Tag: Companies Act
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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…
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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 vinod@vinodkothari.com and aditi@vinodkothari.com 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…
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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…
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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 mailsumitagrawal@gmail.com. Views are personal.) There is a frequent debate as to who will own an investor’s assets (shares and debentures, life insurance, provident…
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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…
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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 nivedita@vinodkothari.com] 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…
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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…
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Companies (Amendment) Bill, 2014 Passed by Rajya Sabha
The freshly minted Companies Act, 2013 (the “2013 Act”), which is yet to take effect in full, is already in the process of undergoing change. Late last year, the NDA Government introduced amendments to the legislation in the form of the Companies (Amendment) Bill, 2014 (the “Bill”). A copy of the Bill as introduced in…
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Integrated Form for Company Incorporation
The Ministry of Corporate Affairs (MCA) has with effect from today prescribed a new Form INC-29 for incorporation of companies, and it integrates several requirements that were earlier required to be filed separately. The integrated form as well as an instruction kit can be accessed on MCA’s website (here). The purpose for the form has…
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Analysing the KBR Case through Indian Corporate Law
[The following guest post is contributed by Suprotik Das, a 3rd year law student at the Jindal Global Law School, Sonepat, Haryana. This is a follow-up to a previous post “Whistleblowing and Confidentiality Agreements”.] KBR, a US company, required employees and former employees to sign confidentiality agreements when they were being interviewed for internal compliance issues with…
