditors’ clean chit: SC

January 24, 2022: The Times of India

New Delhi: In the recent Antrix-Devas judgment, the Supreme Court ruled that proceeding for winding up of a company on ground of perpetrations of a fraud can’t be stalled by shareholders by citing reports from CAs or auditors giving clean chit or reporting non-discovery of any fraud during the period in question, reports Dhananjay Mahapatra.

The SC junked arguments of Devas and its shareholders that since the auditors’ reports of 2012, ’16, ’17 and ’20 had certified “no fraud on or by the firm has been noticed or reported”, the Antrix-Devas deal was terminated not on the ground of fraud. “The auditor’s report can neither be taken as gospel truth nor act as estoppel against the company,” the SC said.