Professors Afra Afsharipour and Shruti Rana have a new paper titled The Emergence of New Corporate Social Responsibility Regimes in China and India, which is now available on SSRN. The abstract is as follows: In an era of financial crises, widening income disparities, and environmental and other calamities linked to corporations, calls for greater corporate social responsibility (“CSR”) are...
Legislative & Regulatory Initiatives in Corporate Governance
Prof. N. Balasubramanian has a new research paper titled Strengthening Corporate Governance in India: A Review of Legislative and Regulatory Initiatives in 2013-2014 that is available on SSRN. The abstract is as follows: The passing of the long awaited Companies Act in 2013 is probably the single most important development in India’s history of corporate legislation, next only to the monumental...
Briefing on Corporate Social Responsibility
The NSE Centre for Excellence in Corporate Governance (CECG) has issued its most recent quarterly briefing titled Corporate Social Responsibility Under Companies Act, 2013 authored by Prof. Subrata Sarkar. The executive summary is as follows: The newly enacted Companies Act, 2013 and the Rules notified thereunder makes it statutory for all companies above a certain size to spend 2 percent of...
Guest Post: MCA Circular on Related Party Transactions
[The following post is contributed by Vinod Kothari and Shampita Das of Vinod Kothari & Co. They can be contacted at [email protected] and [email protected] respectively] The Ministry of Corporate Affairs (MCA) drives what corporate India will do, or will not do, or will do with rudders and rigours, under the new Companies Act 2013. It was the 30th of the Circulars issued under...
Guest Post – Company Deposits: New Rules Change The Game
[The following post is contributed by Abhishek Bansal and Stuti Bansal, Corporate Professionals, Advisors & Advocates. The authors can be reached at [email protected] and [email protected] respectively) This post discusses the concept of deposits as provided under Chapter V of the Companies Act, 2013 (hereinafter the Act of 2013) and the Companies (Acceptance of Deposits) Rules, 2014...
Guest Post: MCA Finalises Cost Audit Rules
[The following post is contributed by Nivedita Shankar of Vinod Kothari & Company. She can be reached at [email protected]] Putting all speculation to rest, the Ministry of Corporate Affairs (MCA) on June 30, 2014 finally came out with the final rules relating to cost audit and cost records. Although, the rules are yet to be gazetted, yet the finalized rules have surely given an...
Guest Post: MCA’s ‘Deemed’ Clarification on Foreign Subsidiary Status
[The following post builds upon two previous posts, here and here. In this, Esha Chakraborty and Shampita Das of Vinod Kothari & Co. raise some further concerns regarding the recent clarification issued by the Ministry of Corporate Affairs. The authors may be contacted at [email protected] and [email protected] respectively.] Continuing with the intent of infusing clarity to...
MCA Clarifies on Status of Private Subsidiary of a Foreign Company
Earlier this year, we had raised and discussed a vexed issue under the Companies Act, 2013 (the 2013 Act) regarding “the status of a private company in India that is the subsidiary of a foreign company (being a public company). The specific question relates to whether the Indian private company can continue with its status or whether that would become a public company by virtue of becoming a...
Shareholder E-Voting Requirements Deferred
India is one of the forerunners in mandating e-voting by shareholders. It was first introduced by SEBI for top listed companies, and then codified in the Companies Act, 2013 (section 108). However, due to operational difficulties and delays, the MCA last week issued a clarification postponing the mandatory nature of the e-voting requirements. It has also clarified certain operational matters...
Proposed Relaxations to Private Companies
One of the difficult tasks for any companies’ legislation is that it must be flexible and dynamic to be in position to deal with varying types of companies. Such companies can range from the one-person company, a private limited company, a public unlisted company to finally a public listed company. Despite widely differing characteristics that operate in each of these companies, the legislative...
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