[The following guest post is contributed by Ananya Banerjee, a 5th Year Student of University of Calcutta, Department of Law] After the Budget Speech, 2015 of the Finance Minister, the Income Tax Department has come out with a phasing out plan under the Income Tax Act. In the Speech, the Minister indicated that the corporate tax burden will be reduced from 30% to 25% in the next four years. But...
Penny Wise : A Crowdfunding Critique
[The following guest post is contributed by Anantha Krishnan Iyer, a graduate of National Law University Lucknow (batch of 2008-2013) currently working with a leading law firm in Mumbai] Introduction Pooling as a concept that has existed for a while now, as it is considered a useful solution to generate certain efficiencies. The advent of pooling of funds by multiple persons to fund a project...
Is it time to abolish the memorandum of association?
[The following guest post is contributed by Suprotik Das, a 4th year law student at the Jindal Global Law School, Sonepat, Haryana.] With the advent of the recent Start-up India Action Plan, the focus for start-ups seems to be on simplification of convoluted legal procedures, efficiency and speed of incorporation. In this regard, the Government has proposed that incorporation and...
Recommendations of the Companies Law Committee: A Proposed Overhaul of the Private Placement Regime
[The following guest post is contributed by Amitabh Robin Singh, who is an Associate at DSK Legal] The recently released Companies Law Committee report (“Report”) has recommended a plethora of amendments to the current company law regime. However, some of the most sweeping changes have been proposed in relation to private placement of securities. In this post, some of the key changes...
Revision of FEMA Regulations – Promoting Ease of Doing Business
[The following guest post is contributed by Ananya Banerjee, who is a Fifth Year B.A.LL.B (Honours) Student at the University of Calcutta (Department of Law)] The Reserve Bank of India (“RBI”), through several notifications dated December 29, 2015, January 12, 2016 and January 21, 2016, has consolidated and revised nine sets of Regulations under the Foreign Exchange Management Act, 1999. The...
SEBI takes into account social media connection of parties in insider trading case
This order of SEBI is otherwise just another case where parties were found to have allegedly profited from insider trading. The only noteworthy point is that the connection between two of the parties was detected because they had common friends on social media. To my recollection, this is perhaps the first case where SEBI investigated the social media profile of the parties. The Hon’ble...
Update: Proposed Amendments to the AIF Regulations
[The following post is contributed by Bhushan Shah and Labdhi Shah from Mansukhlal Hiralal & Company] Alternative Investment Funds (AIF(s)) play a vital role in Indian economy as they drive economic growth and contribute significantly to nation building. To regulate AIFs under one single regime, the Securities and Exchange Board of India (SEBI) in 2012 notified SEBI (Alternative...
Easing Investor Exit in the Construction Development Sector: A Loss for Domestic Infrastructure?
[The following guest post is contributed by Abhinav Kumar, who is a 5th Year, B. A. LL. B (Hons.) student at NLU, Jodhpur] The Department of Industrial Policy and Promotion (“DIPP”) issued Press Note 12 (“PN12”) in November, being the last of the 2015 series. Titled “Review of FDI policy on various sectors”, PN12 brought sweeping changes to the FDI regime pertaining to around 15 sectors...
Drafting the Articles of a Private Company
[This guest post is contributed by Ananya Banerjee, who is a Fifth year B.A.LLB(H) Student, Department of Law, University of Calcutta.] With India’s Startup India Action Plan in force, it is expected that in the coming years a large number of entrepreneurs would incorporate their entities to enter a startup friendly Indian market. Any startup would need its very own constitutional...
Companies Law Committee Report
In June 2015, the Government constituted the Companies Law Committee (CLC) to make recommendations arising from the implementation of the Companies Act, 2013. Yesterday, the CLC issued its report containing detailed recommendations for reforms relating to the Companies Act as well as several rules issued under the Act. A quick review of the report indicates that it has extensively addressed...
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