[The following post is contributed by Shriya Jain, Fourth year student & Param Pandya, Fifth year student of Gujarat National Law University, Gandhinagar, Gujarat. The authors can be contacted at [email protected] & [email protected] respectively]. A government company is defined under section 2(45) of the Companies Act, 2013 (‘2013 Act‘) as a company in which not...
MCA’s Exemption Notification for Government Companies
[The following guest post is contributed by Vinita Nair of Vinod Kothari & Co. The author may be contacted at [email protected].] By way of a notification dated June 5, 2015 exempted Government companies, private companies, section 8 companies and nidhi companies from complying with certain provisions of the Companies Act, 2013 (“Act, 2013” or “Act” or CA 2013) as mentioned below...
MCA’s Exemption Notification for Section 8 Companies
[The following guest post is contributed by Nitu Poddar of Vinod Kothari & Co. The author may be contacted at [email protected]. By way of a notification dated June 5, 2015, the Ministry of Corporate Affairs (“MCA”) exempted Section 8 companies,[1] government companies private companies and nidhi companies from complying with certain provisions of the Companies Act, 2013 (“Act, 2013” or...
Bombay High Court on Enforcing Articles and Board Nomination Rights
The last few years have witnessed a dispute between two families that relate to the right to nominate directors to the board of Yes Bank. Earlier this week, the Bombay High Court issued its judgment in Madhu Kapur & Ors. v. Rana Kapoor & Ors., which seeks to resolve the dispute – at least temporarily – and in the process clarifies some areas of corporate law and contract law...
Finally, Some Exemptions to Private Companies
[The following guest post is contributed by Vinod Kothari and Aditi Jhunjhunwala of Vinod Kothari & Co. The authors may be contacted at [email protected] and [email protected] respectively.] The 9-lakh (0.9 million) odd private companies in India have already been subjected to unprecedented compliances required under the Companies Act, 2013 (the “Act”) given the financial year-end...
Committee to Review the Companies Act
Although the Companies Act, 2013 is brand new and yet to be brought into force in its entirety, there is already a lot of discussion about the need to reevaluate the legislation. The Government has taken initial steps to address some of the issues by way of the Companies (Amendment) Act, 2015. However, as we have previously noted, the amendments are not very significant and are mostly procedural...
Financial Assets and the Rights of Nominees and Successors
(The following guest post is authored by Sumit Agrawal, who is an Assistant Legal Advisor, Securities and Exchange Board of India at its Head Office in Mumbai. He can be contacted at [email protected]. Views are personal.) There is a frequent debate as to who will own an investor’s assets (shares and debentures, life insurance, provident fund and gratuity account, PPF, saving account...
Companies (Amendment) Act, 2015 Notified
The Companies (Amendment) Bill was passed by the Rajya Sabha earlier this month. We had discussed the broad nature of the changes introduced. Now, the amendment has become law in the form of the Companies (Amendment) Act, 2015 as it has received the assent of the President and has been notified in the Official Gazette . Update – May 29, 2015: As some of you have pointed out in the comments...
Understanding the date of applicability of Secretarial Standards
[The following guest post is contributed by Nivedita Shankar, Senior Associate, Corporate Law Services Division. She can be contacted at [email protected]] The Institute of Company Secretaries of India (‘ICSI’) on May 12, 2015 issued a clarification to state that SS-1 and SS-2 will apply to all such board meetings and general meetings in respect of which notices are ‘issued’ on or after...
Supreme Court Paves the Way for Company Law Tribunal
Readers may recall that the primary reason for the partial effectiveness of the Companies Act, 2013 (the “2013 Act”) has been the pending litigation surrounding the constitution of the National Company Law Tribunal (“NCLT”) and the National Company Law Appellate Tribunal (“NCLAT”). Hence, the provisions of the 2013 Act that relate to the NCLT[1] have been kept in abeyance pending the outcome of...
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