6 January 2017
The Insolvency and Bankruptcy Board of India (IBBI) has notified Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Liquidation Process Regulations
Dated: Jan 06, 2017
9 December, 2016
Earlier last year, on May 5, 2015, the Bombay High Court, in its ruling in IDBI Trusteeship Services Limited (Plaintiff) v. Hubtown Limited (Defendant), dealt with the legalities of a foreign investment structure that involved compulsory convertible debentures (CCDs) issued by an Indian company (IndCo) to a foreign inves...
8 October, 2016
The Ministry of Corporate Affairs vide its Notification dated 9 September, 2016 has notified the Companies (Mediation and Conciliation) Rules, 2016 (“Rules”). Section 442 of the Companies Act, 2013 authorizes the Central Government to set up a panel of experts for mediation and conciliation between parties to t...
20 August 2016
The Ministry of Corporate Affairs (“MCA”) has, by way of Notification dated 19-7-2016 amended the Companies (Share Capital and Debenture) Rules, 2014 (“Capital and Debenture Rules”).
Differential voting rights
Hitherto, companies could not issu...
29 January, 2016
The Ministry of Corporate Affairs has issued clarifications by way of Frequently Asked Questions (FAQ) relating to the Corporate Social Responsibility (CSR) obligations of companies under Companies Act, 2013.
Some important aspects clarified by General Circular No. 1 of 2016, dated 12-1-2016 issued for the purpose are: (a) CSR expenditure cannot be...
19 March, 2015
The Ministry of Corporate Affairs has clarified that loans or advances made by the companies to their employees, other than to the managing or whole time directors (which is governed by Section 185) are not governed by the requirements of Section 186 of the Companies Act, 2013. Earlier, the provisions of Section 186 were applicable to loans to ‘any person’ or other body corpora...
20 January, 2015
The Supreme Court of India has, on 9-1-2015, held that a charge created under Section 125 of Companies Act, 1956 shall not be extinguished unless the arbitration award does not explicitly say so. It was held that the consent award in an arbitral proceeding would not bar a suit for enforcement of the charge and it would not be hit by Order II, Rule 2 Code of Civil Procedure, a...
22 August, 2014
Ministry of Corporate Affairs has introduced Company Law Settlement Scheme 2014. This scheme provides for condoning delay in filing of annual documents (Annual Return and Financial Statements) on the MCA 21 electronic registry.
The Scheme, which will come into force from 15-8-2014 and remain in force till 15-10-2014, grants immunity from prosecution and allows for reduced ad...
19 June, 2014
Voting through electronic means i.e. e-voting as contained in Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 is not mandatory till 31st of December, 2014. The Ministry of Corporate Affairs has, on 17th June, clarified certain aspects of these provisions on e-voting.
According to General Circular No. 20/201...
17 June, 2014
Public companies with a paid up capital of Rs. 10 crore or more, or having turnover of Rs. 100 crore or more, or having in aggregate, outstanding loans or borrowings or debentures or deposits exceeding Rs. 50 crore and/or more, and which were not required to constitute Audit Committee or the Nomination and Remuneration Committee under the erstwhile Companies Act, 1956, are now r...
17 June, 2014
Ministry of Corporate Affairs has clarified that transactions like availing telecom services, courier services, etc., between a company and its independent director that are on par with products or services that are provided by the company to any member of the general public including price, will not create ‘pecuniary relationship’ with the said company as contemplated under Sec...
18 March, 2014
Section 135 of Companies Act, 2013 (Act) and Schedule VII demarcating Corporate Social Responsibilities (CSR) of companies in India shall come into force from 1-4-2014. Along with notification relating to effective date for Section 135, Ministry of Corporate Affairs (MCA) has also issued, on 27-2-2014, notification relating to amendment to Schedule VII of the Act.
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