‘Responsibilities of an independent director’ is the topic of discussion in this October 2014 issue of Corporate Amicus. The article in this issue holds that recent legislative measures should instill confidence in the minds of otherwise competent and capable individuals for taking unfettered decisions who were till now apprehensive of taking up or continuing with their board positions.
Under the column ‘Notifications and Circulars’, this issue covers various clarifications, and statutory changes made by the Ministry of Corporate Affairs, Reserve Bank of India (RBI) and Securities & Exchange Board of India (SEBI). Some of the prominent are amendment in CSR Policy Rules; issuance of equity shares, under FDI, against legitimate dues; constitution of National Advisory Committee on Accounting Standards; and single registration for stock brokers & clearing members.
Ratio decidendi portion of this Amicus provides gist of Delhi High Court Order on FERA violations covering liability on directors of company and continuation of proceedings under FEMA. Electricity Appellate Tribunal (APTEL) has held that educational institution run by private bodies and societies on commercial basis cannot be treated at par with educational institutions run by the government and municipal corporations. SEBI has held that it had jurisdiction in matters related to Global Depository Receipts (GDRs) listed on stock exchanges outside India. These two orders also form part of this column in this Corporate Amicus.