[The following post, which is the third in a three-part series, is contributed by Vinod Kothari of Vinod Kothari & Co. The author can be contacted at [email protected] This follows Parts 1 and 2] 7. Casual approach to special majority rule Let us realise that Companies Act was drafted decades ago in England by luminaries. These people, who...
Ten Monsters in the Companies Act, 2013 – Part 2
[The following post, which is the second in a three-part series, is contributed by Vinod Kothari of Vinod Kothari & Co. The author can be contacted at [email protected] The first part in the series is available here] 3. Intruding into privacy of private, unlisted companies While we have made the point about above about sweeping regulation...
Ten Monsters in the Companies Act, 2013 – Part 1
[The following post, which is the first in a three-part series, is contributed by Vinod Kothari of Vinod Kothari & Co. The author can be contacted at [email protected]] The significance of the corporate sector to the economy does not need any emphasis, and the Companies Act is surely the core legislation that affects the corporate sector. It is not that the Companies Act was hastily...
SEBI ICDR (Amendment) Regulations, 2014
[The following post is contributed by Shampita Das of Vinod Kothari & Co. She can be contacted at [email protected]] On 4 February 2014, SEBI issued a Notification amending the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (‘ICDR Regulations’) to make grading of an initial public offer (‘IPO’) by one or more credit rating agencies voluntary by companies. In...
Scheme of Arrangement: Notice to Central Government
Since a scheme of arrangement, once sanctioned, becomes binding on all shareholders and creditors a company and also has wider impact, company law prescribes a stringent process for the same. One such is the requirement that the court must issue notice to the Central Government under section 394-A of the Companies Act, 1956 and take into consideration any representations that the Government may...
Penalty for Late Disclosure of Shareholding
Last week, an adjudicating officer of SEBI issued an order imposing an aggregate penalty of Rs. 50 lakhs (Rs. 5 million) on certain promoter entities of Hindustan Unilever Limited (HUL) for delayed filing of disclosures regarding the shareholding of such entities under the SEBI takeover regulations. It came to SEBI’s notice that there were delayed filings of shareholding disclosures for certain...
Gold Purchase Schemes and CIS
In 2013, an Ordinance was promulgated to enhance SEBI’s powers to regulate investment pools. The Ordinance introduced section 11AA of the SEBI Act, which details the parameters of a collective investment scheme (CIS). It states that “pooling of funds under any scheme or arrangement” involving a corpus of Rs. 100 crores or more shall be deemed to be a CIS whether or not it is registered with SEBI...
Call for Papers: The Journal of Telecommunication and Broadcasting Law
[The following is an announcement from The Journal of Telecommunication and Broadcasting Law, National University of Juridical Sciences (NUJS), Kolkata] The Journal of Telecommunication and Broadcasting Law (JTBL) accepts submissions on a rolling basis. Interested contributors are requested to send their submissions under the categories mentioned below. For general queries relating to your...
Essay Competition on International Contracts
The Gujarat National Law University (GNLU) and the Oil & Natural Gas Corporation Ltd. (ONGC) are conducting the 1st GNLU – ONGC International Essay Competition on International Contracts. The theme is “Recent Trends in International Contract, Jurisdictional Issues and the Global Commercial and Investment Governance”, which also has several sub-themes. Details of the competition are available...
Guest Post: Rights of MBS Bondholders Against the Company: Part 2
[The following post is contributed by Nidhi Bothra of Vinod Kothari & Company. The author may be contacted at [email protected] This is continuation of a previous post accessible here] Does a trust put complete cloak over the identity of beneficiaries? In the several rulings discussed in the preivous post, the privity of contract between the bondholders / debenture holders has been put...
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