Debenture

Companies Act 2013 and Draft Rules there under – Commentary on Drafting anomalies, aberrations, contradictions et al – Urgent Need for Review

Introduction The much awaited Companies Act 2013 (hereinafter referred to as The Act) is now a valid piece of legislation having received presidential assent in August last year. The Act is now operational, albeit, partially with 98 provisions having been notified for application effective September 12,2013.The other provisions have been kept in suspended animation awaiting… Read More

Tags: Board of directorsCompanies ActCompanies Act 1956Companies Act 2013CompanyDebentureGovernmentSections

Commencement Notification CA2013 :: Miscellaneous :: Section 452 :: Punishment for wrongful withholding of property

Chapter XXIX Miscellaneous (447 - 470) Section 452- Punishment for wrongful withholding of property (1) If any officer or employee of a company” (a) wrongfully obtains possession of any property, including cash of the company; or (b) having any such property including cash in his possession, wrongfully withholds it or knowingly applies it for the… Read More

Tags: Central GovernmentCompanyDebentureFeedBurnerLawpropertyRupee

Commencement Notification CA2013 :: Section 194 :: Prohibition on forward dealings in securities of company by a key managerial personnel

Chapter XII -Meetings of Board and its Powers (173 - 195) Section 194- Prohibition on forward dealings in securities of company by a key managerial personnel (1) No director of a company or any of its key managerial personnel shall buy in the company, or in its holding, subsidiary or associate company” (a) a right… Read More

Tags: Board of directorsChief financial officerDebentureFeedBurnerManagementSecurity (finance)SharesSubsidiary

Commencement Notification CA2013 :: Section 192 :: Restriction on non-cash transactions involving directors.

Chapter XII -Meetings of Board and its Powers (173 - 195) Section 192- Restriction on non-cash transactions involving directors (1) No company shall enter into an arrangement by which ” (a) a director of the company or its holding, subsidiary or associate company or a person connected with him acquires or is to acquire assets… Read More

Tags: Annual General MeetingBoard of directorsCompanies ActDebentureFeedBurnerHolding companySecurity (finance)SharesSite of Special Scientific InterestSubsidiary

Commencement Notification CA2013 :: Notified Sections 112 – 116, 91

Commencement Notification Of Companies Act 2013 :: 98 Sections Notified Chapter VII -Management and Administration (88 - 122)  Section 91- Power to close register of members or debenture holders or other security holders (1) A company may close the register of members or the register of debenture holders or the register of other security holders for any… Read More

Tags: Annual General MeetingBoard of directorsCentral GovernmentChairmanCompanies ActCompanyDebentureExtraordinary general meetingFeedBurnerIndiaProxy votingRequisitionRupeeSecurities and Exchange BoardSecurity (finance)VotingWriting

Commencement Notification CA2013 :: Notified Sections 58 to 70

Chapter IV -Share Capital and Debentures (Sections 43 - 72) Section 58- Refusal of registration and appeal against refusal (1) If a private company limited by shares refuses, whether in pursuance of any power of the company under its articles or otherwise, to register the transfer of, or the transmission by operation of law of the… Read More

Tags: Central GovernmentCompanies ActDebentureIndiaNotification Of Companies Act 2013Private company limited by sharesPublic companySecurity (finance)

Commencement Notification CA2013 :: Notified Sections 44 to 57

Commencement Notification Of Companies Act 2013 :: 98 Sections Notified Chapter IV -Share Capital and Debentures (Sections 43 - 72) Section 44- Nature of shares or debentures The shares or debentures or other interest of any member in a company shall be movable property transferable in the manner provided by the articles of the company. Section… Read More

Tags: Companies ActDebentureIndiaNotification Of Companies Act 2013Private company limited by sharesSharesSite of Special Scientific Interest

SEBI clarification on sharing of information between Debenture Trustees and Credit Rating Agencies

CIR/MIRSD/3/2013 March 15, 2013 To All Debenture Trustees and Credit Rating Agencies registered with SEBI Sir/ Madam, Sub: Sharing of information regarding issuer companies between Debenture Trustees and Credit Rating Agencies SEBI (Debenture Trustee) Regulations, 1993 require the Debenture Trustees (DTs) to share information regarding the issuer companies that are their clients, with Credit Rating… Read More

Tags: AnnexationCredit rating agencyDebentureIssuerRegulationSecurities and Exchange Board of IndiaSecurities and Exchange Board of India Act 1992Security (finance)

Importance of Prospectus as a Tool for Investor Protection in India

INTRODUCTION The definition of ˜prospectus™ in the Indian Companies Act, 1956 (the Act) was based on the definition found in the English Companies Act [Section 455(1)].[1] It then underwent amendment in 1960 following the recommendation of the Companies Act Amendment Committee of 1957 and also in 1974.[2] The current definition as per Section 2(36) stands… Read More

Tags: canadaCompanies ActDebentureNew BrunswickProspectus (finance)Public companySecurities & Exchange Board of IndiaThe Companies Act 1956

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