Tag: Company Law
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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…
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Corporate Benevolence: Companies May Accept Gifts, and Tax Free
[The following post is contributed by Vinod Kothari of Vinod Kothari & Co. The author can be contacted at vinod@vinodkothari.com.] When it comes the law imposing a requirement of spending on corporate social responsibility (CSR), which is 2% of the profits of the company, we come to notice all sorts of ingenious ways of companies…
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Role of the Regional Director in a Scheme of Arrangement
Mergers, demergers and other forms of corporate restructuring are usually effected through a scheme of arrangement that not only requires the approval of different classes of shareholders and creditors, but also the sanction of the relevant court of law. The provisions of the Companies Act, 1956, specifically sections 391 to 394, contain an elaborate framework…
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Rule Change for E-Voting
[The following guest post is contributed by Nidhi Bothra and Vinita Nair, Vinod Kothari & Co, Corporate Law Services Group. The authors can be contacted at nidhi@vinodkothari.com and vinita@vinodkothari.com respectively] Under the erstwhile system of holding general meetings, the resolutions were put to vote by way of show of hands or a poll could be…
