6th September, 2013
The Companies Bill 2012 received Presidential assent on 29th August 2013, after scores of amendments and years of debates and discussions, particularly on points like mandatory spending on corporate social responsibility (CSR), investor protection measures and one person company. Some of the important features in the new Act which replaces the (old) Companies Act of 1956 a...
By Noorul Hassan
In two recently delivered orders of the National Company Law Tribunal (NCLT), the question under consideration was whether a person who is unable to demonstrate having an ‘interest’ in the affairs of a company, is entitled to obtain copies of such company’s statutory registers. This question gives rise to the re...
By Aman Parnami
Prior to November 15, 2016, the term “winding-up” was neither defined under the Companies Act, 1956 (“1956 Act”) nor under the Companies Act, 2013 (“2013 Act”).
Section 255 of the Insolvency and Bankruptcy Code, 2016 (“...
By Rohit Subramanian and Neeraj Dubey
Slump sale is a commonly used method of business acquisition wherein an undertaking as a “going concern”is transferred from one entity to ano...
By Kanika Shukla and Vidhi Aggarwal
The Companies Act, 2013 (Companies Act) is one of the landmark legislations enacted in recent years to bring forth transparency, ease of doing business and protecting rights of minority shareholders. The Companies Act was, in many ways, perceived as a reaction to the Satyam scam which uncovered...
By Barnik Ghosh and Sreya Bhar
In a further crackdown on the parallel economy that has affected the Indian economy adversely, the Central Board for Direct Taxes (CBDT) on November 1, 2016 has notified the Benami Transactions (Prohibition) Amendment Act, 2016 (Amendment Act). The Amendment Act brings within its purview ...
By Prarthana Baranwal
Last year, the Securities and Exchange Board of India (“SEBI”) introduced the Listing Obligations and Disclosure Requirements Regulations, 2015 (“Regulations”). These Regulations were brought in to provide for a consolidated flow of disclosures and listing o...
By Anup Koushik Karavadi
Background and need
From the Justice Eradi Committee report of 1999 to the Department of Financial Services’ indicator of October 2015, the pendency of winding-up cases in India has been piling up to reach an alarmingly high level of backlog [see end note 1]. The World Bank h...
By Dinesh Babu Eedi
On 2nd December, 2014, the Union Cabinet, approved the Companies (Amendment) Bill, 2014 (‘Amendment Bill’) for introduction in Parliament (Lok Sabha) to make certain amendments in the Companies Act, 2013 (‘2013 Act’). The 2013 Act was brought into force partly on 12th September, 2013, and on 1st April, 2014, of 470 Sections of the 2013 Act, 283 Sections and 22 s...
By Devaditya Chakravarti and Varun Chablani
The recently enacted Companies Act, 2013 (“Act”), has not only ushered in a new legislative framework but has also put in a place a new paradigm of corporate governance with detailed provisions as to appointment of independent directors. In the past few months, this model has been further bolstered by the clarifications issued by the Securities and ...
By Divya Jain
The Companies Act, 2013 (CA 2013) has introduced path-breaking changes in governance mechanisms, compliances and disclosures, appointment and scope of auditors, responsibilities of independent directors, investor protection and mergers and acquisitions. Introduction of new concepts like ‘corporate social responsibility’ for the first time anywhere in the world is in line wi...
By Anup Koushik Karavadi
With an eye on improving governance the Companies Act, 2013 (2013 Act) mandates a number of Board committees for specified companies for audit, nomination and remuneration, Corporate Social Responsibility and stakeholders relationship. Clause 49 of the Listing Agreement also envisages such committees for listed entities.
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