The minute of the general meeting is an integral document of the Company, which must be drawn up and kept in the same way as accounting books. The minutes are a summary of the distilled wisdom of the board, their views, thoughts, and aspirations, providing strategic guidance and a blueprint for setting it on a […]
No height clearance objection certificate (NOC) is issued by India’s Airports Authority according to the Govt. The aim of India’s Ministry of Civil Aviation was to safeguard airspace in and around aerodromes in order to allow safe and regular aircraft activities and to avoid aerodromes to become unusable as a result of the growth of
Due diligence is a relatively common term. Used in business, it broadly refers to the process of investigating and verifying information about a company or investment opportunity. Specifically for compliance teams, it comes up when you consider relationships with new vendors and third parties. Yet it can be difficult to understand what due diligence really
Agreement void where both parties are under mistake as to matter of fact Where both the parties to an agreement are under a mistake as to a matter of fact essential to the agreement, the agreementis void.Explanation.—An erroneous opinion as to the value of the thing which forms the subject-matter ofthe agreement, is not to
When consent to an agreement iscaused by undue influence, the agreement is a contract voidable at the option of the party whose consentwas so caused.Any such contract may be set aside either absolutely or, if the party who was entitled to avoid it hasreceived any benefit thereunder, upon such terms and conditions as to the
Voidability of agreements without free consent When consent to an agreement is caused bycoercion, 1*** fraud or misrepresentation, the agreement is a contract voidable at the option of the partywhose consent was so caused.A party to a contract whose consent was caused by fraud or misrepresentation, may, if he thinks fit,insist that the contract shall
“Misrepresentation” defined “Misrepresentation” means and includes—(1) the positive assertion, in a manner not warranted by the information of the person making it,of that which is not true, though he believes it to be true;(2) any breach of duty which, without an intent to deceive, gains an advantage to the personcommitting it, or any one claiming
“Fraud” defined “Fraud” means and includes any of the following acts committed by a partyto a contract, or with his connivance, or by his agent1, with intent to deceive another party thereto of hisagent, or to induce him to enter into the contract:—(1) the suggestion, as a fact, of that which is not true, by
“Undue influence” defined —(1) A contract is said to be induced by “undue influence” wherethe relations subsisting between the parties are such that one of the parties is in a position to dominate thewill of the other and uses that position to obtain an unfair advantage over the other. (2) In particular and without prejudice
“Coercion” defined “Coercion” is the committing, or threatening to commit, any act forbiddenby the Indian Penal Code (45 of 1860) or the unlawful detaining, or threatening to detain, any property, tothe prejudice of any person whatever, with the intention of causing any person to enter into an agreement.Explanation.—It is immaterial whether the Indian Penal Code
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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