Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Clasis Law
Strike off of operational companies on non-filing of declaration for commencement of business in Form No. INC-20A
Mr. Devendra Pandey ("Petitioner"), ex-director of M/s B&M Propmart Private Limited, M/s Devyansh Hotels & Resorts Private Limited and M/s B&M...
Exclusion of period expended pursuant to sica in computation of limitation for section 9 ibc proceedings: whether permissible? -Supreme Court determines
Quite recently, the Hon’ble Supreme Court in Sabarmati Gas Ltd. v.
Receiving foreign remittance and foreign contribution by Non-Profit Organizations in India
Usually, the businesses are promoted and run by person(s) with a motive to earn profits, however, there are organizations which are registered for the promotion of social and charitable cause and not for the profit-making motives these organizations are commonly referred as “Non-Government Organizations” (NGOs).
Challenges in Cross-Border Mergers
This article is taken from GTDT Practice Guide: India M&A. Click here for the full guide. Background While the Companies Act 1956 (1956 Act) permitted an inbound merger,2 there was no provision for an outbound merger.3 However, with the implementation of the Companies Act 2013, which replaced the 1956 Act, outbound as well as inbound cross-border mergers4 are now permitted.
Cannabis - the development of the regulatory and legal landscape and the investment opportunities in this sector
“Jurisdictions that have legalized medical marijuana, decriminalized possession of marijuana and / or other drugs, or tolerated limited, retail sales…have not experienced significant, if any, increases in marijuana or other drug use.” - American Public Health Association Introduction Cannabis in India has been known to be used since as early as 2000 BCE.
SEBI made separate posts of Chairman and managing director voluntary for listed entities
In May 2018, SEBI notified separation of the roles of Chairman and Managing Director, whereby it was made mandatory for the Chairman of top 500 listed companies to be Non-Executive Director and should not be related to either Managing Director or Chief Executive Officer (“CEO”) w.e.f. April 1, 2020. However, the said provision was later deferred by SEBI for two years, i.e., from April 1, 2022. But now SEBI has made this provision on a voluntary basis.
‘New IT rules aim to provide mechanism for raising and resolving grievances’
For some time now, there have been widespread concerns and numerous public interest litigations that have been filed vis-à-vis the content published on over-the-top (“OTT”) platforms and other digital media platforms. In addition, a slew of litigations were also filed before the Bombay and Madhya Pradesh High Courts, pertaining to the issue of tracing the originator of a message on WhatsApp or any other similar application which offers end-to-end encryption.
Producer companies: overview of key features | Lexology
Introduction Section 378A(I) of the Companies Act 2013 defines a 'producer company' as a body corporate which: has an objective or performs activities specified in Section 378B of the act; is registered as a producer company under the Companies Act 2013 or under applicable provisions of the Companies Act 1956; and carries on or has an objective relating to any of the below activities: the production, harvesting, procurement, grading, pooling, handling, marketing, sale or export of primary...
Amendments to CSR provisions | Lexology
The Ministry of Corporate Affairs (MCA) recently amended the Companies Act 2013 and the Companies (Corporate Social Responsibility Policy) Rules 2014, introducing a plethora of changes to the act's corporate social responsibility (CSR) provisions. Amended definitions Definition of CSR Compared with the previous brief definition of 'CSR', the amendments provide a more extensive and clearer definition, thereby providing a list of activities which do not constitute CSR activities.
Court rules on effect of compromise or compounding in predicate offence proceedings under PMLA | Lexology
In its 16 March 2021 decision in Babulal Verma v Enforcement Directorate (Criminal Application 201/2021 with Criminal Bail Application 974/2021), the Bombay High Court was posed with an issue regarding the fate of proceedings under the Prevention of Money Laundering Act (PMLA) 2002 in the event of compromise or compounding in a predicate offence. Facts The proceedings were brought before the Bombay High Court by means of a petition under Section 482 of the Code of Criminal Procedure 1973.
Consumer Protection Act: impact of change in forum on pending proceedings and retrospectivity | Lexology
Introduction In its 16 March 2021 judgment in Neena Aneja v Jai Prakash Associates Ltd (Civil Appeal 3766-3767 of 2020), the Division Bench of the Supreme Court dealt with the issue of: [w]hether a complaint which was filed and registered under the Act of 1986, before the new [Consumer Protection] Act of 2019 came into force, has to be entertained under the provisions of the erstwhile legislation[.] Facts Said issue arose from a complaint (for claims of Rs21.9 million) which had been filed by...
One-person companies: a new entry route for non-resident Indians into the Indian market | Lexology
Introduction The concept of 'one-person companies' ('OPCs') was proposed by the Dr JJ Irani Committee in 2005 and, when the Companies Act 2013 entered into force – completely transforming Indian corporate law by introducing new concepts that previously did not exist – the concept of OPCs was introduced.
Key changes under Foreign Contribution (Regulation) Amendment Act | Lexology
Introduction The Foreign Contribution Regulation Act (FCRA) 2010 regulates the acceptance and use of foreign contributions by certain individuals, associations and companies. It also aims to prohibit the acceptance and use of foreign contributions for activities that are detrimental to national interest and for matters connected thereto. The FCRA predominantly regulates the activities of non-governmental organisations (NGOs) that receive foreign contributions, donations or hospitality.
Key takeaways from Companies (Amendment) Act | Lexology
Introduction On 18 September 2019 the Ministry of Corporate Affairs (MCA) constituted the Company Law Committee comprising representatives from industry chambers, professional institutes and the legal world, to make recommendations for further amendment to the Companies Act 2013. On 14 November 2019 the Company Law Committee submitted its report to the MCA.
