Substitution of sections 46 and 47
Section 143 of the Finance Act, 2021 deals with substitution of sections 46 and 47. Substitution of sections 46 and 47. 143. For sections 46 and 47 of the principal Act, the following sections shall be substituted, namely:— '46.
Substitution of sections 46 and 47.
143. For sections 46 and 47 of the principal Act, the following sections shall be substituted, namely:—
'46. Defects in constitution of Corporation or Committees or in appointment or nomination of directors not to invalidate acts or proceedings.—(1) No act or proceeding of the Corporation or of its Board or any Committee thereof shall be called in question on the ground merely of the existence of any vacancy or defect in the constitution of the Corporation or the Board or such Committee, as the case may be.
(2) No act done by an individual as a director shall be deemed to be invalid, notwithstanding that it was subsequently noticed that his appointment or nomination, as the case may be, was invalid by reason of any defect or disqualification or had terminated by virtue of any provision contained in this Act:
Provided that nothing in this sub-section shall be deemed to give validity to any act done by such individual as director after his appointment or nomination, as the case may be, has been noticed by the Corporation to be invalid or to have terminated.
47. Protection of action taken under this Act.—(1) No suit, prosecution or other legal proceeding shall lie against any director or employee of the Corporation for anything which is in good faith done or intended to be done in pursuance of this Act or of any rules or regulations made thereunder.
(2) A director who is not a whole-time director shall be held liable only in respect of such acts of omission or commission of the Corporation which had occurred with his knowledge, attributable through Board processes, and with his consent or connivance or where he had not acted diligently.
Explanation.—For the purposes of this sub-section, the reference to "Board" shall include Committees of the Board.'.
Section 143, The Finance Act, 2021.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
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Questions about Section 143
What does Section 143 of the Finance Act deal with?
Section 143 of the Finance Act is headed "Substitution of sections 46 and 47". Substitution of sections 46 and 47. 143. For sections 46 and 47 of the principal Act, the following sections shall be substituted, namely:— '46.
How do I find court cases under Section 143 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2021 143, section 143 Finance Act 2021, section 143 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 143 of the Finance Act, and has it changed?
Its own text turns on section 46 (Amendment of section 153), section 47 (Amendment of section 153A), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2021. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- Fourth Schedule. Fourth Schedule26628 words
- First Schedule. First Schedule9574 words
- 2. Income-tax5993 words
- 6. Amendment of section 103582 words
- 130. Substitution of new section for section 43513 words
- 131. Substitution of new section for section 52699 words
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