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Corporate Litigations: AP Number 1
By: Tupaki Desk | 15 Dec 2015 12:49 PM GMT
Andhra Pradesh Chief Minister N Chandrababu Naidu on Monday announced that the state has achieved 11.77 per cent growth rate which was an all time record. Now the state has recorded another record but it was a quite contrast.Andhra Pradesh state got the record of having highest number of corporate litigations. This was announced by union finance minister Arun Jaitely today.
Jaitely said that there are as many as 3,507 pending corporate litigations in the country. Among them nearly 1,400 remain undecided for more than 10 years. 1531 cases were pending for more than 5 years.The cases were pending with the Company Law Board (CLB), Arun Jaitley said in a written reply to the Rajya Sabha.
Coming to state wise break down Andhra Pradesh has the highest number of pending corporate litigations at 685. AP was followed by Gujarat (545) and West Bengal (441).
Jaitely said that in order to speed up process of clearing pending corporate litigations, the erstwhile Companies Act, 1956, has been replaced by the Companies Act, 2013.The provisions of the law are being notified in a phased manner; said jaitely
Jaitely said that there are as many as 3,507 pending corporate litigations in the country. Among them nearly 1,400 remain undecided for more than 10 years. 1531 cases were pending for more than 5 years.The cases were pending with the Company Law Board (CLB), Arun Jaitley said in a written reply to the Rajya Sabha.
Coming to state wise break down Andhra Pradesh has the highest number of pending corporate litigations at 685. AP was followed by Gujarat (545) and West Bengal (441).
Jaitely said that in order to speed up process of clearing pending corporate litigations, the erstwhile Companies Act, 1956, has been replaced by the Companies Act, 2013.The provisions of the law are being notified in a phased manner; said jaitely
