Business Law - Corporate Law Reporter

Non-banking institution carrying “the business of a peer to peer lending platform” to be a NBFC

RESERVE BANK OF INDIA (Department of Non-Banking Regulation) NOTIFICATION Mumbai, the 24th August, 2017 No. DNBR. 045/CGM (CDS)-2017.—The Reserve Bank of India, on being satisfied that it is necessary to do so, in exercise of the powers conferred on it by sub-clause (iii) of clause (f) of section 45-I of the Reserve Bank of India… Read More

Comparative analysis of existing SS-1 with revised SS-1

COMPARATIVE ANALYSIS Article No. REVISED SS-1 (w.e.f. October 01, 2017) EXISTING SS-1 (w.e.f. July 01, 2015) 1.2.2 A Meeting may be convened at any time and place, on any day. A Meeting may be convened at any time and place, on any day, excluding a National Holiday. 1.2.2 (No such Provision) A Meeting adjourned for want of… Read More

Department of Financial Services advises all Banks to put restrictions on bank accounts of “Struck Off ” Companies

Department of Financial Services advises all Banks to take immediate steps to put restrictions on bank accounts of over two lakh 'struck off' companies Government has stepped up decisive action against companies falling within the ambit of Section 248 of the Companies Act. The names of 2,09,032 companies have been struck off from the Register… Read More

MCA designates special court in Bihar for trial of offences with 2 or more years imprisonment

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 31st August, 2017 S.O. 2872(E).—In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government, with the concurrence of the Chief Justice of the High Court of Judicature at Patna, hereby designates the following Court… Read More

M&A of banking companies exempted from Section 5 and 6 of Competition Act

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th August, 2017 S.O. 2828(E).—In exercise of the powers conferred by clause (a) of Section 54 of the Competition Act, 2002 (12 of 2003), the Central Government in the public interest hereby exempts, all cases of reconstitution, transfer of the whole or any part thereof and amalgamation… Read More

ICSI releases revised Secretarial Standards 1 and 2

Revised Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) (Revised by the Institute of Company Secretaries of India (ICSI) and approved by the Central Government) Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) were approved by the Central Government under Section 118(10) of the… Read More

Banking Regulation Act authorises RBI to issue directions in respect of insolvency resolution process

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 25th August, 2017/Bhadra 3, 1939 (Saka) The following Act of Parliament received the assent of the President on the 25th August, 2017, and is hereby published for general information:— THE BANKING REGULATION (AMENDMENT) ACT, 2017 NO. 30 OF 2017 [25th August, 2017.] An Act further… Read More

Haryana to unveil startup policy in September

The state government of Haryana will be announcing its startup policy at the Digital Haryana Summit next month, in an attempt to make it easier for entrepreneurs to launch and run businesses in the state. The state government has worked on the policy for over two years. It will be finally be launched in the presence of chief minister Manohar Lal… Read More

ICSI withdraws Secretarial Standards- 1& 2 w.e.f 30th September, 2017

THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (Statutory Body under an Act of Parliament) NOTIFICATION New Delhi, the 16th August, 2017 F. No. ICSI/6/2017.—The Notification ICSI No.1 (SS) of 2015 dated 23rd April, 2015, published in the Gazette of India, Part III, Section 4, with regard to (i) SS-1: Secretarial Standard on Meetings of the… Read More

Dr. (Ms.) Mamta Suri takes charge as Executive Director, Insolvency and Bankruptcy Board of India

Dr. (Ms.) Mamta Suri takes charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI). Dr. (Ms.) Mamta Suri took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today. Before joining IBBI, Dr. Suri was serving as Chief General Manager, Insurance Regulatory Development Authority of India. Dr. Suri… Read More

IBBI amends Insolvency Resolution Process for Corporate Persons Regulation, 2016

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 16th August, 2017 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (AMENDMENT) REGULATIONS, 2017 No. IBBI/2017-18/GN/REG013.—In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016,… Read More

Govt. exempts Regional Rural Banks from M&A purview under Competition Act

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 10th August, 2017 S.O. 2561(E).—In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts the Regional Rural Banks in respect of which the Central Government has issued a notification… Read More

IRDAI modifies Guidelines on Point of Sales- Life Insurance Products

Insurance Regulatory and Development and Authority of India Ref: IRDAI/LIFE/CIR/MISC/POS/185/08/2017 August 4, 2017 To All the Life Insurers, Re: Modification to Guidelines on Point of Sales (POS)- Life Insurance Products Reference is invited to - Section 2 (i) - ' Categories of POS products', Wherein the description of categories of POS Products is provided and… Read More