Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage and have not progressed to advanced stage, can be transferred to NCLT : HC (See 'Legal Desk') PMLA - Considering involvement of applicant in selling fake Remdesivir injection at higher price, applicant is not entitled for anticipatory bail : HC (See 'Legal Desk') Arbitration Act - Any amicable settlement not incompatible with arbitration agreement is encouraged by Arbitral Tribunal : HC (See 'Legal Desk') M.P. Nagar Tatha Gram Nivesh Adhiniyam, 1973 - Order passed by respondents is devoid of merit as land of petitioner is left open for purpose of any future road expansion : HC (See 'Legal Desk') Arbitration Act - Since appellant has failed to establish loss suffered, Arbitral Tribunal rightly rejected appellant's claim in this regard : HC (See 'Legal Desk') PMLA - Arrest order and consequent remand order are not illegal : HC (See 'Legal Desk') Keel-laying ceremony performed at Goa Shipyard (See 'Corp Brief') Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage and have not progressed to advanced stage, can be transferred to NCLT : HC (See 'Legal Desk') SEBI Act - Extension of time can be allowed to SEBI to complete investigation : SAT (See 'Legal Desk') Arbitration Act - Respondent no.3 is not liable for repayment obligations of financial facilities extended by appellant to respondent no 1 company : HC (See 'Legal Desk') Mineral production grows by 8 percent in February (See 'Corp Brief') SARFAESI Act - Court refrains to adjudicate matter on merits when matter is already pending in DRAT : HC (See 'Legal Desk') Coal production in April up by 7.4% (See 'Corp Brief') SEBI Act - Appellants have made case for stay as rigours of directions of SEBI order would adversely affect business of Appellant as well as their clients : SAT (See 'Legal Desk') Trade Mark Act - Marks 'BETSONE' and 'BETASON' are deceptively similar to registered trademark 'BETNESOL' and visually, phonetically and structurally alike, with minimal alterations : HC (See 'Legal Desk') Voting by tribal communities blossoms as ECI's outreach to them bears fruit (See 'Corp Brief') SARFAESI Act - No fault can be found with respondent financial institution invoking Section 14 of SARFAESI Act by approaching District Magistrate, Rewa : HC (See 'Legal Desk') Ministry of Parliamentary Affairs observes Swachhata Pakhwada (See 'Corp Brief')

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BSE favours proceedings against defaulters under Bankruptcy Code

Published: Dec 13, 2017

By TIOLCORPLAWS News Service

NEW DELHI, DEC 13, 2017: ABOUT 130 listed companies have failed to pay Annual Listing Fees (ALF) to BSE in spite of advance intimation, reminders and grant of sufficient time in the past few years. Such companies continue to be listed and traded on BSE. BSE decide to file proceedings against defaulting listed companies under Insolvency and Bankruptcy Code, 2016 (Code). According to BSE in the interest of Investors who may be trading in such Companies, it has become incumbent to initiate action against such listed Companies defaulting in payment of listing fees, under the code. BSE has already filed proceedings against the Seven defaulting companies before the National Company Law Tribunal, Mumbai on account of their failure to pay annual listing fees over a period of time. Similar action is being envisaged against other Companies too. Below are the names of seven defaulting companies:

Neo Corp International Ltd

S. Kumars Nationwide Ltd

Asahi Infrastructure & Projects Ltd

Mavi Industries Limited

Tricom India Ltd

Twinstar Industries Limited

Sezal Glass Limited

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