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April 2022

CORPORATE LAW CORNER

By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
Kaushik M. Jhaveri | Company Secretary
Reading Time 11 mins
PART A | COMPANY LAW

1 Usha Martin Telematics Ltd. & Anr. vs. Registrar of Companies, West Bengal
High Court of Calcutta
[2021] 165 CLA 133 (Cal.)
CRR No. 494 of 2019 with CRAN Nos. 1, 2 & 5 of 2019
Date of Order: 27th January, 2021

Typographical/inadvertent error in recording of minutes of meeting of the Board of Directors is rectified subsequently, that cannot be termed as an offence under the provisions of Sections 447 and 448 of the Companies Act, 2013, until there was any intent to deceive, gain undue advantage or injure the Company’s interest or any person connected.

FACTS
• M/s UMT had applied to the Reserve Bank of India vide application dated 28th March, 2014 for being registered as a Core Investment Company (‘CIC’) pursuant to the Core Investment Companies (Reserve Bank) Directions, 2011.

• Thereafter, the meeting of the Board of Directors of the company was held on 11th June, 2014 and in the course of preparing the minutes of the said meeting in compliance with section 118(1) of the Companies Act, 2013, it was erroneously recorded in item No. 12 of the minutes that the company had submitted an application to the Reserve Bank of India (‘RBI’) for its de-registration as an NBFC and registration as a CIC. Such recording was an inadvertent/typographical error as the company was not a registered non-banking financi
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