Financial Daily from THE HINDU group of publications
Sunday, Apr 10, 2005
Financial Daily from THE HINDU group of publications Sunday, Apr 10, 2005 |
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Corporate
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Courts/Legal Issues Industry & Economy - Industry Associations Assocham for speedy disposal of pending corporate cases Our Bureau
New Delhi , April 9 THE Associated Chambers of Commerce and Industry of India (Assocham) has expressed concern over the piling up of 50,000 corporate cases, pending in various courts of laws, against which action has been initiated on technical grounds for non-compliance of the Companies Act 1956. In a note submitted to the Department of Company Affairs, the Assocham Alternate President, Mr Anil K. Agarwal, who is also one of the members of the J.J. Irani Committee, said that these litigations are infructuous in nature and has called for their expeditious and timely disposal. Mr Agarwal further said the Government must take speedy measures by adopting modern techniques so that the pending litigations are settled amicably. He added that the Chamber has information that a sizeable number of these cases are based upon technical defaults for non-compliance with certain filing or other requirements of the Act.
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