The Supreme Court upheld the constitutional validity of Section 140 of the Companies Act, 2013 and held that that the provision is "neither discriminatory, arbitrary and/or violative of Articles 14, 19 of the Constitution of India". Section 140 Section 140 deals with “Removal, Resignation of Auditor and Giving of Special Notice" and the sub-section reads as follows: Without prejudice to …
The Supreme Court observed that a writ petition challenging proceedings under SARFAESI Act initiated by private banks/Asset Reconstruction Companies is not maintainable. "If proceedings are initiated under the SARFAESI Act and/or any proposed action is to be taken and the borrower is aggrieved by any of the actions of the private bank/bank/ARC, borrower has to avail the remedy under the …
