TagGovernment Companies

CIRP against Government Companies: Has Supreme Court Settled the Debate?

[Soumyajit Saha is a 3rd year B.A. LL.B student at National University of Study and Research in Law, Ranchi] Last year, in Harsh Pinge v. Hindustan Antibiotics Limited, the judicial member of the National Company Law Tribunal (NCLT), Mumbai Bench dismissed the petition filed under section 9 of Insolvency and Bankruptcy Code, 2016 (IBC). This was on the ground that corporate debtor, being a...

Initiation of CIRP against a Government Company: NCLT Faces another Conundrum

[Rongeet Poddar is a final year B.A. LLB (Hons.) student at West Bengal National University of Juridical Sciences, Kolkata] In Harsh Pinge v. Hindustan Antibiotics Limited, the two members of the National Company Law Tribunal (NCLT) Mumbai bench have laid down contrary opinions in a case concerning the admission of an insolvency plea by an operational creditor against Hindustan Antibiotics...

SEBI’s Special Treatment to Public Sector Banks

[Guest post by Abhishek Borgikar, who is a Senior Associate at Dhaval Vussonji Alliance] Violation of Minimum Public Shareholding Norms The former chairman of the Securities and Exchange Board of India (SEBI), Mr. U. K. Sinha, while talking about minimum public shareholding in public sector companies said: “Our [SEBI’s] stand as a regulator is that all cos should be treated alike on all matters...

PPPs: Public Law Matters, Doesn’t It?

[The following post is contributed by Santanu Sabhapandit, who is pursuing his doctoral studies at Monash University, Melbourne, Australia] The need for better infrastructure in India cannot be overemphasised. Availability of necessary funds, innovative skills and efficient implementation of projects are some of the key requirements if any of the targets for creating infrastructure facilities are...

The State in Business and the Business of Regulation

[The following post is contributed by Bhargavi Zaveri, who is with the National Institute of Public Finance and Policy, New Delhi. She can be contacted at [email protected]] The public shareholders of a listed public sector bank were reportedly denied e-voting facilities at an extra-ordinary general meeting held in January 2016. In 2008, a state assembly passed a law unilaterally...

Gender Diversity and Government Companies

It has been more than a year since a provision in the Companies Act, 2013 came into effect that requires all listed companies to have at least one woman director. As we had previously discussed, companies scrambled to comply with the requirement as of April 1, 2015, the effective date. However, a recent news report in the Business Standard indicates that 57 companies listed on the NSE are yet to...

Supersession of Bond Terms by State Legislation Disallowed

In Kalyan Janta Sahakari Bank v. State of Gujarat, a division bench of the Gujarat High Court was concerned with whether a legislation passed by the Gujarat State Legislature can unilaterally alter the terms of an issue of bonds by the government company to the detriment of the bond investors. The Court answered in the negative by striking down the legislation on grounds of lack of legislative...

Exemptions to Government Companies: A Corporate Governance Perspective

[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...

Delivering Private Sector Efficiency within Public Law Principles

[The following guest post is contributed by Santanu Sabhapandit, who works as a legal consultant. He can be reached at: [email protected] This is an abridged version of author’s article “Application of Public Law Principles to Entities Implementing PPPs in India: The Current ‘State’ of Affairs” published in Public Procurement Law Review (Sweet and Maxwell). The article can be...

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