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Corporate Amicus: March 2015

Merging of Forwards Markets Commission with SEBI has been taken by for discussion in March 2015 issue of Corporate Amicus. According to the author, though the proposed merger will be highly beneficial to the growth of commodities market in general and will make it open to a larger section of the retail public, it may be prudent to introduce the same in stages after awareness and training programs to benefit the investors and traders alike.

Notifications and Circulars section of this Amicus covers various clarifications and legislative changes made by different Ministries. As per latest clarification by Ministry of Corporate Affairs (MCA), loans or advances made by the companies to their employees, other than to the managing or whole time directors, are not governed by the requirements of Section 186 of the Companies Act, 2013. While the Finance Ministry has notified the Indian Insurance Companies (Foreign Investment) Rules, 2015, permitting investment of up to 49% in the insurance sector, MCA has notified Companies (Indian Accounting Standards) Rules, 2015 as applicable for specified class of companies.

Ratio decidendi section of this Amicus contains a report on the Supreme Court ruling holding that arbitrator cannot be appointed if arbitration clause is very vague. Further, Securities Appellate Tribunal has held that financial duress may be a reason for delisting a company, and Competition Appellate Tribunal (COMPAT) has set aside Order passed earlier by Competition Commission of India (CCI) on abuse of dominance. The Tribunal has held that information downloaded from the internet and similar other material as relied upon by the CCI do not have any evidentiary value moreso in the absence of any effective opportunity to controvert the same. Readers may go through this issue to go through the reports.

March, 2015/Issue-44 March, 2015/Issue-44
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