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Corporate Amicus: October 2013

Investigation & whistle blowing provisions and provisions for class actions, under the new Companies Act, 2013 have been discussed in detail, in two articles, in this issue of Corporate Amicus. The first article states that the new Act provides for effective complaint mechanism. The second one holds that there is no clarity on as to whether power to decide such securities class actions of listed companies shall be delegated to the SEBI. Some recent changes relating to External Commercial Borrowings (ECB) are also covered in this October 2013 issue which also covers recent SEBI Notification requiring permission from SEBI for sale or purchase of securities, except in certain specified cases. This issue also highlights a landmark order of the Supreme Court of India wherein it has been held that Electricity Act, 2003 did not set out any role for the Central Electricity Authority (CEA) in the matter of approval of schemes for generating companies or capital expenditure for completion of projects, and that its role was limited to matter enumerated under Section 73 of the said Act.

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