Board Meetings through Video Conferencing and Criteria for Passing Circular Resolutions under Companies Act, 2013

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LEGAL ASPECTS GOVERNING BOARD MEETINGS THROUGH VIDEO CONFERENCING AND THE ELIGIBLE CRITERIA FOR PASSING CIRCULAR RESOLUTIONS UNDER THE NEW COMPANIES ACT, 2013 AND THE RULES FRAMED THEREUNDER Introduction The Companies Act, 1956 gave the flexibility to the Board to pass the required resolutions either through Board Meetings or through circular resolutions in case of emergency. But Passing Cir...
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Competitive Monetary Easing: Is it yesterday once more?

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Remarks by Dr. Raghuram G. Rajan, Governor, Reserve Bank of India at the Brookings Institution Good morning. As the world seems to be struggling back to its feet after the great financial crisis, I want to draw attention to an area we need to be concerned about: the conduct of monetary policy in this integrated world. A good way to describe the current environment is one of extreme monetary eas...
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Corporate Guarantees and Transfer pricing

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Corporate Guarantees – Whether a leg that fits into the shoes of Transfer pricing?? 1.   Introduction At a time where World’s almost every economy is going through a period of crisis, Government of every country is trying their best to provide stimulus to their economy.  As a result, every Government / Country wants their share of revenue (taxes) in a Global Economy. That’s where rece...
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Issue of Sweat Equity Shares –Old Wine in a New Bottle ?

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SECTION 54 of the Companies Act, 2013 deals with the Issue of Sweat Equity Shares. Most of the provisions have been copied from Section 79A of the Companies Act, 1956. The New Act has maintained the same percentage and quantum upto which Sweat Equity could be issued. ‘The Sweat Equity Issue’ has become more transparent now. There was no definition of Sweat Equity under the old Act. Now Section...
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New MCA E-forms to be available from 28th April, 2014

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This is in continuation of the Public Notice No. MCA21/28/2014-eGov dated 28th March, 2014 informing stakeholders of the availability of the new E-Forms prescribed under the Companies Act, 2013 from 14th April, 2014. After a careful review it has been decided that there could be a single phase roll-out instead of the earlier notified staggered roll out for convenience of all concerned. Accordingly...
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Master Circular for Depositories dated 7th April,2014

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Securities and Exchange Board of India (SEBI) has been issuing various circulars/directions from time to time. In order to enable the users to have an access to all the applicable circulars/directions at one place, Master Circular no. CIR/MRD/DP/11 /2014 for Depositories has been prepared. This Master Circular is a compilation of the circulars/communications issued by SEBI up to March 31, 2014 ...
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MCA unavailable on 11th April, 14 to make way for the new forms under Companies Act, 2013

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The MCA Services will not be available from 6:00 AM on 11th April 2014 to 10:00 PM on 11th April 2014 in order to enable deployment of the new E-Forms compliant with requirement of Companies Act, 2013. Stakeholders are requested to bear with the inconvenience caused due to this unavailability of services  ...
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RBI releases Draft Report on ‘Working Group on Pricing of Credit’

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The Reserve Bank of India today placed on its website Draft Report on Working Group on Pricing of Credit. Comments/feedback on the recommendations of the draft report may be sent by May 16, 2014 by email or by post to the Principal Chief General Manager, Reserve Bank of India, Department of Banking Operations and Development, 13th floor, Central Office Building, Shaid Bhagat Singh Marg, Mumbai-400...
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Material Adverse Change… Needy Change in Merger and Amalgmation Deals in India

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Outline The phrase material adverse change (referred to here as “MAC”) is a prominent feature of contracts. It has received much attention in recent years. Skittishness due to the 2001 downturn in the economy, the terrorist attacks of September 11, 2001, and the prospects of war with Iraq in 2003 prompted deal parties, and the business and legal communities as a whole, to consider anew on wha...
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Resident Director to be compulsorily appointed w.e.f. 1st April, 2014

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The Ministry of Corporate Affairs (MCA) has notified that effective April 1, 2014, every company must have at least one resident director. Resident Director has been defined as one who has stayed in India for at least 182 days in the previous calendar year. As per provision of Section 149, this needs to be complied with immediately and there is no transition timeline in this. This provision app...
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