Corporate and commercial: trends and issues - India | Lexology
The COVID-19 pandemic has had a huge impact on the Indian corporate and commercial world. The government's response has included monetary relief packages and many relaxations for private and listed companies under the Companies Act 2013. Due to lockdowns and travel restrictions, parties' ability to perform contractual obligations and time-critical deals has been adversely affected.
Analysing recent amendments to corporate social responsibility legislation | Lexology
Introduction The Companies Act 2013 is the exclusive legislation which deals with corporate social responsibility (CSR) provisions in India.
Companies (Amendment) Act and Foreign Contribution (Regulation) Amendment Act enacted | Lexology
On 28 September 2020 the Companies (Amendment) Act 2020 and the Foreign Contribution (Regulation) Amendment Act 2020 were given the president's assent and came into force. By way of these enactments, amendments have been made to certain provisions of the Companies Act 2013 and the Foreign Contribution (Regulation) Act 2010. Companies (Amendment) Act 2020 The salient features of the Companies (Amendment) Act 2020 are as follows.
MCA temporarily allows virtual AGMs: help or hindrance? | Lexology
In view of the COVID-19 pandemic and continuing restrictions on the movement of individuals, on 5 May 2020 the Ministry of Corporate Affairs (MCA) issued a circular allowing companies to convene their annual general meeting (AGM) through videoconferencing or other audiovisual means (ie, electronically) (the AGM circular). This follows earlier MCA circulars which have relaxed the rules on convening extraordinary general meetings.
Challenges In Cross-Border Mergers | Lexology
Background While the Companies Act 1956 (1956 Act) permitted an inbound merger,[2] there was no provision for an outbound merger.[3] However, with the implementation of the Companies Act 2013, which replaced the 1956 Act, outbound as well as inbound cross-border mergers[4] are now permitted. In March 2018, the Reserve Bank of India (RBI) issued the Foreign Exchange Management (Cross Border Merger) Regulations 2018 (Cross Border Merger Regulations) to regulate cross-border mergers.
Snapshot of procedural guidelines for proxy advisers | Lexology
Introduction Proxy advisers have gained prominence over recent years in relation to corporate governance matters and have become an integral part of shareholder activism in India. Proxy advisers provide advice to institutional investors and shareholders of companies in relation to the exercise of their rights in the company, including recommendations on public offers or voting on agenda items.
Reclassification of micro, small and medium enterprises provides stimulus to enterprises in light of COVID-19 | Lexology
Introduction On 26 June 2020 the Ministry of Micro, Small and Medium Enterprises notified certain criteria for classifying enterprises as micro, small and medium enterprises (MSMEs) and specified the form and procedure for filing the applicable memorandum (the Udyam registration), with effect from 1 July 2020. The change in the classification of MSMEs is a part of the relief package offered to the MSME sector amid the COVID-19 outbreak.
Recent Relaxations in the Capital Market Regulations
While there are various methods for raising capital, preferential allotment has been the most preferred route (especially for listed companies) to raise funds from investors on private arrangement basis as it involves lesser regulatory formalities and helps companies receive investment in a relatively short span of time.
MCA temporarily allows certain restricted corporate actions to occur at virtual board meetings | Lexology
Introduction The COVID-19 pandemic has affected businesses' ability to comply with various statutory rules and regulations due to lockdowns and other social distancing measures.
Recent Reforms in the Defence Sector - A Shot in the Arm?
COVID-19 pandemic, apart from the human cost, has had a severe economic impact worldwide. The Indian economy has not been immune from the economic hit and is currently facing one of the worst economic slumps. In order to combat the economic impact of the pandemic on the Indian economy, the Indian Government recently unveiled various reforms and economic relief packages, and the defence sector has been one of the biggest beneficiaries.
Laws governing companies: overview | Lexology
When setting up a business in India, attention must be paid to the laws which govern companies. Companies Act The Companies Act 2013 is the primary legislation which governs companies established in India. It encompasses a wide range of provisions relating to governance, including with regard to: incorporation; capital infusion; management and administration; borrowing and investment; audits and accountability; restructuring; and investor protection.
Rule of Majority: Provisions for takeover of unlisted companies notified by the MCA
While sub-section 1 to 10 of section 230 has been operative since 2016, the MCA, after a gap of almost three years, has finally notified some of the key provisions under section 230. These notified provisions pertain to the takeover of unlisted companies by majority shareholders (through squeezing out of minority shareholders) under a scheme of compromise or arrangement.
Regulatory Update of the Month: India
On 4 October 2019, the Hon’ble Supreme Court held that section 238 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) has an overriding effect over the provisions of the Tea Act, 1953 (“Tea Act”). Accordingly, the prior approval of the Central Government is not required, under the Tea Act, for filing an application under IBC for the commencement of corporate insolvency resolution process (“CIRP”), against a tea company.
Regulation of partnerships in India | Lexology
Regulation Taxation How are partnerships taxed? A partnership firm and an LLP are taxed at a flat rate of 30 per cent (excluding applicable surcharge and cess (tax levied for a specific purpose)) on their income. Thereafter, the share of profit that a partner takes out from the partnership firm or an LLP is exempt in the hands of the partner (including the partners based overseas, subject to double taxation avoidance agreements).
Corporate Social Responsibility: It Is not Merely a Compliance
In 2009, the voluntary guidelines on Corporate Social Responsibility (“CSR”) were disseminated by the Ministry of Corporate Affairs (“MCA”). These guidelines were later included in the Companies Bill, 2011, that got promulgated as the Companies Act, 2013 (“Act”), and led towards the implementation of CSR provisions. CSR has evolved throughout the nation and has gone through many phases in India.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Clasis
Contact Clasis, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack