[The following announcement is posted on behalf of the Centre for WTO Studies] The Centre for WTO Studies, in partnership with the World Trade Institute, Berne is launching the 3rd WTI – CWS Joint Academy on International Trade Law and Policy in New Delhi, from May 23 – June 17, 2016. Taught by distinguished academics and practitioners from India and abroad, the course will...
Whether CSR Expenditure is Appropriation of Profits?
[The following post is contributed by Vinod Kothari of Vinod Kothari & Co. The author may be contacted at [email protected]] A circular of the Ministry of Corporate Affairs (MCA), with a set of FAQs along with response dated 12 January 2016 through general circular no. 01/2016 has clarified that the expenditure on corporate social responsibility (CSR) is not deductible as a business...
Supreme Court Resolves Conflict Between SARFAESI Act and Companies Act
In Pegasus Asset Reconstruction P. Ltd. v. Haryana Concast Ltd., the Supreme Court was concerned with a conflict between the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity ‘the SARFAESI Act’) on the one hand and the Companies Act, 1956 on the other. The specific conflict was identified as follows: Whether a Company Court, directly...
Assignability of Life Insurance Policies
The controversial practice of companies taking out “dead peasants” insurance on the life of their employees was depicted by Michael Moore in his film “Capitalism: A Love Story”. In this, companies took insurance policies on the lives of their employees and also paid the premium on them. In case of the death of their employees, the claims would be paid out to the employer, and the family of the...
4th NLS Law and Technology Legislative Analysis Competition, 2015-2016
[The following announcement is posted on behalf of the Law and Technology Society at the National Law School of India University, Bangalore] The Law and Technology Society is proud to present the 4th edition of ‘NLS Law and Technology Legislative Analysis Competition, 2015-16’. This National level competition aims to continue the effort to involve students in research...
Obligation to give an exit to dissenting shareholders
[The following guest post is authored by by Bhargavi Zaveri, Prateek Misra, Sumant Prashant, Shefali Malhotra, who are researchers at the National Institute for Public Finance and Policy. An earlier version of this post was published on Ajay Shah’s Blog.] The Companies Act, 2013 (Act) obligates the promoters and majority shareholders of a listed company to buy-out dissenting shareholders...
One year LL.M in Law and Development launched by Azim Premji University
[The following is an announcement posted on behalf of Azim Premji University] The School of Policy and Governance at the Azim Premji University, is launching a new, one-year LL.M in Law and Development for the academic year 2016-17. Details about the programme are below: Azim Premji University was established by the Azim Premji Foundation in 2010. It was founded with a clear social purpose...
Omnibus Approval of Related Party Transactions and Threshold for Fraud Reporting by Auditors
[The following guest post is contributed by Amitabh Robin Singh, who is an Associate at DSK Legal] With the notification bringing Sections 13 and 14 of the Companies (Amendment) Act, 2015 (“Amendment Act”) into force being published in the official gazette on December 15, 2015, we now have new provisions on the omnibus approval of related party transactions by companies. On a separate note, a...
Bhishma, the Ultimate Resource for Business and Politics
[The following guest post is contributed by Professor B.N. Balasubramanian, who is Adjunct Professor of Corporate Governance at the Indian Institute of Management (IIM) in Ahmedabad] Among the myriad of players in the great epic, The Mahabharata, two characters stand out prominently towering over the rest: Bhishma, the scion who renounces his right to the kingdom to enable his father marry a...
Corporate Governance Lessons from the Erstwhile Managing Agency System
I have a working paper on SSRN titled “Corporate Law in Colonial India: Rise and Demise of the Managing Agency System”, the abstract of which is as follows: This paper focuses on the managing agency system, a peculiar type of corporate governance arrangement that emanated in India during the colonial period. Under this system, a managing agent (either an individual, partnership firm or company)...
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